NNPC Ltd refutes allegations of inflated subsidy claims

By Opeyemi Abdulsalam

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has denied allegations of inflating subsidy claims by N3.3 trillion, describing the report as “ridiculous” and “products of febrile imagination.”

In a statement signed by Chief Corporate Communications Officer, NNPC Ltd, Olufemi Soneye on Monday, the company emphasised its commitment to transparency and accountability in its operations.

The company stated that it has never inflated its subsidy claims and that all previous claims are verifiable, with relevant records and documents sent to relevant authorities and agencies.

NNPC Ltd also clarified that it is not aware of any audit or probe of its subsidy claims, contrary to reports in a section of the media.

The company described the allegations as “politics of fuel subsidy” and distanced itself from what it termed “ridiculous claims.”

The statement reiterated NNPC Ltd.’s commitment to transparency, accountability, and performance excellence, in line with its TAPE mantra.

The company has invited external auditors to review its books on several occasions, demonstrating its willingness to operate transparently.

NNPC Ltd urged media practitioners and media houses to exercise restraint and verify information before publication, in keeping with the ethics of journalism.

The company appealed to the media to avoid misleading the public with unsubstantiated reports.

The statement concluded that NNPC Ltd. operates on a commercial basis, in accordance with the provisions of the Petroleum Industry Act (PIA), and will resist any attempt to drag it into the politics of fuel subsidy.