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NNPCL refutes inflating fuel subsidy payments by N3.3trn

THE Nigerian National Petroleum Company Limited (NNPCL) has refuted a media report that alleged it inflated the fuel subsidy payments between 2015 to 2021 by N3.3 trillion.

In a statement on Monday, June 10, NNPCL’s chief corporate communications officer, Olufemi Soneye, said the company was not aware of any audit of its subsidy claims and has not at any time, inflated its subsidy claims with the Federal government.

He said, “The Nigerian National Petroleum Company Limited (NNPC Ltd.) notes with dismay a report in a section of the media alleging that it inflated subsidy claims by N3.3 trillion.”

A report credited to iWitnessLive reportedly claimed that a forensic audit covering 2015 to 2021, conducted by KPMG uncovered that the NNPC inflated its fuel subsidy payments by N3.3 trillion.

“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,” Soneye said.

According to him, the Nigerian state-owned oil company will resist any attempt to drag it 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,” he added.

    However, controversies have continued to trail the Federal government and NNPCL’s position on fuel subsidy payments, projected to hit N5.4 trillion this year.

    The ICIR reported on June 5 that the Nigerian government officially acknowledged that it is still subsidising the downstream consumption.

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    A report,  ‘Accelerated Stabilisation and Advancement Plan (ASAP),’ presented by the Minister of Finance Wale Edun to the Nigerian President Bola Tinubu, further disclosed that N3.6 trillion was paid by the government as fuel subsidy in 2023 and N2.0 trillion in 2022.


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