Tinubu’s Administration Halts Trillions in Petrol Subsidies, NNPC Responds to Inflation Claims

The Nigerian National Petroleum Company Limited, on Monday, denied reports that it inflated the subsidy on Premium Motor Spirit, prevalently called petrol, by N3.3tn during the administration of previous President Muhammadu Buhari.
It argued that its subsidy claims were verifiable, focusing that all significant records on subsidy had been sent to the agencies in charge.
The company, in an articulation issued by its spokesperson, Olufemi Soneye, also said it was not mindful of any planned audit of its accounts, as affirmed in a report earlier.

It said, “NNPC notes with dismay a report in a section of the media alleging that it inflated subsidy claims by N3.3tn, and wishes to state that NNPC conducts its businesses with accountability 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 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,” the company stated.

NNPC said it would resist any endeavor to drag the company into the apparent politics of fuel subsidy because it currently works on a commercial premise and the express provisions of the Petroleum Industry Act.
“It is on record that in line with its Transparency, Accountability, and Performance Excellence mantra, NNPC has, on several occasions, independently invited external auditors to review its books.
“NNPC 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,” the company stated.
Before the assumption of office by President Bola Tinubu, Nigeria spent trillions of naira on petrol subsidies yearly. This was, however, halted by Tinubu amid his inaugural address on May 29, 2023.