NNPC Disproves Inflating Petrol Subsidy Claims By N3.3tn

FG Owes NNPC ₦2.8trn Used For Petrol Subsidy

On Monday, the Nigerian National Petroleum Company Limited refuted claims that, when former President Muhammadu Buhari was in office, it had increased the subsidy on Premium Motor Spirit, or gasoline, by N3.3 trillion.

It maintained that its statements about subsidies could be independently verified and emphasized that all pertinent documentation had been forwarded to the relevant agencies.

Olufemi Soneye, the business’s spokesperson, stated in a statement that the company was not aware of any upcoming audit of its books, despite what had previously been reported.

It said, “NNPC notes with dismay a report in a section of the media alleging that it inflated subsidy claims by N3.3tn and wishes to state that NNPC conducts its businesses with accountability 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 is neither aware of any audit of its subsidy claims nor 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,” the company stated.

NNPC said it would resist any attempt to drag the company into the apparent politics of fuel subsidy as it currently operates on a commercial basis and in accordance with the express provisions of the Petroleum Industry Act.

“It is on record that, in line with its Transparency, Accountability and Performance Excellence mantra, NNPC has, on several occasions, independently invited external auditors to review its books.

“NNPC calls on media practitioners and media houses to exercise restraint and verify information before publication in keeping with the ethics of the noble profession of journalism to avoid misleading the public,” the company stated.

Before the assumption of office by President Bola Tinubu, Nigeria spent trillions of naira on petrol subsidies annually. This was, however, stopped by Tinubu during his inaugural address on May 29, 2023.

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