NNPC Never Utilized $3.5bn Subsidy Fund- GMD Baru

The Nigerian National Petroleum Corporation, NNPC says it does not maintain any $3.5bn  fuel subsidy account.

The Group Managing Director of the corporation, Doctor Maikanti Baru stated this in Abuja during investigation by the Senate adhoc committee on alleged utilization of $3.5bn fuel subsidy recovery fund.

Doctor Baru explained that the corporation sourced for the sum of $1.05bn from the Liquefied Natural Gas, LNG fund to finance additional fuel requirements for adequate fuel supply in line with the national Assembly’s directive.

Earlier the Senate chairman of the adhoc committee, senator Ahmed Lawan said the committee was necessary to investigate how public funds were utilized by the NNPC.

According to senator Lawan ,the committee was not intended to witch hunt any individual or corporate body.


By: James Itodo/Abuja

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