No Existence of $3.5bn Subsidy Fund – NNPC

No Existence of $3.5bn Subsidy Fund – NNPC

The management of the Nigerian National Petroleum Corporation (NNPC) has denied allegations it has a $3.5 billion subsidy fund in its custody.

In a statement, the spokesperson of the organisation, Ndu Ughamadu, explained the National Assembly mandated the body to do everything to stem the hiccups that happened towards the end of last year during an epidemic of fuel scarcity.

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Ndu also revealed the NNPC commenced the move to raise a revolving fund of $1.05 billion, since the body was, and still is, the sole importer and supplier of white products in Nigeria.

He further clarified the fund had been domiciled in the Central Bank of Nigeria, saying it has never been in the custody of the NNPC.

Ughamadu said the fund, dubbed the National Fuel Support Fund, had been jointly managed by the NNPC, the Central Bank of Nigeria (CBN), the Federal Ministry of Finance, the Petroleum Products Pricing Regulatory Agency (PPPRA), Office of the Accountant General of the Federation (OGF), the Department of Petroleum Resources (DPR) and the Petroleum Equalization Fund (PEF).

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