Home News NNPC Speaks on N3.3trn Subsidy Inflation
News

NNPC Speaks on N3.3trn Subsidy Inflation

Share
NNPCL to Hand Over Nigerian Refineries to Private Firms
Share

The Nigerian National Petroleum Company Limited (NNPC Ltd) has reacted ro reports of inflating subsidies for petroleum products to the tune of N3.3 trillion.

According to the NNPCL, it is shocked by the news that it overstated its requests for subsidies by the huge sum, saying its operations are in accordance with global best practices, transparency, and accountability.

NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, in a statement on Monday, denied knowledge about any audit or subsequent investigation into the company’s subsidy claims.

Labeling the insinuations as absurd, saying they were the result of the reporters’ feverish imaginations, Soneye said;

“NNPC Ltd. 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.

READ ALSO: Oil Prices Surge to One-Week High on Summer Demand Hopes

“NNPC Ltd. 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.

“NNPC Ltd. will 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 (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. 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.”

Recall that President Bola Tinubu announced an end to petrol subsidies during his inauguration speech, saying “it is gone”.

The President’s announcement saw the price of petroleum products skyrocket with Premium Motor Spirit selling as high as N810 in certain areas.

Share
Written by
Tare Magbei -

With more than five years of covering different topics, Tare Magbei is a versatile journalist.

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles
Diamond Bank Founder Pascal Dozie Dies at 85 | Daily Report Nigeria
News

Diamond Bank Founder Pascal Dozie Dies at 85

Pascal Dozie, the founder of Diamond Bank and former Chairman of MTN...

Africa Annually Loses $88.6bn to Corruption - ECOWAS
News

Africa Annually Loses $88.6bn to Corruption – ECOWAS

The continent of Africa is said to be losing a minimum of...

Saudi Arabia suspends visa for Nigeria, Egypt, 12 other countries | Daily Report Nigeria
News

Saudi Arabia suspends visa for Nigeria, Egypt, 12 other countries

Saudi Arabia has announced a temporary suspension on issuing new short-term visas...

BREAKING: Protesters Storm Streets In Abuja, Lagos | Daily Report Nigeria
News

BREAKING: Protesters Storm Streets In Abuja, Lagos

A planned protest by the “Take it Back Movement” coincided with National...