The Nigerian federal government says it plans to commence a fresh audit of the N2.8 trillion fuel subsidy claim by the Nigerian National Petroleum Company Limited. This plan was disclosed during the Federal Account Allocation Committee meeting held in March 2024, a copy recently released to journalists.
The development comes after an audit firm, KPMG, conducted an initial audit which slashed the claims from N6 trillion to N2.7 trillion. To achieve this, the government is considering either engaging an external audit firm or directing the Office of the Auditor General of the Federation to verify the claims made by the corporation regarding the amount the government owes to it.
7 trillion in 2023, we have not received any payment whatsoever from the Federation. 'That means they cannot pay, and we've continued to support this subsidy based on the cash flow of the NNPC. 'We are waiting for them to settle up to N2.8tn of NNPC's cash flow from the subsidy regime, and we can't continue to build this.
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