Uncategories NNPC Opens Up On Alleged $3.5 Billion Subsidy Fund In Its Custody

Wednesday, 17 October 2018



NNPC Opens Up On Alleged $3.5 Billion Subsidy Fund In Its Custody

October 17, 2018
Following allegations that Nigerian National Petroleum Corporation has about $3.5 billion subsidy fund in its custody, the corporation has reacted. 

NNPC
 
The Nigerian National Petroleum Corporation (NNPC)  has denied claims that it has  in its custody 3.5 billion dollars Subsidy fund.


 Follow Tonygists on social media for more updates



NNPC Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu,  disclosed this in a statement in Abuja on Tuesday.
 
He explained that at the hit 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.
 
Ughamadu  said the corporation initiated the move to raise a revolving fund of 1.05 billion dollars, since the corporation was, and still the sole importer and supplier of white products in the country.
 
He noted ever since, the fund had been domiciled in the Central Bank of Nigeria, adding that at no time was it in the custody of the NNPC.
 
Ughamadu said the fund, called the National Fuel Support Fund, had been jointly managed by the NNPC, the Central Bank of Nigeria (CBN) andthe Federal Ministry of Finance.
 
Other manager 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).
 
He further clarified that NNPC did not independently spend a dime of the fund which he said was to ensure stability in the petroleum products supply in the country.
 
He added that the corporation was fully aware that it was only the National Assembly that has the statutory responsibility to appropriate on petroleum subsidy matters.
 
-NAN






Follow Tonygists on social media for more updates

Facebook: https://facebook.com/Tonygists
Twitter:  https://Twitter.com/Tonygists1
Instagram: https://Instagram.com/Tonygists
Instagram 2: https://Instagram.com/Tony_gists
YouTube 2: https://www.youtube.com/channel/UCWD0nrc4ceJN5617uStOv0w



Are You On youtube? subscribe to Hot GIST Channel Latest Updates - @Hot Gist

Are You On youtube? subscribe to Gospel World (which is also owned by Tony Gists) youtube Channel Latest Updates - @Gospel world

Are you on audio mack? Follow Tonygists on audio mack to listen and download to the latest Mfm sermons Latest Updates - @Tonygists

Follow Tonygists on LinkedIn to get more jobs opportunities Latest Updates - @Tonygists

Are You On youtube? subscribe to Honest Ose Channel Latest Updates - @Honest Ose

Are You On youtube? subscribe to Honest Web Solutions Channel Latest Updates - @Honest Web Solutions

Are You On youtube? subscribe to Xtremely Honest Channel Latest Updates - @Xtremely Honest

Are You On Twitter? Follow Us Now For Latest Updates - @tonygists

Are You On FACEBOOK? Like Our Page For Latest Updates - tonygists

Are You On FACEBOOK? Join Our Group For Latest Updates And Interactions - TonyGists


© 2024 Tonygists | Portions are © 2024 Associated Press. All rights reserved. This material may be published, broadcast, rewritten, or distributed.
Tony Odijie

Share This Post Via

Related Posts

Next
« Prev Post
Previous
Next Post »

Subscribe to: Post Comments (Atom)

Reliance Training and Management Consulting, a dynamic, fast growing indigenous entity, was established and duly registered with the aim to nurture, develop and innovate people and organisations through customized training, development and management consulting services, with excellent performance, deep sense of commitment, transparency, honesty and responsibility, to demonstrate the highest standard of technical and operational expertise.
 


 
Reliance is competently positioned to provide technical knowledge and skills relevant to practical management and business problems, to stimulate the creativity and innovation necessary to build a better community, a better nation and a better world with a committed mind set to contributing our best to the maximization of personal potentials and skills toward optimizing productivity and achieving organisational goals.
 
for more information click RELIANCE TRAINING AND MANAGEMENT CONSULTING

Ads