NNPC clears air on N3.3trn subsidy inflation

The Nigerian National Petroleum Company Limited (NNPC Ltd) has said it is shocked by the news that it overstated its requests for subsidies by N3.3 trillion.

NNPC guarantees that its operations are carried out in accordance with global best practices, transparency, and accountability.

In a statement, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, denied knowing about any audit or subsequent investigation into its subsidy claims.

Soneye called such stories absurd, saying they were the result of the reporters’ feverish imaginations.

The statement reads: “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.

“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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