The Minister of Petroleum Resources, Mrs Diezan Alison-
Madueke, has denied that Nigerian National Petroleum Corporation, NNPC, received N1.329 trillion as subsidy payments between 2009-2011 from the Central Bank of Nigeria, CBN, as alleged by the ad-hoc committee of the House of Representatives on Subsidy Regime.
The committee report had alleged that “NNPC directly deducted N408.255 billion, in addition to the payment of N81.648 billion by CBN, in 2009; N407.801 billion, in addition to the payment of N402.423 billion by CBN, in 2010; and N847.942 billion, in addition to the payment of N844.944 billion by CBN, for 2011, contrary to Section 162 of the 1999 Constitution, as amended.”
The minister argued that this claim is “totally baseless, false and without foundation.”
Speaking with newsmen, yesterday in Abuja, she explained that subsidy payments to NNPC are not based on cash remittance and, therefore, CBN could not have remitted any cash to…
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