NNPC Denied Supposed $3.8 Billion Subsidy Fund
NNPC Denied Supposed $3.8 Billion Subsidy Fund.
The Nigerian National Petroleum Corporation (NNPC) has denied having in its custody a $3.8 billion subsidy fund. The denial followed a resolution by the Senate on Tuesday to probe the operation of an alleged Fuel Subsidy Under-recovering Fund in the region of that sum and believed to be run by the corporation.
NNPC Group General Manager, Group Public Affairs Division, Ndu Ughamadu, yesterday in Abuja said at the peak of fuel scarcity late last year, the National Assembly had urged the oil agency to stem the tide.
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Consequently, he disclosed that NNPC initiated the move to raise a revolving fund of $1.05 billion since the corporation was, and is still, the sole importer and supplier of crude products in the country.
Ughamadu said the money, dubbed the National Fuel Support Fund, has been jointly managed by the NNPC, CBN, Federal Ministry of Finance, Petroleum Products Pricing Regulatory Agency (PPPRA), Office of the Accountant General of the Federation (OGF), Department of Petroleum Resources (DPR) and the Petroleum Equalisation Fund (PEF).
Also yesterday, the Minister of State for Petroleum Resources, Ibe Kachikwu, said the stability in the nation’s oil and gas sector added over $20 billion to its foreign reserves. According to statistics from the CBN, the reserves rose significantly to about $47.37 billion in May before declining to $45.83 on August 31, 2018.