NNPCL denies alleged inflated fuel subsidy payments

The Nigerian National Petroleum Company Limited has refuted media reports alleging that it inflated the fuel subsidy payments by N3.3 trillion.

A report claimed that a forensic audit conducted by a global accounting firm, KPMG, had uncovered a significant discrepancy in the fuel subsidy claims made by the national oil company.

According to a report by iWitnessLive, the audit revealed that NNPCL inflated its fuel subsidy claims by a staggering N3.3 trillion. The audit, which will cover 2015-2021, aims to verify the authenticity of the subsidy claims.

The report comes several months after the NNPCL’s Group CEO, Mele Kyari, claimed that the federal government still owed NNPCL N2.8 trillion for petrol subsidy payments, which the company had covered from its cash flow.


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However, in a statement on Monday by its Chief Corporate Communications Officer, Olufemi Soneye, the NNPC said it has never inflated its subsidy claims with the Federal Government.

The national oil company said all its previous subsidy claims are verifiable, saying that all relevant records and documents have been sent to relevant authorities and agencies for audit.

The statement 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 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.

“All previous subsidy claims by the Company are verifiable, as relevant records and documents have been sent to relevant authorities and agencies. NNPC Ltd. is neither aware of any audit of its subsidy claims nor the 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 oil company vows to resist any attempt to drag it into the politics of fuel subsidy, saying that it operates on a commercial basis and in line with the Petroleum Industry Act.

NNPP, therefore, appeals to journalists and media houses to exercise restraint and verify any information before publication.

It added: “NNPC Ltd. 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).

“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.”






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