Finance Ministry Denies Alleged $3.5b Subsidy Fund
Image: Guardian

The Federal Ministry of Finance has debunked claims of a $3.5 billion fund reportedly kept and used by the Nigeria National Petroleum Corporation (NNPC) for fuel subsidy.

This was revealed by the Permanent Secretary of the Ministry Mahmoud Isa-Dutse in Abuja on Thursday when he appeared before the Senate ad hoc committee probing the allegation.

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According to Isa-Dutse “As far as the current fuel importation regime is concerned, the ministry of finance does not have any account it is operating.

“We are not aware of the alleged 3.5 billion dollar fund, and we do not maintain any subsidy fund account.”

In addition, the NNPC had earlier denied spending such amount of money on subsidy.