Forensic Audit Uncovers N3.3 Trillion Inflated Figure in Fuel Subsidy Claims by NNPCL under Buhari Gov’t | #Politicsnigeria

A forensic audit conducted by KPMG, a global accounting firm, has revealed a N3.3 trillion discrepancy in the fuel subsidy claims made by the Nigerian National Petroleum Company Limited (NNPCL) during the administration of former president Muhammadu Buhari.

The audit found that NNPCL inflated its fuel subsidy claims, initially reporting N6 trillion, with the government paying a substantial portion.

However, NNPCL’s Group CEO, Mele Kyari, claimed the company was still owed N2.8 trillion, which the federal government has yet to reimburse.


“Since the provision of the N6tn in 2022, and N3.7tn in 2023, we have not received any payment whatsoever from the Federation.

“That means they (the Federal Government) are unable to pay and we’ve continued to support this subsidy from the cash flow of the NNPC. We are waiting for them to settle up to N2.8tn of NNPC’s cash flow from the subsidy regime and we can’t continue to build this,” he said.


Kyari made the claim hours after the announcement by President Bola Tinubu that fuel subsidy had been removed.

The Nigerian Government has decided to conduct a fresh audit of the N2.8 trillion fuel subsidy claim, following KPMG’s reconciliation, which reduced the claims to N2.7 trillion.

The audit, covering 2015-2021, aims to verify the authenticity of NNPC’s claims.

The Office of the Auditor-General for the Federation (OAuGF) will lead the audit, with the option to engage an external firm for additional support.

The decision was made during a Federal Account Allocation Committee (FAAC) meeting in March 2024, where members discussed the need for an independent audit to prevent conflicts of interest.

Source : https://politicsnigeria.com/forensic-audit-uncovers-n3-3-trillion-inflated-figure-in-fuel-subsidy-claims-by-nnpcl-under-buhari-govt/

That's a whooping #3.3 TRILLION Naira FRAUD in just 6 years!

If the audit is expanded to 30 years, the SHEER volume of fraud dressed up as subsidy payments would make you FAINT!

Funny thing about this is absolutely NO ONE will be prosecuted for the #3.3 TRILLION Naira fraud.

But that's not even the funniest thing.

Funniest thing is that after an INDEPENDENT and INTERNATIONALLY-RECOGNISED accounting titan like KPMG audited the accounts and revealed the crookedness of it all, a POLITICALLY APPOINTED Auditor-General for the federation wants redo it.

What for?

I will never stop shouting it,the Federal Government must start the process of privatizing all the Scrap metals called Refineries
The Senate president over the weekend visited the Dangote Refinery over the weekend and I believe they must now see reason why all the Refineries and Depots must go
Those Scrap metals are Nigeria's Bermuda triangle,it keeps asking for more and yet producing absolutely nothing
As for the audit,I believe the president has been looking for a way to nail the NNPCL GMD,the man has overstayed his welcome
He should start preparing his handover notes.
And for all Engineers working in those Scrap metals,I advise you request a 3 month Sabbatical leave so you can go to Dangote Refinery and see how a Refinery works...NNPCL is the real defination of how you can't shame the shameless

You wonder when does this scam ends. Like seriously...when does it end?

This ₦3.3trillion entered the pockets of identifiable human beings & not spirits.
At the end, nobody would be arrested & prosecuted.

This Country is one huge crime scene.

Just imagine! The APC under Buhari and Tinubu have repeatedly lied about this fuel subsidy corruption bit they continue to be perpetuate same.

Namaster:
That's a whooping #3.3 TRILLION Naira FRAUD in just 6 years!

If the audit is expanded to 30 years, the SHEER volume of fraud dressed up as subsidy payments would make you FAINT!

Funny thing about this is absolutely NO ONE will be prosecuted for the #3.3 TRILLION Naira fraud.

But that's not even the funniest thing.

Funniest thing is that after an INDEPENDENT and INTERNATIONALLY-RECOGNISED accounting titan like KPMG audited the accounts and revealed the crookedness of it all, a POLITICALLY APPOINTED Auditor-General for the federation wants redo it.

What for?

The question is what is Tinubu doing about it?

Kenochi:
I will never stop shouting it,the Federal Government must start the process of privatizing all the Scrap metals called Refineries
The Senate president over the weekend visited the Dangote Refinery over the weekend and I believe they must now see reason why all the Refineries and Depots must go
Those Scrap metals are Nigeria's Bermuda triangle,it keeps asking for more and yet producing absolutely nothing
As for the audit,I believe the president has been looking for a way to nail the NNPCL GMD,the man has overstayed his welcome
He should start preparing his handover notes.
And for all Engineers working in those Scrap metals,I advise you request a 3 month Sabbatical leave so you can go to Dangote Refinery and see how a Refinery works...NNPCL is the real defination of how you can't shame the shameless

I have been seeing you always giving advise to the federal government(Tinubu's government), have they acted on any of your numerous advises, at this point in time doesn't it look like you are talking to a stone?

Normal levels

Tinubu is a thief and a terrorist he came to kill steal and destroy I pity his gullible followers who goes to bed empty stomach after defending the thief

Naija

This is why South East and South South are not joining protests against Tinubu, they only blame him for supporting Buhari who had no business ruling this country, they warned Nigerians from 2014 but they were castigated, Tinubu is just trying to revive the carcass left behind by Buhari which Peter Obi would have done better in terms of the economy

Of what benefit is this news to any Nigeria. Una go steal money come report to us to do what exactly. Abi una want find way blame igboman. Useless and lazy people!

Hmmm

At this juncture, they should sell Nigeria and give me my share. Make I just go Namibia go stay.

As someone stated above, NO ONE WILL BE PROSECUTED FOR THIS GRAND THEFT!

Tinubu and his goons have milked us dry 😢

He used Bullion vans on Lagos Treasury.

You wonder what he'll use on Nigeria Treasury

NNPC is the cabal. Who owns NNPC? The government. Who controls the government? APC. APC has first class in corruption.



Nigeria we hail thee...

Babablu bulabu.

Too many hardened criminals in the oil sector ! Only Got knows how much that has illegally left Nigeria through the border (as seen somewhere sometime ago)..

Abeg God, continue to dey bless me as I focus on my hustle. Anor wan get heart attack for Nigeria matter...

Brendaniel:


The question is what is Tinubu doing about it?

He is continuing from where Buhari stopped

Brendaniel:


The question is what is Tinubu doing about it?

he is maintaining the status quo. dont you remember that it is "emilokan"? is it now that it is his turn that the "chopping" should stop?

Na so

Dieziani that these useless people abused back then will look like a saint if these people dare to investigate 2015-2023 subsidy claims but anyways, I won't bother myself because I know nothing will fûcking come out of this their yeye investigation, just yeye noise. I know these people scatter

Nigerians with "My Turn to Chop" mentality.

When will this NNPC MD be removed?

whose interest is he serving?

Politicians killed this country, we need a revolution now

Because of some people's greed, the whole nation is made to suffer the effect of subsidy removal. There is nothing wrong in subsidizing petroleum product, the masses are poor, so subsidy in many forms will help them to survive

Instead of the government to sanitize the subsidy payments, they opt to remove it entirely. who is Buhari and Tinubu afraid of? can't they expose those applying to for false subsidy claims? Or are those in government benefitting from the subsidy fraud?

Our problem is bad leadership and foolish followers!

Just like you rag tag, never do well, good for nothing ancestors.

Arobaga:
Tinubu is a thief





Incompetent Buffon

Was subsidy the real problem? No, never. Corruption has always been the issue, corruption in the whole subsidy thing. Who throws the baby away with the bath water? Who stops feeding his or her child just because some petty thieves are stealing from the child? Rather than address the headache, the FG cut off the whole head, while a number of ignorant Nigerians cheered on.

As usual nobody will be jail or even get arrested for this.

These are the same people that called Deziani a Thief..

1 NIGERIA noisemakers from the Better South, I hope you are seeing the levels. Also Deziani is an IJAW woman married to an IGBO man and she is now prosecuted by people that claim to love Niger Delta.

Anyway, if you are from the ND and you believe what Yoruba ad Fulani Propaganda tell you against IGBOs then you are a complete buzu.

Good morning