Politics
Big Disgrace As Audit Uncovers NNPCL’s N3.3 Trillion Inflated Subsidy Claims; Tinubu Administration To Investigate National Petroleum Company’s Activities Under Buhari
Big Disgrace As Audit Uncovers NNPCL’s N3.3 Trillion Inflated Subsidy Claims; Tinubu Administration To Investigate National Petroleum Company’s Activities Under Buhari....KINDLY READ THE FULL STORY HERE▶
Written By Oshiobugie John
A forensic audit conducted by KPMG, a renowned global accounting firm, has revealed a significant anomaly in the fuel subsidy claims submitted by the Nigerian National Petroleum Company Limited (NNPCL).
According to a report by iWitnessLive, the audit disclosed that NNPCL inflated its fuel subsidy claims by an astounding N3.3 trillion. READ THE FULL ARTICLE HERE
Initially, NNPCL reported expenditures of N6 trillion on fuel subsidy, with a substantial portion allegedly paid by the government under the administration of former President Muhammadu Buhari.
However, Mele Kyari, the Group CEO of NNPCL, asserted that the company was still owed N2.8 trillion. Kyari made this declaration shortly after President Bola Tinubu’s announcement regarding the elimination of fuel subsidy. He stated that the federal government owed NNPCL N2.8 trillion for petrol subsidy payments, which the company had covered from its own cash flow.
Despite the May 2024 report indicating the government’s indebtedness, there has been no reimbursement to NNPCL for this amount.
In response to the findings, the Nigerian Government intends to conduct a fresh audit of NNPCL’s N2.8 trillion fuel subsidy claim. This reconciliation by KPMG reduced the claims to N2.7 trillion.
The audit, spanning 2015 to 2021, aims to verify the authenticity of NNPC’s claims. The Office of the Auditor-General for the Federation (OAuGF) will lead this audit, potentially engaging an external firm for additional support. This decision was reached during a Federal Account Allocation Committee (FAAC) meeting in March 2024, where the need for an independent audit was emphasized to prevent conflicts of interest.
Wale Edun, Minister of Finance and Coordinating Minister of the Economy, highlighted President Tinubu’s commitment to the forensic audit, while various state commissioners contributed their perspectives during the meeting.
The minutes of the meeting reflect suggestions from state commissioners, including the recommendation to engage an independent auditor to ensure an impartial process.
Furthermore, the Federal Commissioner, Revenue Mobilization, Allocation and Fiscal Commission/Chairman, Indices and Disbursement, underscored that the audit aims to resolve outstanding claims, including the reduced N2.7 trillion claim against NNPC Limited.
KPMG’s initial audit suggested further investigation, leading to the decision that OAuGF would spearhead the audit, with external assistance if necessary.
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