NNPC Denies Allegations of Inflating Subsidy Claims by N3.3 Trillion

The Nigerian National Petroleum Corporation Limited (NNPC) has firmly denied recent media reports alleging that it inflated subsidy claims by N3.3 trillion.
In a press statement signed by its communications officer, Olufemi Soneye, NNPC emphasized that all its past subsidy claims are verifiable and that it has never exaggerated these claims to the federal government.
NNPC asserted that it is unaware of any audit as mentioned in the media reports and clarified that the company will not be drawn into the politics surrounding fuel subsidies.
Operating as a commercial entity under the Petroleum Industry Act (PIA) 2021, NNPC maintains that it adheres to accountable and transparent business practices consistent with international standards.
“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,” the statement read.
The company further clarified that it is not aware of any audit or investigation into its subsidy claims. It categorically dismissed the allegations as products of the reporters’ imagination and their respective media outlets.
In alignment with its Transparency, Accountability & Performance Excellence (TAPE) mantra, NNPC has repeatedly invited external auditors to review its records.
The company also urged media practitioners to verify their information before publication to avoid spreading misinformation to the public.

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