News

June 10, 2024

NNPC denies allegation of inflating petrol subsidy figures by N3.3trn

NNPC wins NOGIG 2024

By Obas Esiedesa, Abuja

The Nigerian National Petroleum Company Limited (NNPC Ltd) has denied reports that it inflated petrol subsidy claims by N3.3 trillion.

The company in a statement by its Spokesman, Mr. Olufemi Soneye explained that it conducts its businesses in an accountable and transparent manner in line with international best practices.

Reports in some online news platforms had earlier alleged that a forensic audit by KPMG had found that NNPC inflated its petrol subsidy claims by N3.3 trillion.

But Mr. Soneye pointed out that the company 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 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.

“NNPC Ltd will resist any attempt to drag the Company into the apparent politics of fuel subsidy as it currently operates on commercial basis and on the express provisions of the Petroleum Industry Act (PIA).

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

NNPC Ltd 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”, he added.