NNPC GMD, Dr Maikanti Baru

The Nigerian National Petroleum Corporation (NNPC) has denied reports that it has in its custody $3.5bn Subsidy fund.

NNPC Group General Manager, Group Public Affairs Division, Ndu Ughamadu, stated this in a statement on Thursday.

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His statement comes less than 24 hours after the Senate Adhoc Committee asked the corporation, the Ministry of Finance and other agencies to appear before it.

Ughamadu 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.

He 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.

Ughamadu 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.

According to Ughamadu, the fund, called the National Fuel Support Fund, had been jointly managed by the NNPC, the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance.

Other managers 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).