NNPC audit reveals double payment of subsidy on petrol & kerosene, spent N3.65trn without approval

The just released audit report by PricewaterHouse Coopers PWC on the financial management of the NNPC has revealed that there were many cases of duplicated subsidy payment by the NNPC to many oil marketers between 2012 and 2013.

According to the report, payment of subsidies for petrol (PMS) and kerosene (DPK) between January 2012 and July 2013 when investigated had a difference of $980 million (about N195 billion) due to duplicated payments.

“Our review of the subsidy documentation revealed that the subsidy due to NNPC between January 2012 and July 2013 on PMS and DPK import was $8.99billion compared to the $9.97 billion stated by the Reconciliation Committee.