NNPCL Debunks Alleged Inflation Of Fuel Subsidy Claims, Denies Knowledge Of Audit By Tinubu Government

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NNPCL insists that it “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”.

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has noted with “dismay a report in a section of the media alleging that it inflated subsidy claims by N3.3 trillion”.

A statement issued by Olufemi Soneye, NNPCL Chief Corporate Communications Officer on Monday debunked the allegations made in the report.

According to iWitnessLive, a forensic audit conducted by KPMG, a global accounting firm, had uncovered a significant discrepancy in the fuel subsidy claims made by NNPCL.

It noted that the audit revealed that NNPCL inflated its fuel subsidy claims by a staggering N3.3 trillion.

According to the report, initially, NNPCL reported spending N6 trillion on fuel subsidy with the government of former President Muhammadu Buhari paying a substantial portion.

However, it was reported that the NNPCL’s Group CEO, Mele Kyari, claimed the company was still owed N2.8 trillion. Just hours after President Bola Tinubu’s announcement that the fuel subsidy had been eliminated, Kyari reportedly stated that the federal government still owed NNPCL N2.8 trillion for petrol subsidy payments, which the company had covered from its cash flow.

However, NNPCL in the statement, said it was not aware of any audit of its subsidy claims.

NNPCL insists that it “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”. 

It said, “All previous subsidy claims by the Company are verifiable, as relevant records and documents have been sent to relevant authorities and agencies.

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“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.

“NNPC Ltd. will resist any attempt to drag the Company into the apparent politics of fuel subsidy as it currently operates on a commercial basis and 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.”


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