NNPC: We didn’t inflate petrol subsidy claims by N3.3trn

NNPC: We didn't inflate petrol subsidy claims by N3.3trn NNPC: We didn't inflate petrol subsidy claims by N3.3trn

The Nigerian National Petroleum Company (NNPC) Limited says it did not inflate petrol subsidy claims by N3.3 trillion.

Reports had claimed that a forensic investigation revealed discrepancies in NNPC’s petrol subsidy claims.

However, in a statement on Monday, Olufemi Soneye, NNPC chief corporate communications officer said the company conducts its businesses accountably and transparently in line with international best practices.

Soneye said the company 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,” he said.

“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.”

According to the statement, the company said it will rebuff any attempt to drag its name into “the apparent politics of fuel subsidy” as it currently operates on a commercial basis and the provisions of the Petroleum Industry Act (PIA).


In line with its transparency, accountability and performance excellence (TAPE) mantra, NNPC said it has, on several occasions, independently invited external auditors to review its books.

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