Economy and Business

NNPC denies N3.3 trillion subsidy inflation allegations

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has vehemently denied recent media reports claiming it inflated subsidy claims by N3.3 trillion.

In an official statement, Chief Corporate Communications Officer Olufemi Soneye emphasized that NNPC Ltd. conducts its operations with utmost accountability and transparency, adhering to international best practices. The company categorically stated that all its subsidy claims are verifiable, and it has never inflated figures presented to the Federal Government.

NNPC Ltd. also clarified that it is unaware of any ongoing audit or probe into its subsidy claims and labeled the allegations as fictitious and baseless. The company reaffirmed its commitment to remaining uninvolved in the politics of fuel subsidy, highlighting its operations under the commercial guidelines of the Petroleum Industry Act (PIA).

Reiterating its dedication to transparency, NNPC Ltd. noted that it regularly engages external auditors to review its books. The company also called on media practitioners to adhere to journalistic ethics by verifying information before publication to prevent the spread of misinformation.

This statement comes amid rising scrutiny of subsidy practices and the broader energy sector in Nigeria.

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