Business News

NNPC Denies Having $3.5Billion Subsidy Fund

Google+ Pinterest LinkedIn Tumblr
Download mp3 mp4

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 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 Ndu Ughamadu, the ’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 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.”

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..
TalkGlitz on Twitter

CLICK HERE To Receive Updates On WhatsApp

HOTTEST FOREIGN SONGS

Joyner Lucas - Devil's Work

Wiley, Sean Paul, Stefflon Don - "Boasty" ft. Idris Elba

Ed Sheeran & Justin Bieber - "I Don't Care"

Blueface - "Thotiana (Remix)" ft. Cardi B

J. Cole - Middle Child

Lil Dicky - Earth

21 Savage - "a lot" ft. J. Cole

HOTTEST NAIJA SONGS

Fireboy DML - Jealous

Sarz - Good Morning Riddim

Mercy Chinwo - Excess Love

Burna Boy - Dangote

Olamide - Oil And Gas

Simi - Ayo

DJ Neptune ft. Davido - "Demo"

Adekunle Gold - Mama

Cuppy - "Abena" Ft. Kwesi Arthur, Shaydee & Ceeza Milli

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

Join our Telegram Group

Write A Comment