June 22, 2024
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Nigeria: NNPC Ltd Denies Report on Alleged Inflated Subsidy Claims

The Nigerian National Petroleum Company Limited (NNPC Ltd.) in a press release earlier today, has noted dismay a report in a section of the media alleging that it inflated subsidy claims by N3.3 trillion.

The company, wishes to state 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.

“NNPC 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,” The statement added.

The company further gave assurance resist any attempt to be dragged 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).

The NNPC has on several occassions, independently invited external auditors to review its books. This is in line with its Transparency, Accountability & Performance Excellence (TAPE) mantra.

Furthermore, the company made a call 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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