In a series of tweets from its official handle, the Nigerian National Petroleum Corporation (NNPC) has denied being in possession of a $3.5 billion subsidy fund. This is contrary to media reports, even as the National Assembly launches a fresh investigation into the subsidy funding.
The corporation may have unwittingly given an estimate of how much the government through the CBN may have budgeted for the subsidy of petroleum products ( what the NNPC prefers to call an under-recovery).
PRESS RELEASE:
We Don’t Have $3.5Billion Subsidy Fund, Says @NNPCgroup
1. The Nigerian National Petroleum Corporation (@NNPCgroup) has disclaimed the insinuation that it has in its custody $3.5billion Subsidy fund.
More on this thread… pic.twitter.com/yBqKDnC8MZ
— NNPC Group (@NNPCgroup) October 17, 2018
2. @NNPCgroup Group General Manager, Public Affairs Division, Ndu Ughamadu, in a release Tuesday in Abuja, explained that at the heat of the shortage of products supply at the close of last year, the @nassnigeria asked the @NNPCgroup to do everything possible to stem the hiccups
— NNPC Group (@NNPCgroup) October 17, 2018
3. @NduUghamadu revealed that accordingly, @NNPCgroup initiated the move to raise a revolving fund of $1.05billion, since the corporation was, and still is, the sole importer and supplier of white products in the country….
— NNPC Group (@NNPCgroup) October 17, 2018
4. The @NNPCgroup Spokesman said ever since, the fund had been domiciled in the Central Bank of Nigeria (@cenbank), saying at no time was it in the custody of the @NNPCgroup.
— NNPC Group (@NNPCgroup) October 17, 2018
5a. @NduUghamadu said the fund, dubbed the National Fuel Support Fund, had been jointly managed by the @NNPCgroup, the Central Bank of Nigeria (@cenbankCBN), the Federal Ministry of Finance (@FinMinNigeria, the Petroleum Products Pricing Regulatory Agency (@PPPRAtweets)…
— NNPC Group (@NNPCgroup) October 17, 2018
5b. …Office of the Accountant General of the Federation (OGF), the Department of Petroleum Resources (@dprhotline) and the Petroleum Equalization Fund (PEF).
— NNPC Group (@NNPCgroup) October 17, 2018
6. @NduUghamadu clarified in the release that @NNPCgroup did not independently spend a dime of the fund which he said was to ensure stability in the petroleum products supply in the country.
— NNPC Group (@NNPCgroup) October 17, 2018
7. The @NNPCgroup spokesperson said, for the avoidance of doubt, the corporation was fully aware that it is only the @nassnigeria that has the statutory responsibility to appropriate on petroleum subsidy matters.
— NNPC Group (@NNPCgroup) October 17, 2018
