FG Initiates l Investigation into the N2.7 trillion subsidy debt

The federal government has initiated a thorough investigation into the N2.7 trillion subsidy debt and has enlisted the services of the auditor general.

The proposed audit of the N2.7tn fuel subsidy claim by the Nigerian National Petroleum Company Limited has been initiated by the Federal Government.

An independent audit conducted by KPMG revealed adjustments that reduced the initial claims from N6 trillion to N2.7 trillion.

In the recent audit, the government mentioned that it had authorized the Office of the Auditor General of the Federation to investigate the assertions made by the corporation concerning the outstanding amount owed by the government to the oil company.

During the April 2024 meeting of the Federal Account Allocation Committee, the Director of Home Finance, Ali Mohammed, confirmed this procedure.

“On the forensic audit covering the period 2015 to 2021 to authenticate NNPC/Federation claims in respect of N2.7tn withheld by NNPC Limited: The Director, Home Finance informed members that the process of the forensic audit of NNPC Limited as reported at the last meeting was in progress. He assured that an update would be provided on the matter at the next meeting,”noted the minutes of the FAAC meeting.

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