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

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

669
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.

Read more: NPFL: Board Fines Enyimba 10million, Rangers 5million For Match Disruption

About The Author

Written by
Mayowa Durosinmi

M. Durosinmi is a West Africa Weekly investigative reporter covering Politics, Human Rights, Health, and Security in West Africa and the Sahel Region

Related Articles

Politics

ECOWAS Names Osinbajo to Lead Election Mission to Côte d’Ivoire as the West African Country Faces Crucial Test of Democracy

The Economic Community of West African States (ECOWAS) has appointed Nigeria’s former...

FinanceNewsWorld

Niger’s Prime Minister Attends WAEMU Ministerial Meeting in Dakar as Burkina Faso Takes Over Council Presidency

Niger’s Prime Minister and Minister of Economy and Finance, Ali Mahamane Lamine...

FinanceTravelWorld

AES and Togo Discuss Customs Reform and Regional Trade Integration

The member states of the Alliance of Sahel States (AES), Mali, Burkina...

NewsPoliticsWorld

AES At the Centre Of Talks As Niger’s Tiani Visits Mali

The President of Niger, General Abdourahamane Tiani, paid a working and friendship...