The Nigerian National Petroleum Company Limited (NNPCL) has vehemently denied media reports accusing it of inflating fuel subsidy payments by N3.3 trillion.
The reports alleged that a forensic audit conducted by global accounting firm KPMG uncovered discrepancies in the subsidy claims made by the national oil company.
According to a report by iWitnessLive, the audit spanning 2015-2021 revealed the staggering inflation of subsidy claims by NNPCL. This revelation came after the company’s Group CEO, Mele Kyari, stated that the federal government owed NNPCL N2.8 trillion for petrol subsidy payments.
However, in a statement by its Chief Corporate Communications Officer, Olufemi Soneye, NNPC clarified that it has never inflated its subsidy claims with the Federal Government. The company emphasized its commitment to conducting business accountably and transparently in accordance with international best practices.
NNPC asserted that all its previous subsidy claims are verifiable, and relevant records and documents have been submitted to appropriate authorities and agencies for audit. The company refuted any knowledge of an ongoing audit of its subsidy claims or any resulting probe.
Emphasizing its commercial operations under the Petroleum Industry Act, NNPC vowed to resist being drawn into the politics of fuel subsidy. It called on journalists and media houses to exercise restraint and verify information before publication to prevent misleading the public.
NNPC affirmed its commitment to transparency, accountability, and performance excellence, highlighting previous initiatives where external auditors were invited to review its books. The company urged media practitioners to uphold the ethics of journalism and avoid disseminating unverified information.
