Nigeria: NNPC Disclaims N3.3trn Report On Alleged Inflated Subsidy Claims

11 June 2024
Daily Trust (Abuja)
By Sunday Michael Ogwu

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

NNPC Ltd in a statement said 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 noted that all previous subsidy claims by the company are verifiable as relevant records and documents have been sent to relevant authorities and agencies.

According to the statement, "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 called 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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