Business News

NNPC Denies Having $3.5Billion Subsidy Fund

Google+ Pinterest LinkedIn Tumblr
Download Mp3 & Video

NNPC Station
The National Petroleum Corporation has denied the “insinuation that it has in its custody $3.5billion Subsidy fund.”

The details of the Subsidy Fund had caused a row on the floor of the Senate on Tuesday.

The Senate has earlier initiated a fresh investigation into the alleged illegal subsidy payment on Premium Motor Spirit (petrol).

The denial was made in a statement signed by Ughamadu, the NNPC’s Group General Manager in its Group Public Affairs Division.

He explained that the had asked the NNPC to resolve the of shortage of products at the close of last year and it did so.

Ughamadu revealed that the NNPC 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.

The NNPC spokesman said ever since the fund had been domiciled in the . He added that at no time was it in the custody of the NNPC.

Ughamadu said, “The fund, dubbed the National Fuel Support Fund, had been jointly managed by NNPC, the Central 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.”

Hence, NNPC cannot independently spend a dime of the fund which Ughamadu said was meant to ensure stability in the petroleum products supply in the country.

However, the corporation said, it was fully aware that it is only the National Assembly that has the statutory responsibility to appropriate on petroleum subsidy matters.

Link up on..

Adelowo Adegboyega

A writer, political analyst and journalist who believes in journalism for the advancement of the society ONLY.
Link up on..
Advertisements
TalkGlitz on Twitter

CLICK HERE To Receive Updates On WhatsApp

TRENDING SONGS 💹

Simi - Ayo

J. Cole - Middle Child

Lil Wayne - Don't Cry ft. XXXTentacion

Teni - Case

Teni - Uyo Meyo

6LACK - Pretty Little Fears ft. J. Cole

King Monada - Malwedhe (Collapse Song)

Victor AD - "Tire You" ft. Davido

Adekunle Gold ft. Simi - Promise

Teni ft. Adekunle Gold - My Love My Baby

Chris Brown - Undecided

TOP PICKS 🔥

5 Key Reasons For Visa Rejection

Top Mistakes To Avoid During A Visa Interview

7 Things Entrepreneurs Can Do To Stay Motivated

5 Beneifts Of Using Technology To Drive Your Business

Recession In Nigeria: Possible Ways To Survive In Business & Trade

Advertisements

Join our Telegram Group

Write A Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.