CNPP calls for audit of NNPCL under Kyari, demands explanation on N4.56trn fuel subsidy in 2 months

The Conference of Nigeria Political Parties (CNPP) has reacted to a recent demand by the Federal Account Allocation Committee (FAAC) which ordered the National Petroleum Company Limited (NNPCL) to pay an outstanding of N4.56 trillion for selling petrol at a subsidised price between August 2023 and June 2024.

The CNPP in a statement issued by its Deputy National Publicity Secretary, James Ezema on Saturday, said it was disappointed that despite the federal government’s repeated announcements that there are no subsidy payments for petrol in the country, the NNPCL would still engage in secret subsidy payments.

Ezema said the CNPP finds it absurd and unacceptable that NNPCL under the leadership of Mele Kyari would declare a net profit of N3.297 trillion in its 2023 Audited Financial Statement (AFS) and yet bill FAAC a whopping N4.56 trillion subsidy reimbursement for petrol sold in just two months.

“This is a clear case of financial recklessness, impunity, and a slap in the face of Nigerians who are struggling to make ends meet.

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“We demand an immediate explanation from NNPC Limited on the following: How did NNPC Limited arrive at the figure of N4.56 trillion as subsidy reimbursement?

“What is the basis for this claim when the federal government has repeatedly announced that there are no subsidy payments? How can NNPC Limited declare a net profit of N3.297 trillion in a year and yet claim to have incurred a subsidy expense of N4.56 trillion in just two months, July and August?”

The CNPP also called for an independent forensic audit of NNPC Limited under Kyari covering the period from 2020 to date. It added that the audit should be conducted by a reputable international firm and should cover all aspects of NNPC Limited’s operations, including its financial dealings, contracts, and acquisitions.

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