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  • Updated: June 11, 2024

'We didn't inflate fuel subsidy during Buhari' - NNPC

'We didn't inflate fuel subsidy during Buhari' - NNPC

The Nigerian National Petroleum Company Limited, NNPC, has denied allegations that it inflated fuel subsidy costs for Premium Motor Spirit otherwise known as petrol by N3.3 trillion during the tenure of former President Muhammadu Buhari.

In a statement released on Monday, NNPC spokesperson Olufemi Soneye emphasized that the company's subsidy claims are fully verifiable.

He asserted that all necessary documentation and records regarding subsidy expenditures have been submitted to the appropriate regulatory agencies.

NNPC also addressed rumours of an impending audit of its accounts, stating it is not aware of any such audit as claimed by some media outlets.

"NNPC is dismayed by reports suggesting that it inflated subsidy claims by N3.3 trillion," Soneye said. "We wish to affirm that NNPC operates with full accountability and transparency, adhering to international best practices. At no point has NNPC inflated its subsidy claims to the Federal Government."

The statement further clarified, "All past subsidy claims by NNPC are verifiable, as relevant records and documents have been provided to the pertinent authorities. NNPC is unaware of any audit or investigation into its subsidy claims and categorically dismisses these claims as baseless and products of speculative reporting."

NNPC reiterated its stance against being entangled in the political discourse surrounding fuel subsidies.

The company noted that it currently operates on a commercial basis in accordance with the Petroleum Industry Act and will resist any attempts to politicize its operations.

“It is on record that in line with its Transparency, Accountability and Performance Excellence mantra, NNPC has, on several occasions, independently invited external auditors to review its books.

“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,” the company stated.

President Bola Tinubu in his inaugural speech on May 29, 2023, announced an end to petrol subsidies, following trillions spent by former administrations.

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