NNPC disavows possession of $3.5bn Subsidy Fund

The Nigerian National Petroleum Corporation (NNPC) said on Wednesday that it has no $3.5bn Subsidy Fund  in its possession after details of the Subsidy Fund had caused a row on the floor of the Senate on Tuesday.

In reaction, NNPC in a statement on Wednesday denied “the insinuation that it has in its custody $3.5billion Subsidy fund.”

The denial was made in a statement signed by Ndu Ughamadu, the NNPC’s Group General Manager in its Group Public Affairs Division.

He explained that the National Assembly had asked the NNPC to resolve the issues of shortage of products at the close of last year and it did so.

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

The NNPC spokesman said ever since the fund had been domiciled in the Central Bank of Nigeria. He added that at no time was it in the custody of the NNPC.

Ughamadu said, “The fund, dubbed the National Fuel Support Fund, had been jointly managed by NNPC, the Central Bank of Nigeria, the Federal Ministry of Finance and the Petroleum Products Pricing Regulatory Agency, Office of the Accountant General of the Federation, the Department of Petroleum Resources, and the Petroleum Equalization Fund.”

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