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NNPC Ltd Dismayed, Disclaims Report on Alleged Inflated Subsidy Claims

The Nigerian National Petroleum Company Limited (NNPC Ltd) says it has noted with dismay a report in a section of the media alleging that it inflated subsidy claims by N3.3trillion.

The company however states that it 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 ,adding that, “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 stressed that it will resist any attempt to drag the Company into the apparent politics of fuel subsidy as it currently operates on 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.

This disclaimer is contained in a press release signed by the Company’s Chief Corporate Communications Officer, Mr. Olufemi Soneye dated 10 June, 2024.

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