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NNPC disclaims report on alleged inflated subsidy claims

The Nigerian National Petroleum Company Limited (NNPC Ltd) says it is dismayed by a report in a section of the media alleging that it inflated subsidy claims by N3.3 trillion.

Mele Kyari
NNPC Group Managing Director, Mele Kyari

In a statement issued on Monday, June 10, 2024, the organisation disclosed that it 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,” stated the firm.

NNPC Ltd stated further that it is neither aware of any audit of its subsidy claims nor probe ensuing therefrom, adding that “both ridiculous claims are products of the febrile imagination of the reporters and their respective media houses”.

The group noted that it would resist any attempt to drag it 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,” NNPC Ltd stated, even as it called 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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