News
Forensic Audit Uncovers N3.3 Trillion Inflated Figure In Fuel Subsidy Claims
A forensic audit conducted by KPMG, a global accounting firm, has revealed a N3.3 trillion discrepancy in the fuel subsidy claims made by the Nigerian National Petroleum Company Limited (NNPCL) during the administration of former president Muhammadu Buhari.
The audit found that NNPCL inflated its fuel subsidy claims, initially reporting N6 trillion, with the government paying a substantial portion.
READ ALSO: Fraudulent Fuel Subsidy: How Mele Kyari Exposed NNPC Limited, By Chris Otaigbe
However, NNPCL’s Group CEO, Mele Kyari, claimed the company was still owed N2.8 trillion, which the federal government has yet to reimburse.
“Since the provision of the N6tn in 2022, and N3.7tn in 2023, we 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 said.
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