The Nigerian National Petroleum Company Limited (NNPCL) has categorically denied allegations that it inflated petrol subsidy claims by N3.3 trillion during the administration of former President Muhammadu Buhari.
In a statement released on Monday by NNPCL spokesperson Olufemi Soneye, the company emphasized that its subsidy claims are transparent and verifiable, with all relevant documentation submitted to the appropriate agencies.
“NNPC notes with dismay a report in a section of the media alleging that it inflated subsidy claims by N3.3tn,” Soneye stated. “NNPC conducts its business with accountability and transparency in keeping with international best practices and has, at no time, inflated its subsidy claims with the Federal Government.”
The company also refuted claims of an impending audit of its accounts. “NNPC 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 statement continued.
NNPCL stressed that it operates on a commercial basis under the provisions of the Petroleum Industry Act and is committed to transparency, accountability, and performance excellence. The company highlighted that it has invited external auditors to review its books on several occasions to ensure transparency.
“NNPC 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,” Soneye added.
Under President Bola Tinubu, who took office on May 29, 2023, Nigeria has ceased the practice of spending trillions of naira annually on petrol subsidies. The cessation of these subsidies was a significant point in Tinubu’s inaugural address.
