The Nigerian National Petroleum Company Limited (NNPC Ltd.), on Monday, debunked reports in some sections of the media alleging that it inflated subsidy claims by N3.3trillion.
A statement issued by Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd., stated that the company had always conducted its businesses accountably and transparently, with international best practices.
Soneye said NNPC Ltd. had at no time inflated its subsidy claims with the Federal Government, noting that all previous subsidy claims by the company were verifiable, as relevant records and documents had been sent to relevant authorities and agencies.
NNPC Foundation plants 500 tree seedlings to mitigate climate change
He said that NNPC Ltd. was neither aware of any audit of its subsidy claims nor probe, noting that the ridiculous reports were the products of the 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,” Soneye added.
Sahara Reporters reports that just hours after President Bola Tinubu’s announcement that fuel subsidy had been eliminated, Kyari stated that the federal government still owed NNPCL N2.8 trillion for petrol subsidy payments, which the company had covered from its cash flow.
A Sahara Reporters report had earlier claimed that a forensic audit conducted by KPMG, a global accounting firm, has uncovered a significant discrepancy in the fuel subsidy claims made by the Nigerian National Petroleum Company Limited (NNPCL).
The medium alleged that the audit revealed that NNPCL inflated its fuel subsidy claims by a staggering N3.3 trillion, according to a report done by iWitnessLive.
Initially, NNPCL reported spending N6 trillion on fuel subsidy, with the government of former President Muhammadu Buhari paying a substantial portion.
The statement by Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd. however, debunks the allegations.
