NNPCL Debunks Report On Alleged Inflated Subsidy Claims


The Nigerian National Petroleum Company Limited (NNPCL), on Monday, June 10, 2024 declared that it conducts its businesses accountably and transparently in keeping with international best practices.

It specifically said that at no time, did it inflate its subsidy claims with the Federal Government.

The NNPCL which stated these while responding to report in a section of the media alleging that it inflated subsidy claims by N3.3trillion, expressed dismay over such reports.

NNPC Ltd in a statement by Mr Olufemi O. Soneye, its Chief Corporate Communications Officer, explained that all previous subsidy claims by the Company are verifiable as relevant records and documents have been sent to relevant authorities and agencies.

The statement further said that the NNPC Ltd is neither aware of any audit of its subsidy claims nor probe ensuing therefrom and therefore stated categorically that both ridiculous claims are products of the febrile imagination of the reporters and their respective media houses.

In the words of Soneye; “NNPC Ltd 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,” he stressed.

The NNPC Ltd therefore called on media professionals and organisations 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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