The Nigerian National Petroleum Company Limited has refuted media reports alleging that it inflated the fuel subsidy payments by N3.3 trillion.


A report claimed that a forensic audit conducted by a global accounting firm, KPMG, uncovered that NNPCL inflated its fuel subsidy claims by a staggering N3.3 trillion, several months after the it claimed that the federal government still owed N2.8 trillion for petrol subsidy payments, which the company had covered from its cash flow.


However, in a statement by its Chief Corporate Communications Officer, Olufemi Soneye, the NNPC said it has never inflated its subsidy claims with the Federal Government, stating that all its previous subsidy claims are verifiable, with all relevant records and documents sent to relevant authorities and agencies for audit.


The oil company vows to resist any attempt to drag it into the politics of fuel subsidy, saying that it operates on a commercial basis and in line with the Petroleum Industry Act.

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