$3.5bn subsidy fund not in our custody – NNPC

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Group Managing Director, Nigerian National Petroleum Company (NNPC), Dr Maikanti Baru

The Nigerian National Petroleum Corporation (NNPC) has disclaimed the ‘insinuation’ that it has, in its custody, $3.5bn subsidy fund.

In a statement, the NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, explained that in the heat of the shortage of products supply at the close of last year, the National Assembly asked the NNPC to do everything possible to stem the hiccups.

Mr Ughamadu revealed that the NNPC initiated the move to raise a revolving fund of $1.05bn, since the corporation was, and still is, the sole importer and supplier of white products in the country.

He noted that ever since, the fund has been domiciled in the Central Bank of Nigeria, adding that at no time was it in the custody of the NNPC.

Mr. Ughamadu stated that the fund, which is 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).

He added that the NNPC did not independently spend ‘ a dime of the fund’ which the spokesman said was to ensure stability in petroleum products supply in the country, and that the corporation was fully aware that it was only the National Assembly that had the statutory responsibility to appropriate funds for petroleum.

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