The Nigerian Federal Government is preparing to initiate a fresh audit of the N2.8 trillion fuel subsidy claim by the Nigerian National Petroleum Company Limited (NNPC). An initial audit conducted by KPMG reduced the claims from N6 trillion to N2.7 trillion.
Furthermore, the government is contemplating either engaging an external audit firm or directing the Office of the Auditor General of the Federation to authenticate the claims made by the corporation regarding the amount owed to the oil firm by the government.
These plans were disclosed in the minutes of the Federal Account Allocation Committee meeting held in March 2024, as obtained by our correspondent.
On May 30, 2023, a few hours after the “subsidy is gone” declaration by President Bola Tinubu, the NNPCL Group Chief Executive Officer, Mele Kyari, told State House correspondents that the federal government still owes the firm the sum of N2.8tn spent on petrol subsidy.
While saying the NNPCL footed petrol subsidy bills from its cash flow, Kyari said the government had so far been unable to pay back the N2.8tn.
He said “Since the provision of the N6tn in 2022, and N3.7tn in 2023, we have not have not received any payment whatsoever from the Federation.
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