We did not inflate subsidy claims by N3.3trn, NNPC Ltd insists

The Nigerian National Petroleum Company Limited (NNPC Ltd), has denied claims that it inflated its subsidy claims by N3.3 trillion.

In a statement signed by Chief Corporate Communications Officer, NNPC Ltd,Olufemi O. Soneye on Monday in Abuja, the company said it conducts its businesses accountability and transparency in line with international best practices, insisting that it at no time, inflated its subsidy claims with the federal government.

According to the state owned oil company, all previous subsidy claims are verifiable as relevant records and documents have been sent to relevant authorities and agencies.

The statement read: “The Nigerian National Petroleum Company Limited (NNPC Ltd) notes with dismay a report in a section of the media alleging that it inflated subsidy claims by N3.3 trillion, and wishes to state that: 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.

“NNPC Ltd will resist any attempt to drag the Company into the apparent politics of fuel subsidy as it currently operates on commercial basis and on the express provisions of the Petroleum Industry Act (PIA).

The company therefore called 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.”