Home News Finance NNPC Denies Allegations Of Inflating Fuel Subsidy By N3.3 Trillion

NNPC Denies Allegations Of Inflating Fuel Subsidy By N3.3 Trillion

Mayowa DurosinmiJune 11, 20241 Mins read425

NNPC Denies Allegations of Inflating Fuel Subsidy by N3.3 Trillion

The Nigerian National Petroleum Company Limited (NNPCL) has denied the allegations that it inflated Premium Motor Spirit (PMS/Fuel) subsidy claims by N3.3 trillion in 2023.

In a statement released Monday by NNPCL Spokesperson Olufemi Soneye, the company stated that its subsidy claims are transparent and verifiable, with all relevant documentation submitted to the appropriate agencies.

“NNPCL notes with dismay a report in a section of the media alleging that it inflated subsidy claims by N3.3tn. NNPC Ltd. conducts its business with accountability and transparency in keeping with international best practices and has, at no time, inflated its subsidy claims with the Federal Government.”

NNPCL also denied claims of an impending audit of its accounts, stating, “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 statement said.

NNPCL stressed that it would resist any attempt to draw the company into the apparent politics of fuel subsidy as it 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,” it added.

To reiterate the company’s stance on fuel subsidy removal, NNPCL stated, “Under President Bola Tinubu, who took office on May 29, 2023, Nigeria has ceased spending trillions of naira annually on petrol subsidies. The cessation of these subsidies was a significant point in Tinubu’s inaugural address.”

Meanwhile, in a report last week, the federal government, through the Minister of Finance, Wale Edun, announced it would spend N5.4 trillion to subsidise fuel in 2024.