The Federal Government is gearing up to launch a fresh audit into the N2.8 trillion fuel subsidy request submitted by the Nigerian National Petroleum Company Limited (NNPC).
This move comes in the wake of an initial audit conducted by the auditing firm KPMG, which led to a significant reduction in the subsidy claims from an initial N6 trillion down to N2.7 trillion.
With the intention of further scrutinizing the subsidy claims and ensuring transparency in financial transactions, the federal government is considering enlisting the services of an independent audit firm. Alternatively, it may opt to task the Office of the Auditor General of the Federation with verifying the assertions made by NNPC regarding the outstanding debt owed to the oil company.
The decision to conduct a new audit underscores the government’s commitment to fiscal responsibility and accountability in managing public funds, particularly in the critical sector of fuel subsidies.
The outcome of the upcoming audit will play a crucial role in determining the accuracy and legitimacy of the subsidy claims, ultimately shaping the government’s approach to addressing the outstanding debt owed to NNPC.
As discussions and preparations for the audit unfold, stakeholders and the public alike will be closely monitoring the process to ensure that it upholds the principles of transparency and accountability in the management of national resources.
