NNPCL Disclaims Report on Alleged Inflated Subsidy Claims

The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed as untrue reports that it inflated fuel subsidy claim.

The NNPCL said it is dismay about a report in a section of the media alleging that it inflated subsidy claims by N3.3trillion.

A statement by Olufemi O. Soneye, Chief Corporate Communications Officer, NNPC Ltd., Abuja, dated 10 June, 2024, affirmed that the NNPCL “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.”

It stated that all previous subsidy claims by the Company are verifiable as relevant records and documents have been sent to relevant authorities and agencies.

According to the statement said “NNPC Ltd is neither aware of any audit of its subsidy claims nor 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 NNPCL said it “will resist any attempt to drag the Company into the apparent politics of fuel subsidy as it currently operates on commercial basis and on 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.”

NNPCL called 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.