‘We Did Not Inflate Petrol Subsidy By N3.3tn’- NNPCL

President Bola Tinubu in his inaugural speech on May 29, 2023, announced an end to petrol subsidies.



The Nigerian National Petroleum Company Limited has denied reports, that it inflated the subsidy on Premium Motor Spirit by N3.3tn during the administration of former President Muhammadu Buhari.

A statement by its spokesperson, Olufemi Soneye, on Monday, argued that its subsidy claims were verifiable, stressing that all relevant records on subsidy had been sent to the agencies in charge.

The company also said it was not aware of any planned audit of its accounts, as alleged in an earlier report by a newspaper and online media.

It said, “NNPC notes with dismay a report in a section of the media alleging that it inflated subsidy claims by N3.3tn, and wishes to state that NNPC conducts its businesses with accountability 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 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 company stated.

NNPC said it would resist any attempt to drag the company into the apparent politics of fuel subsidy as it currently operates on a commercial basis and the express provisions of the Petroleum Industry Act.

“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.