July 18, 2024

NNPCL denies N3.3trn inflated fuel subsidy allegation


The Nigerian National Petroleum Corporation Limited, NNPCL, has debunked allegations that it inflated subsidy claims by N3.3 trillion.

NNPLC spokesperson Olufemi Soneye disclosed this in a statement on Monday.

This comes amid an allegation that a forensic audit by KPMG, a global accounting firm, has uncovered an N3.3 trillion discrepancy in the fuel subsidy claims made by NNPCL during former President Muhammadu Buhari’s administration.

However, Soneye said all previous subsidy claims are verifiable, and NNPCL never inflated subsidy claims to the federal government.

He explained that it is not aware of any audit, as alleged by media reports and that the company will not be drawn into the politics of fuel subsidy as it currently operates as a commercial entity under the Petroleum Industry Act 2021.

Soneye said in the statement: “NNPC Ltd. conducts its businesses accountably and transparently in keeping with international best practices and has, at no time, inflated its subsidy claims with the Federal Government. All previous subsidy claims by the company are verifiable, as relevant records and documents have been sent to relevant authorities and agencies.

“NNPC Ltd. is neither aware of any audit of its subsidy claims nor the probe ensuing therefrom and wishes to state categorically that both ridiculous claims are products of the febrile imagination of the reporters and their respective media houses.”



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