The company argued that it has verifiable claims, saying that all relevant records on subsidy have been forwarded to the agencies in charge.
In a statement posted on its X page on Monday, July 10, 2024, the companyâs spokesman, Olufemi Soneye, said it was not aware of any impending audit of its accounts, as some quarters reported.
NNPC said:
According to reports, the national oil firm said it will resist any attempt to dent its image and drag it into the politics of fuel subsidy as it now operates as a commercial entity based on the Petroleum Industry Act (PIA) provisions.
On several occasions, the NNPC said it had invited external auditors to review its books.
The company asked the media to be cautious and verify their information before publication in line with the professionâs ethics.
In a recent report, the Nigerian government finally acknowledged that Nigeria, the largest oil-producing nation in Africa, would spend up to N5.4 trillion on petrol subsidies in 2024.
This follows months of administration representatives adamantly denying such subsidies.Â
Before this, the federal government insisted that it stopped subsidizing fuel prices and instead pursued deregulation.Â
Heineken Lokpobiri, minister of state for petroleum resources (Oil), said in April.
At his inaugural address, President Bola Tinubu announced the scrapping of subsidies, which hiked the price of petrol. NNPC released price adjustments at retail outlets nationwide.
TimesNow.com.ng previously reported that petrol prices should crash to about N300 per litre when mass production by the Dangote Petroleum Refinery and other refineries begins production.
Refinery owners, under the aegis of the Crude Oil Refinery Owners Association of Nigeria (CORAN), explained that providing enough crude oil to local refiners would crash the price of petrol, stating that foreign refineries were cheating Nigeria.
CORAN stated that, like diesel prices, which sold for N1,700 before Dangote began production but later crashed to N1,200, the cost of petrol will crash when mass production begins.
Proofread by Kola Muhammed, journalist and copyeditor at TimesNow.com.ng
Source: TimesNow.com.ng
