NNPC denies inflating subsidy claims by N3.3trn

The Nigerian National Petroleum Company Limited (NNPC) has refuted an allegation that it inflated subsidy claims by N3.3 trillion.

“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,” it said in a statement on Monday in reaction to a media report.

“NNPC Ltd 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 state-owned oil company said it will 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”.

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

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