NNPC Denies ₦3.3 Trillion Inflated Fuel Subsidy Claims

The Nigerian National Petroleum Company (NNPC) Limited has refuted claims that it inflated subsidy by N3.3 trillion for Premium Motor Spirit, popularly known as petrol.

On Monday, media reports surfaced about a forensic audit conducted by KPMG, a global accounting firm, which uncovered a significant discrepancy in the fuel subsidy claims made by the NNPC.  

According to reports, the audit revealed that NNPCL inflated its fuel subsidy claims by a staggering N3.3 trillion. However, in a statement issued by Olufemi Soneye, NNPC’s chief corporate communications officer, dated  June 10th, 2024, NNPC called the reports “dismayful” and accusations “ridiculous.”

“NNPC Ltd. conducts its businesses accountably and transparently in keeping with international best practices,” Soneye asserted. “We have, at no time, inflated our subsidy claims with the Federal Government.” 

The company further emphasised that all past subsidy claims are verifiable, with supporting documents submitted to relevant authorities.

Soneye also highlighted that NNPC is unaware of any audits or investigations into their subsidy claims. He attributed these allegations to “the febrile imagination of the reporters and their respective media houses”.

“We will resist any attempt to drag the Company into the apparent politics of fuel subsidy as it currently operates on a commercial basis and the express provisions of the Petroleum Industry Act (PIA),” Soneye declared.

He also cited its commitment to transparency through its “Transparency, Accountability & Performance Excellence (TAPE)” mantra, pointing out that external auditors have previously reviewed their books on multiple occasions.

“NNPC Ltd. calls on media practitioners and media houses to exercise restraint and verify information before publication in keeping with the ethics of noble journalism to avoid misleading the public,” Soneye added.