NEWS Why oil subsidy was removed – NNPC GMD By orijoadmin - September 21, 2020 0 175 The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, has defended the removal of subsidy on petrol by the federal government. The subsidy removal has led to market forces determining petrol prices with the latest hike in the product sparking outrage. Read Also: Heritage Bank MD advises banks on speedy economic recovery Kyari said the removal is in the country’s interest while speaking in Hausa on a programme on Liberty FM, Kaduna. The GMD explained that subsidy regime was abused by some elements in the oil industry who were ripping the country off to the detriment of the ordinary Nigerians. “What was happening with the subsidy is that, some marketers were smuggling fuel to other neighbouring countries because it was cheaper in Nigeria due to the subsidy. “Another one is those who use fake documents and bring to government to collect subsidy for fuel they never imported and the previous government was paying them. “So, it was not the masses of Nigeria that were enjoying this subsidy except some cabals, who are rich and powerful,” he said.