Professional Service

FG Auditors Probe NNPCL’s ₦2.7tr Subsidy Refund Claim

The Office of the Auditor-General of the Federation has received the necessary and complete documents required to verify the N2.7 trillion fuel subsidy claim by the Nigerian National Petroleum Company Limited against the government, The PUNCH reports.

This is as the procurement department of the finance ministry obtained the terms of reference and the scope of work to guide the process of hiring the external firm to support the OAuGF.

Recall that in April 2024, the Federal Government commenced a fresh audit of the N2.8tn fuel subsidy claim by the NNPCL.

An audit firm, KPMG, had conducted an initial audit, reducing the claims from N6tn to N2.7tn. The PUNCH had reported that the audit would span from 2015 to 2021.

On May 30, 2023, a few hours after the “subsidy is gone” declaration by President Bola Tinubu, NNPCL’s Group Chief Executive Officer, Mele Kyari, told State House correspondents that the Federal Government still owed the firm the sum of N2.8tn spent on petrol subsidy.

While saying the NNPC footed petrol subsidy bills from its cash flow, Kyari said the government had so far been unable to pay back the N2.8tn.

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