The Nigerian National Petroleum Corporation has denied claims that it has in its custody $3.5 billion subsidy fund.
The NNPC Group General Manager, Group Public Affairs Division, Ndu Ughamadu, disclosed this in a statement in Abuja on Tuesday.
He explained that in the heat 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.
Ughamadu said the corporation initiated the move to raise a revolving fund of $1.05 billion since the corporation was and still the sole importer and supplier of white products in the country.
He noted that 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.
Ughamadu said the fund, called the National Fuel Support Fund, had been jointly managed by the NNPC, CBN and Federal Ministry of Finance.
Other managers include the Petroleum Products Pricing Regulatory Agency, Office of the Accountant General of the Federation, Department of Petroleum Resources and Petroleum Equalization Fund.
He further clarified that NNPC did not independently spend a dime of the fund which was to ensure stability in the petroleum products supply in the country.
He added that the corporation was fully aware that it was only the National Assembly that had the statutory responsibility to appropriate on petroleum subsidy matters.
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