THE Nigerian National Petroleum Company Limited (NNPCL) has dismissed media reports alleging that it inflated the fuel subsidy payments over the years by N3.3trillion.
Recall that a report had claimed that a forensic audit conducted by a global accounting firm, KPMG, uncovered a significant discrepancy in the fuel subsidy claims made by the company.
According to the report, the audit revealed that NNPCL inflated its fuel subsidy claims by a staggering N3.3trillion. The audit, which covers 2015 to -2021, aims to verify the authenticity of the subsidy claims.
The report comes several months after the NNPCL’s Group CEO, Mr. Mele Kyari, claimed that the federal government was owing NNPCL N2.8trillion for petrol subsidy payments the company had covered from its cash flow.
Reacting to the report on Monday, June 10, NNPCL’s Chief Corporate Communications Officer, Mr. Olufemi Soneye, in a statement, insisted the company has never inflated its subsidy claims with the federal government, adding that all its previous subsidy claims are verifiable, as all relevant records and documents have been sent to relevant authorities and agencies for audit.
The statement read: “The Nigerian National Petroleum Company Limited (NNPC Limited) notes with dismay, a report in a section of the media alleging that it inflated subsidy claims by N3.3trillion 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 Limited 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 company vowed to resist any attempt to drag it into the politics of fuel subsidy, stressing that it operates on a commercial basis and in line with the provisions of the Petroleum Industry Act (PIA) .
NNPPL urged journalists and media houses to exercise restraint and verify any information before publication, adding: “NNPC Limited 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 and Performance Excellence (TAPE) mantra, NNPC Limited has, on several occasions, independently invited external auditors to review its books.
“NNPC Limited 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.”
