It’s ridiculous’, NNPC Ltd refutes report of alleged inflated subsidy claims

It’s ridiculous’, NNPC Ltd refutes report of alleged inflated subsidy claims

June 10, 2024

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has described as ridiculous, claims in some section of the media alleging that it inflated subsidy claims by N3.3 trillion.

The NNPC in a statement by its Chief Corporate Communications Officer,  Olufemi Soneye on Monday, clarified that:

1. NNPC Ltd. 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.

2. 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.

3. 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).

4. 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.

The company however urged 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.