Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, claims that fuel traffickers exploited the subsidy regime’s flaws to earn almost N17 million for each truck in neighbouring nations.
The head of the NNPCL told reporters in Abuja that the fuel subsidy was causing a lot of cross-border smuggling and that a 6,000-liter truck could net smugglers for at least N17 million each trip, Channels TV reported.
On October 9, fuel prices skyrocketed at gas stations all around Nigeria, further hurting the country’s citizens who are already grappling with the worst economic crisis in a generation.
The abrupt spike of about 15% to 20% observed at pumps nationwide has not been addressed by the state oil company.
TimesNow.com.ng reported that President Bola Tinubu has been urged by the Transparency Accountability for Development Initiatives (TADI) to fire the administrators of Nigeria’s oil industry due to the petrol crisis rocking the nation.
TADI’s programs research and public relations officer, Adeniran Taiwo, responded in Abuja over the weekend to the recent increase in fuel prices by the Nigerian National Petroleum Company Limited (NNPCL), which saw prices rise from N895 to N1,030.
Taiwo also urged President Bola Tinubu to step in and alleviate Nigerians’ suffering.
Source: TimesNow.com.ng
