News
Subsidy Fraud: KPMG’s Forensic Audit Uncovers ₦3.3 Trillion Discrepancy In NNPC’s Claims
- /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 27
https://naijablitznews.com/wp-content/uploads/2024/05/Mele-Kyari2-1000x600.jpg&description=Subsidy Fraud: KPMG’s Forensic Audit Uncovers ₦3.3 Trillion Discrepancy In NNPC’s Claims', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
- Share
- Tweet /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 72
https://naijablitznews.com/wp-content/uploads/2024/05/Mele-Kyari2-1000x600.jpg&description=Subsidy Fraud: KPMG’s Forensic Audit Uncovers ₦3.3 Trillion Discrepancy In NNPC’s Claims', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
This newspaper reports that a renowned global accounting firm, KPMG, has conducted a forensic audit revealing a notable inconsistency in the fuel subsidy claims filed by the Nigerian National Petroleum Company Limited (NNPCL).
According to a report from iWitnessLive, the audit uncovered that NNPCL had inflated its fuel subsidy claims by a staggering ₦3.3 trillion.
At first, NNPCL reported spending ₦6 trillion on fuel subsidies, with former President Muhammadu Buhari’s government covering a significant portion of the expenses.
NNPCL’s Group CEO, Mele Kyari, claimed that the federal government still owed the company ₦2.8 trillion for petrol subsidy payments, a statement made shortly after President Bola Tinubu declared the subsidy’s removal
As per the May 2024 report, the government has not yet reimbursed NNPCL for this amount.
“Since the provision of the ₦6tn in 2022, and ₦3.7tn in 2023, we have not received any payment whatsoever from the Federation.
“That means they (the Federal Government) are unable to pay and we’ve continued to support this subsidy from the cash flow of the NNPC. We are waiting for them to settle up to ₦2.8tn of NNPC’s cash flow from the subsidy regime and we can’t continue to build this,” he said.
In light of KPMG’s reconciliation, which reduced the claims to ₦2.7 trillion, the Nigerian Government intends to undertake a fresh audit of NNPC Limited’s ₦2.8 trillion fuel subsidy claim.
The audit, spanning from 2015 to 2021, seeks to authenticate NNPC’s claims.
The Office of the Auditor-General for the Federation (OAuGF) will spearhead the audit, with the possibility of enlisting an external firm for supplementary assistance.
The resolution was reached at a Federal Account Allocation Committee (FAAC) session in March 2024, where participants deliberated on the necessity of an impartial audit to mitigate conflicts of interest.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, reiterated President Tinubu’s commitment to the forensic audit.
KPMG’s initial audit prompted the need for further investigation.
News
One dies, seven injured as Gombe Assembly Complex under construction collapses
It was a sad tale as the collapse of the Gombe State House of Assembly complex under construction has claimed one life and left seven others injured.
The incident occurred on Friday when a section of the building gave way, trapping construction workers beneath the debris before emergency responders launched a rescue operation.
Head of Operations, National Emergency Management Agency (NEMA), Gombe Operations Office, Ahmed Ummanah, confirmed the incident, stating that all the trapped workers were rescued from the rubble.
He disclosed that three of the injured victims were taken to the Federal Teaching Hospital (FTH), Gombe, while five others were evacuated to the Gombe State Specialist Hospital for medical treatment. He added that some of the victims sustained severe injuries.
The construction company handling the project had yet to issue an official statement on the incident as efforts to obtain its reaction were unsuccessful.
Authorities have commenced investigations to determine the cause of the building collapse, while safety experts are expected to assess the structural integrity of the project.
News
DAY 24 of Projects Commissioning and Flag-Off in the FCT
Construction of access road from Tungan Madaki to Zuba will be Flagged off today
#ProjectsFCT2026
#FCT31DaysCommissioning
News
NSITF promises Gambia of technical support, stronger partnership …As study tour ends in Abuja
By Kayode Sanni-Arewa
The Nigeria Social Insurance Trust Fund (NSITF) has promised to provide technical support while continuing to share knowledge with the Industrial Injuries Compensation Fund (IICF), Social Security and Housing Finance Corporation (SSHFC) of the Gambia in advancing social protection and workers’ welfare in the West African sub-region.
Managing Director/CE of NSITF, Barr. Oluwaseun Faleye, gave the assurance at the closing ceremony of the one-week study tour by the Board of the Industrial Injuries Compensation Fund (IICF), Social Security and Housing Finance Corporation (SSHFC) of the Gambia to the Fund.
He said the “NSITF will continue to support the Industrial Injuries Compensation Fund under the SSHFC by sharing technical knowledge, exchanging experiences and providing guidance wherever we can.
“We see this as a partnership between brothers, working together towards the common goal of strengthening social protection and advancing the welfare of workers across our sub-region”.
Faleye, who was represented by the Executive Director (Administration), Barr. Samaila Abdu, said, “I therefore wish to assure you that this relationship does not end with today’s closing ceremony. Rather, it marks the beginning of an even stronger partnership between our two institutions.
“As you return home, please convey our warm regards to the Managing Director, the Board, Management and the entire Social Security and Housing Finance Corporation of The Gambia.
“As we come to the close of this week-long study visit, permit me to express our sincere appreciation to the delegation from the Social Security and Housing Finance Corporation of The Gambia for choosing NSITF as the destination for this important study tour.
“Your decision to understudy our institution is both an honour and a demonstration of the growing spirit of collaboration among social security institutions within our sub-region. We are grateful for the openness, professionalism and mutual respect that have defined our engagements throughout the week,” the MD enthused.
“Over the course of this engagement, we have shared experiences, exchanged ideas and explored practical approaches to strengthening the administration of employment injury compensation and social security,” he continued, adding that “beyond the presentations and technical sessions, what has been most rewarding has been the quality of our interactions. We have engaged in frank discussions, asked important questions and learned from one another. That, indeed, is the true value of a study visit”.
Speaking further on the collaboration by the two agencies, the NSITF helmsman stated that “We are particularly delighted by your invitation for NSITF to visit The Gambia and witness first-hand how some of the lessons from this engagement will be adapted and domesticated within your institution. We deeply appreciate that invitation and will certainly give it due consideration.
“As an institution, we readily acknowledge that we are still strengthening and expanding our own social security implementation. Like every progressive institution, we continue to learn, innovate, and improve. However, we remain committed to sharing our experiences and best practices in areas where we have made meaningful progress”.
Giving a summary of what transpired during the tour, the Managing Director said, “We began by examining the evolution of social security administration in Nigeria, tracing the journey from the National Provident Fund through the NSITF and ultimately to the Employees’ Compensation Scheme established under the Employees’ Compensation Act, 2010.
“We also had the opportunity to exchange views on institutional governance, policy evolution and the future direction of social security within our respective countries.
“We examined the operational backbone of the Scheme, employer registration, compliance management and contribution assessment. Discussions centred on the legal obligations of employers, our compliance strategies, assessment methodologies and the role of technology in enhancing transparency and accountability.
“The interactive exchanges demonstrated our shared commitment to improving compliance while expanding coverage, particularly within underserved sectors of the economy.
“We explored claims administration, compensation delivery, rehabilitation and return-to-work programmes. Beyond the statutory obligation to compensate injured workers, we highlighted the importance of restoring dignity through medical rehabilitation, vocational training and economic reintegration.
“Our discussions also focused on research, evidence-based policy formulation, actuarial planning and the role of digital transformation in modern social security administration,” he highlited, adding that “the demonstration of the Employees Compensation Scheme Application (ECSA) illustrated how technology is enhancing efficiency, improving compliance and strengthening service delivery within the Fund. More importantly, our discussions on future cooperation reaffirmed our collective resolve to sustain this partnership beyond the confines of this study visit.”
Faleye maintained that together, the two social security agencies have reaffirmed that effective social security administration is not a destination but a continuous journey of learning, innovation and improvement.
“Perhaps the most important outcome of this engagement is our shared commitment to continue working together. The invitation extended to NSITF to visit The Gambia and witness your own reform journey is one we sincerely appreciate, he summed.
In his response, the leader of the Gambian delegation, Permanent Secretary, Ministry of Trade and Employment, Lamine Camara, expressed appreciation for the opportunity, expressing the desire to improve on their operations.
“We are very pleased and not happy that this tour is coming to an end. We want to take this collaboration further in every area of social security. We are also looking at improving capacity from this collaboration.
“We are eager to learn from the NSITF experience. We also want to improve the areas of research we are behind in that area, and this will help improve us, and our experience can also be of great benefit to Nigeria. We also use this opportunity to invite NSITF to visit us in the Gambia, and we are very happy,” he stated.
-
News23 hours agoDANGEROUS DEVT: Bandits abduct corpse of FRSC Cmdr, mourners, demand almost half a billion Naira ransom
-
News20 hours agoMilitary identifies Army lieutenant who paid supreme sacrifice in rescue of abducted Oyo pupils, teachers
-
News24 hours agoNotorious bandit kingpin Sani Yellow eliminated in Zamfara
-
Sports24 hours agoFIFA Rubbishes Claims of Referee Bias in Argentina’s World Cup Victory Over Egypt
-
News24 hours agoBreaking: Dozens feared killed as suspected herdsmen again launch deadly attack in Benue
-
News23 hours agoThe Sundiata Post Model (2): Historical and Intellectual Foundations Of A Knowledge-Producing Newsroom
-
News20 hours agoIranian Newspaper lists Trump, European leaders as alleged revenge targets
-
News20 hours agoAPC Volunteer supports Shettima’s reaffirmation, celebrates successful rescue of abducted school kids

Warning: Undefined variable $user_ID in /home/naijuinz/public_html/wp-content/themes/zox-news/comments.php on line 49
You must be logged in to post a comment Login