The Nigerian National Petroleum
Corporation (NNPC) says it does not have a $3.5 billion subsidy fund.
On Tuesday, the senate resolved
to probe the subsidy recovery fund said to be managed by Maikanti Baru, group
managing director (GMD) of the NNPC, and the corporation’s finance officer.
In a statement on Tuesday, Ndu
Ughamadu, spokesman of the NNPC, said the corporation raised $1.05 billion
after the national assembly asked it to prevent the shortage of products that
occurred at the close of 2017.
Ughamadu explained that since the
corporation is the sole importer of petroleum products into the country, the
aforementioned sum was raised for that purpose and it was domiciled in the
Central Bank of Nigeria (CBN).
He said there was no time that
the fund was in the custody of the NNPC.
Ughamadu said the National Fuel
Support Fund is jointly managed by the NNPC, CBN and ministry of finance.
He said other managers of the
fund include; 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).
While noting that it was only the
national assembly that had the responsibility to appropriate on petroleum
subsidy matters, the spokesman said the NNPC has not spent a dime of the fund
independently.
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