NewsNNPC Ltd Refutes Report Of Inflated Subsidy Claims By N3.3trn

NNPC Ltd Refutes Report Of Inflated Subsidy Claims By N3.3trn

June 10, (THEWILL)- The Nigerian National Petroleum Company (NNPC) Limited has refuted reports that it inflated petrol subsidy claims by N3.3 trillion.

Earlier reports alleged that a forensic audit by KPMG found that NNPC inflated its petrol subsidy claims by N3.3 trillion.

On Monday, reacting to the reports in a statement issued by the Chief Corporate Communications Officer of NNPC Ltd, Olufemi Soneye, said the Company conducts its business accountably and transparently in keeping with international best practices and has, at no time, inflated its subsidy claims with the Federal Government.

Soneye said all previous subsidy claims by the company are verifiable, as relevant records and documents have been sent to relevant authorities and agencies.

Titled “NNPC Ltd Disclaims Report on Alleged Inflated Subsidy Claims”, the statement read: “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.

“NNPC Ltd. conducts its business 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.

“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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