NNPC Denies Being In Possession Of $3.5bn Subsidy Fund

NNPC GMD, Dr Maikanti Baru

The Nigerian National Petroleum Corporation (NNPC) on Wednesday precluded being under lock and key from securing any $3.5bn Subsidy Fund. 

Senate Minority Leader Senator Biodun Olujimi on Tuesday raised a point of request refering to a ThisDay article on the $3.5 billion reserved as sponsorship recuperation assets by the NNPC. 

The points of interest of the Subsidy Fund caused a line on the floor of the Senate, in which the Senate started a new examination concerning the supposed illicit sponsorship installment on Premium Motor Spirit (petroleum). 

In response, NNPC issued an announcement marked by Ndu Ughamadu, NNPC's representative, denying "the suggestion that it has in its guardianship $3.5billion Subsidy subsidize." 

He clarified that the National Assembly had requested that the NNPC settle the issues of deficiency of items at the end of a year ago and it did as such. 

Ughamadu uncovered that the NNPC started the move to raise a spinning asset of $1.05billion, since the enterprise was, and still is, the sole shipper and provider of white items in the nation. 

The NNPC representative said as far back as the store had been domiciled in the Central Bank of Nigeria, at no time was it in the guardianship of the NNPC. 

Ughamadu stated, "The reserve, named the National Fuel Support Fund, had been mutually overseen by NNPC, the Central Bank of Nigeria, the Federal Ministry of Finance and the Petroleum Products Pricing Regulatory Agency, Office of the Accountant General of the Federation, the Department of Petroleum Resources, and the Petroleum Equalization Fund." 

Subsequently, NNPC can't autonomously spend a dime of the store which Ughamadu said was intended to guarantee steadiness in the oil based commodities supply in the nation. 

Be that as it may, the organization stated, it was completely mindful that it is just the National Assembly that has the statutory duty to suitable on oil appropriation matters.