Friday, June 21, 2024



The Federal Government has initiated a comprehensive audit of the ₦2.7 trillion fuel subsidy claim by the Nigerian National Petroleum Company Limited (NNPC). This process follows an independent audit by KPMG, which adjusted the initial claims from N6 trillion down to ₦2.7 trillion.

The government has tasked the Office of the Auditor General of the Federation with verifying the NNPC's assertions regarding the outstanding subsidy amount. Ali Mohammed, the Director of Home Finance, confirmed this at the Federal Account Allocation Committee (FAAC) meeting in April 2024.

According to the FAAC meeting minutes, Mohammed stated, "The forensic audit covering the period 2015 to 2021 to authenticate NNPC/Federation claims regarding the ₦2.7tn withheld by NNPC Limited is ongoing. An update will be provided at the next meeting."

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