This audit revealed a significant discrepancy in the fuel subsidy claims made during the administration of former President Muhammadu Buhari.
NNPCL had initially reported spending N6 trillion on fuel subsidies, with the government paying a substantial portion, but NNPCL's Group CEO, Mele Kyari, stated the federal government still owes NNPCL N2.8 trillion for petrol subsidy payments, which were covered from the company's cash flow.
In response, the Nigerian government plans to conduct a fresh audit of these claims, focusing on the period from 2015 to 2021.
This audit, to be led by the Office of the Auditor-General for the Federation (OAuGF), may engage an external firm to ensure objectivity.
The Federal Account Allocation Committee (FAAC) initiated this decision to prevent conflicts of interest, with the aim of verifying the authenticity of NNPCL's claims and resolving outstanding issues.
The audit follows KPMG's initial findings and recommendations for further investigation.
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