A N3.3 trillion disparity in the fuel subsidy claims made by the Nigerian National Petroleum Company Limited (NNPCL) during the administration of former President Muhammadu Buhari has been discovered by a forensic audit carried out by the international accounting firm KPMG.
According to the audit, NNPCL first claimed N6 trillion in subsidies, of which the government paid a sizable share.
Mele Kyari, the group CEO of NNPCL, claimed that the federal government still owes the firm N2.8 trillion.
Kyari stated, “Since the provision of the N6tn in 2022, and N3.7tn in 2023, we have not received any payment whatsoever from the Federation.
Amount Spent On Subsidy Now Above N400bn Monthly – NNPCL
“That means they (the Federal Government) are unable to pay and we’ve continued to support this subsidy from the cash flow of the NNPC. We are waiting for them to settle up to N2.8tn of NNPC’s cash flow from the subsidy regime and we can’t continue to build this,” he added.
Shortly after Chief Bola Ahmed Tinubu announced the elimination of the fuel subsidy, Kyari made this declaration.
The Nigerian government has chosen to carry out a new audit of the N2.8 trillion gasoline subsidy claim in light of the conclusions of KPMG’s audit, which reconciled the claims down to N2.7 trillion.
The Office of the Auditor-General for the Federation (OAuGF) will oversee this audit, which attempts to confirm that NNPC’s claims for the years 2015 through 2021 are genuine. If the OAuGF needs more assistance with this procedure, they may hire a third party company.
No Plan To Increase Petroleum Pump Prices – NNPCL
The Federal Account Allocation Committee (FAAC) came to this resolution in March 2024 after emphasising the necessity of an impartial audit to prevent conflicts of interest.
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