FG Launches Probe Into NNPC’s N2.7tn Subsidy Debt Claim

Federal Government of Nigeria has commenced an audit into the Nigerian National Petroleum Company Limited’s (NNPC) claim of N2.7 trillion in fuel subsidy debts.

Gatekeepers News reports that the audit, conducted by the Office of the Auditor General of the Federation, aims to verify the authenticity of NNPC’s claims.

According to the Director, Home Finance, Ali Mohammed, the audit process is ongoing, and an update will be provided during the next Federal Account Allocation Committee (FAAC) meeting.

The NNPC had earlier claimed that the Federal Government owed it N2.8 trillion in subsidy payments, but the government has been unable to pay due to the ongoing audit.

The FAAC meeting minutes revealed that members are also concerned about NNPC’s refusal to comply with the revised exchange rate of N693.50/$1 in converting federation revenue.