Victor Ezeja
The Nigerian National Petroleum Company Limited (NNPCL) has denied inflating fuel subsidy payments at any point in time.
A media report had alleged that a forensic audit conducted by a global accounting firm, KPMG, had revealed that there was a significant discrepancy in the fuel subsidy claims made by the NNPCL. The report claimed that the sum of N3.3 trillion was inflated by NNPCL.
Join our WhatsApp ChannelPrime Business Africa recalls that the NNPCL’s Group CEO, Mele Kyari, had shortly after the fuel subsidy removal was announced by President Bola Tinubu, claimed that the federal government still owed the company N2.8 trillion for petrol subsidy payments, which the company had covered from its cash flow.
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However, the NNPC in a statement released Monday by its spokesperson, Olufemi Soneye, said it had never inflated its subsidy payment claims with the federal government.
The company said it has been conducting its businesses with utmost transparency and accountability in line with international best practices. It added that all previous subsidy claims by the Company are verifiable as the records have already been sent to relevant authorities.
The statement titled “NNPC Ltd Disclaims Report on Alleged Inflated Subsidy Claims”, reads: “The Nigerian National Petroleum Company Limited (NNPC Ltd.) notes with dismay a report in a section of the media alleging that it inflated subsidy claims by N3.3 trillion, and wishes to state that:
“NNPCL 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. All previous subsidy claims by the Company are verifiable, as relevant records and documents have been sent to relevant authorities and agencies.”
NNPCL further said it is neither aware of any audit of its subsidy claims nor the probe ensuing therefrom and described the claims as “ridiculous” and “is products of the febrile imagination of the reporters and their respective media houses.”
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The company vowed to resist any attempt to drag it into the politics of fuel subsidy, adding that it currently operates as a commercial entity in line with 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,” the company further stated.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
