Economy

NNPC LTD DISCLAIMS REPORT ON ALLEGED INFLATED SUBSIDY CLAIMS

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By Odimmegwa Johnpeter, Abuja

The Nigerian National Petroleum Company Limited (NNPC Ltd) has disclaimed a report on alleged inflated subsidy claims. This was contained in a statement signed by Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd. which reads: “NNPC 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 conducts its businesses accountably and transparently in keeping with international best practices and 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.

“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 a commercial basis and on the express provisions of the Petroleum Industry Act (PIA).

“It is on record that in line with its Transparency, Accountability & Performance Excellence (TAPE) mantra, NNPC Ltd. has, on several occasions, independently invited external auditors to review its books.

“NNPC Ltd calls 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,” it also added.

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