NNPC Dismisses Reports Of $3.5bn Subsidy Fund

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The Nigerian National Petroleum Corporation (NNPC), has dismissed reports claiming it has $3.5billion Subsidy fund.

NNPC Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, revealed this in a statement in Abuja on Tuesday.

“The NNPC spokesman said ever since, the fund had been domiciled in the Central Bank of Nigeria, saying at no time was it in the custody of the NNPC,” the statement read in part.

According to him, the hit of the shortage of products supply at the close of last year made the National Assembly ask the NNPC to do everything possible to address the challenge.

Ughamadu explained that the corporation initiated the move to raise a fund of $1.05billion based on its sales of petroleum in the country.

He added that the fund “had been jointly managed by the NNPC, the CBN, the Federal Ministry of Finance, the Petroleum Products Pricing Regulatory Agency (PPPRA), Office of the Accountant General of the Federation (OGF), the Department of Petroleum Resources (DPR) and the Petroleum Equalization Fund (PEF).”