Would you like to receive notifications on latest updates of the following headlines?

FG Plans Fresh Audit of N2.7tn Subsidy Debt Claim by NNPC

POSTED ON May 9, 2024 •   Politics      BY Benedicta Bassey •   VIEWS 199
President Bola Ahmed Tinubu/Photo credit: Premiumtimes


The Federal Government is set to commence a fresh audit of the N2.8tn fuel subsidy claim by the Nigerian National Petroleum Company Limited.

An audit firm, KPMG had conducted an initial audit reducing the claims from N6tn to N2.7tn.

The Federal Government is also considering either engaging an external audit firm or directing the Office of the Auditor General of the Federation to verify the claims made by the corporation regarding the amount the government owes the oil firm.

The latest plan was revealed in the minutes of the Federal Account Allocation Committee meeting held in March 2024, a copy of which was obtained by our correspondent.

On May 30, 2023, a few hours after the “subsidy is gone” 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.

“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 stated that the audit would span from 2015 to 2021, aiming to verify the authenticity of NNPC/Federation Account claims on the N2.7tn.

The minutes read in part, “The Chairman informed the members of Mr President’s commitment to ensuring that the forensic audit of NNPC Limited was conducted. He, however, proposed that since the Office of the Auditor-General for the Federation had expertise in the areas of auditing, the Office would be considered first before any other external audit firm. He added that where external support would be required, an independent firm could be engaged, accordingly.”

 

RECOMMENDED FOR YOU
Appeal Court invalidates verdict against Rivers LG election
BY Benedicta Bassey November 22, 2024 0

ABUJA, Nigeria —The Court of Appeal, sitting in Abuja has nullified the judgement that prevent...

RECOMMENDED FOR YOU
Trump picks Pam Bondi as Attorney General following Gaetz withdrawal
BY Benedicta Bassey November 22, 2024 0

WASHINGTON, United States  — US President-elect Donald Trump has nominated Pam Bondi, a v...

RECOMMENDED FOR YOU
Federal Government partners IOM on migration policy review
BY Benedicta Bassey November 22, 2024 0

ABUJA, Nigeria —The federal government on Friday said no less than 6.1 million Nigerians are s...

RECOMMENDED FOR YOU
LASG takes voter education advocacy to community
BY Benedicta Bassey November 22, 2024 0

LAGOS, Nigeria —The Lagos State Office of Political, Legislative and Civil Engagement org...

RECOMMENDED FOR YOU
US reject ICC arrest warrant for Isreali PM
BY Benedicta Bassey November 22, 2024 0

Netherlands, United States —The United States has opposed the International Criminal Court&rsq...

RECOMMENDED FOR YOU
Boko Haram: Senate urges military to free region under threat, attacks
BY Benedicta Bassey November 22, 2024 0

BORNO, Nigeria  —The Senate, has called on the Nigerian military to deploy personnel to r...

RECOMMENDED FOR YOU
Anti-party scandal: Accord Party expels ex-presidential candidate, 7 others
BY Benedicta Bassey November 21, 2024 0

ABUJA, Nigeria —The National Executive Committee (NEC) of the Accord Party on Thursday said it...

RECOMMENDED FOR YOU
Sanwo-Olu presents 2025 budget to Assembly
BY Benedicta Bassey November 21, 2024 0

LAGOS, Nigeria —Babajide Sanwo-Olu, the Lagos State Governor has concluded plans to present th...

OUR CHANNELS:

OTHER ARTICLES ::

25th November, 2024
Tinubu eyes livestock sector reform, investment to curb farmer-herder clashes
BY Abiodun Saheed Omodara November 25, 2024 0

President Bola Tinubu has reaffirmed his administration’s commitment to resolving the farmer-h...


Katsina Govt. applauds  NAF  strike against bandits, vows to sustain regional stability
BY Abiodun Saheed Omodara November 25, 2024 0

KATSINA – The Katsina State Government has commended the Nigerian Air Force (NAF) for successf...


Breaking : Supreme court voids National Lottery Act
BY Abiodun Saheed Omodara November 25, 2024 0

The Supreme Court, on Friday, nullified the National Lottery Act 2005 enacted by the National Assemb...


ECB's renews integration call as trade war looms
BY Abiodun Saheed Omodara November 25, 2024 0

European Central Bank, President Christine Lagarde renewed her call for economic integration across...


China expands Visa-free entry to more countries to boost economy
BY Abiodun Saheed Omodara November 25, 2024 0

On Friday, China announced that it would expand visa-free entry to citizens of nine more countries a...


FAO aims key outcomes at COP16 Saudi Arabia
BY Abiodun Saheed Omodara November 25, 2024 0

The assistant Director-General of the Food and Agriculture Organization (FAO), Dr. Abdul Hakim Elwae...


Illegal detention: Bizman slams N50m suit on NDLEA
BY Benedicta Bassey November 25, 2024 0

NIGERIA — A businessman, Damilare Samuel, has slammed the National Drug Law Enforcement Agency...


Appeal Court invalidates verdict against Rivers LG election
BY Benedicta Bassey November 25, 2024 0

ABUJA, Nigeria —The Court of Appeal, sitting in Abuja has nullified the judgement that prevent...


Man in Police net for defiling, impregnating 15-yr-old daughter
BY Benedicta Bassey November 25, 2024 0

CALABAR, Nigeria —A 48-year-old man, Mallam Adamu Umaru, was paraded by the Zone 6 Police Comm...


Trump picks Pam Bondi as Attorney General following Gaetz withdrawal
BY Benedicta Bassey November 25, 2024 0

WASHINGTON, United States  — US President-elect Donald Trump has nominated Pam Bondi, a v...


Menu