NNPC denies holding $3.5bn subsidy fund

The Nigerian National Petroleum Corporation, NNPC, has denied claims that it has a subsidy fund of $ 3.5 billion. USA.

Managing Director of the NNPC group, Dr. Maikanti Baru

In a statement in Abuja, the Director General of the National Scientific-Practical Center for Public Relations, Mr. Ndou Ugamadu, explained that as a result of the lack of supply of goods at the end of last year, the National Assembly asked the NNPC to do everything to stop hiccups.

Ugamadu showed that, accordingly, the NNPC initiated the transition to an increase in the revolving fund in the amount of 1.05 billion dollars. The United States, since the corporation was and remains the only importer and supplier of white goods in the country.

A spokesman for the NNPC said that since then the fund has been placed in the Central Bank of Nigeria, stating that he has never been detained at the NNPC.

Ugamadu said that the fund, called the National Fuel Support Fund, was jointly managed
NNPC, Central Bank of Nigeria, CBN, Federal Ministry of Finance, Agency for Regulating the Price of Petroleum Products, PPPRA, Office of the Chief Accountant of the Federation, OAGF, Department of Petroleum Resources, DPR, and the Oil Leveling Fund (PEF)

Ugamadu explained that NNPK did not independently spend a single penny of the fund, which, according to him, was to ensure stability in the supply of petroleum products in the country.

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He said: "To avoid doubt, the corporation is fully aware that only the National Assembly has a mandatory responsibility for oil subsidies."

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