Top Story

We Don’t Have $3.5Billion Subsidy Fund, NNPC Insists

91
By Ruth Olurounbi
The Nigerian National Petroleum Corporation (NNPC) on Wednesday said did not spend $3.5 billion petroleum subsidies a day after the country’s lawmakers said it is investigating the alleged spending.
The Senate President Bukola Saraki said on Tuesday that he expects that the senate committee on the downstream sector will report back to the house next week after it must have summoned the NNPC officials to account for the spending that was allegedly not included in the national budget.
But the state oil firm is denying any wrong doing in an emailed statement.
According to the corporation’s spokesperson, Ndu Ughamadu, the said fund is domiciled at the Central Bank of Nigeria (CBN), suggesting that it could not have had access to the fund without authorization.
The fund, he said, is jointly managed by the NNPC, the Central Bank of Nigeria (CBN), the Federal Ministry of Finance, the Petroleum Products Pricing Regulatory Agency (PPPRA), Office of the Accountant General of the Federation (OGF), the Department of Petroleum Resources (DPR) and the Petroleum Equalization Fund (PEF) ans as such, the NNPC “did not independently spend a dime of the fund which he said was to ensure stability in the petroleum products supply in the cou

Leave a comment

Related Articles

Delta military killings: DHQ declares Prof. Arthur, Amagben, six others wanted

The Defence Headquarters has declared eight people wanted over the recent killing...

Soneye, NNPC Ltd.’s spokesman, wins NIPR’s Distinguished Spokesperson Award

Mr. Olufemi Soneye, Chief Corporate Communications Officer of Nigerian National Petroleum Company...

Pres. Tinubu pays last respect to 17 soldiers murdered in Delta State

President Bola Tinubu on Wednesday extended scholarships to the children of the...

Just in: Bodies of 17 slain gallant soldiers arrive at Abuja military cemetery for burial

The bodies of the 17 military personnel slain recently at Okuama, Delta...

Kidnappers ‘ll be treated as terrorists, they are cowards going after soft targets – Tinubu

President Bola Tinubu has called for treating those involved in kidnapping as...

Just In: Again, CBN increases interest rate to 24.75 percent

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN)...

U.S. bridge collapses after cargo ship collision, casualties feared

The Francis Scott Key Bridge in the US city of Baltimore collapsed...

Ease of doing business: NPA MD begins new week working on TinCan Port access road

As part of efforts aimed at consolidating the gains recorded in the...

Just in: How detained Binance Executive Anjarwalla outwits security officials, bolts from custody in Abuja

One of the two Binance executives detained in Abuja for alleged tax...

Breaking: FG files tax evasion charges against Binance

The Federal Government has slammed a four-count charge against Binance, a prominent...

Just in: After 17 days in kidnappers’ den, 287 Kaduna primary school children released

After 17 days in captivity, the 287 Kuriga school children, who were...

In Delta again, six cops shot fatally, six more missing

Barely a week after 17 soldiers including four senior officers were brutally...

Moscow’s terrorist attack: Death toll rises to 115

The Russian investigative committee said at least 115 people have died after...

Water scarcity can fuel conflicts around the world, UN warns

The United Nations Educational, Scientific, and Cultural Organisation (UNESCO) has warned that...

Insecurity: 16 Nigerian governors endorse state police, constitution review in memos to FG

Amid rising insecurity in the country, the call for state police has...

Transparency, Research, Innovation Driving NNPC Ltd.’s Transformation – EVP Gas, Power, & New Energy

The Executive Vice President, Gas, Power, and New Energy of the Nigerian...

Cost of governance: Tinubu goes tough, slams no-foreign-travel ban on ministers, others for three months

With effect from April 1, 2024, ministers, heads of agencies, and other...

CJN to receive N5.39m monthly, other justices N4.21m as Reps pass judicial officers’ salaries bill

Following the approval of an upward review of the salaries, allowances, and...

FG identifies 15 BDCs, other funders of terrorism, plans sanctions 

The Federal Government says it has identified 15 organizations and persons who...

Murders of 17 officers, soldiers at Okuoma: Tinubu meets with Delta Gov. Oborevwori in Aso Rock

Delta State Governor Sheriff Oborevwori visited President Bola Tinubu at the Aso...