{"id":27414,"date":"2018-10-17T13:10:29","date_gmt":"2018-10-17T12:10:29","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=27414"},"modified":"2018-10-17T13:10:29","modified_gmt":"2018-10-17T12:10:29","slug":"we-dont-have-3-5bn-subsidy-fund-says-nnpc","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/we-dont-have-3-5bn-subsidy-fund-says-nnpc\/","title":{"rendered":"We Don\u2019t Have $3.5bn Subsidy Fund, Says NNPC"},"content":{"rendered":"

The\u00a0Nigerian National Petroleum Corporation on Wednesday denied being in possession of the $3.5bn Subsidy Fund.<\/p>\n

The details of the Subsidy Fund had caused a row on the floor of the Senate on Tuesday.<\/p>\n

The\u00a0 Senate initiated a fresh investigation into the alleged illegal subsidy payment on Premium Motor Spirit (petrol).<\/p>\n

In reaction, NNPC issued a statement on Wednesday, denying \u201cthe insinuation that it has in its custody $3.5billion Subsidy fund.\u201d<\/p>\n

The denial was made in a statement signed by\u00a0Ndu Ughamadu, the NNPC\u2019s Group General Manager in its Group Public Affairs Division.<\/p>\n

He explained that the National Assembly had asked the NNPC to resolve the issues of shortage of products at the close of last year and it did so.<\/p>

\r\n
Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

Ughamadu revealed that the NNPC\u00a0 initiated the move to raise a revolving fund of $1.05billion, since the corporation was, and still is, the sole importer and supplier of white products in the country.<\/p>\n

The NNPC spokesman said ever since the fund had been domiciled in the Central Bank of Nigeria. He added that at no time was it in the custody of the NNPC.<\/p>\n

<\/b>Ughamadu said, \u201cThe fund, dubbed the National Fuel Support Fund, had been jointly managed by NNPC, the Central Bank of Nigeria, the Federal Ministry of Finance and the Petroleum Products Pricing Regulatory Agency, Office of the Accountant General of the Federation, the Department of Petroleum Resources, and the Petroleum Equalization Fund.\u201d<\/p>\n

Hence, NNPC cannot independently spend a dime of the fund which Ughamadu said was meant to ensure stability in the petroleum products supply in the country.<\/p>\n

However, the corporation said, it was fully aware that it is only the National Assembly that has the statutory responsibility to appropriate on petroleum subsidy matters.<\/p>\n","protected":false},"excerpt":{"rendered":"

The\u00a0Nigerian National Petroleum Corporation on Wednesday denied being in possession of the $3.5bn Subsidy Fund. The details of the Subsidy Fund had caused a row on the floor of the Senate on Tuesday. The\u00a0 Senate initiated a fresh investigation into the alleged illegal subsidy payment on Premium Motor Spirit (petrol). In reaction, NNPC issued a …<\/p>\n","protected":false},"author":6,"featured_media":15642,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17],"tags":[188],"coauthors":[2391],"class_list":["post-27414","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","tag-nnpc"],"yoast_head":"\nWe Don\u2019t Have $3.5bn Subsidy Fund, Says NNPC - National Wire<\/title>\n<meta name=\"description\" content=\"The\u00a0Nigerian National Petroleum Corporation on Wednesday denied being in possession of the $3.5bn Subsidy Fund.The details of the Subsidy Fund\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/we-dont-have-3-5bn-subsidy-fund-says-nnpc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"We Don\u2019t Have $3.5bn Subsidy Fund, Says NNPC - National Wire\" \/>\n<meta property=\"og:description\" content=\"The\u00a0Nigerian National Petroleum Corporation on Wednesday denied being in possession of the $3.5bn Subsidy Fund.The details of the Subsidy Fund\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nationalwire.com.ng\/sub\/we-dont-have-3-5bn-subsidy-fund-says-nnpc\/\" \/>\n<meta property=\"og:site_name\" content=\"National Wire\" \/>\n<meta property=\"article:published_time\" content=\"2018-10-17T12:10:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/07\/NNPC-In-The-News-Headline-Now.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"729\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Friday Ekeoba\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/\",\"name\":\"National Wire\",\"description\":\"About Nigerians, Nigerian Business and Other Stories\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/we-dont-have-3-5bn-subsidy-fund-says-nnpc\/#primaryimage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/07\/NNPC-In-The-News-Headline-Now.jpg\",\"contentUrl\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/07\/NNPC-In-The-News-Headline-Now.jpg\",\"width\":1200,\"height\":729},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/we-dont-have-3-5bn-subsidy-fund-says-nnpc\/#webpage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/we-dont-have-3-5bn-subsidy-fund-says-nnpc\/\",\"name\":\"We Don\u2019t Have $3.5bn Subsidy Fund, Says NNPC - National Wire\",\"isPartOf\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/we-dont-have-3-5bn-subsidy-fund-says-nnpc\/#primaryimage\"},\"datePublished\":\"2018-10-17T12:10:29+00:00\",\"dateModified\":\"2018-10-17T12:10:29+00:00\",\"author\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927\"},\"description\":\"The\u00a0Nigerian National Petroleum Corporation on Wednesday denied being in possession of the $3.5bn Subsidy Fund.The details of the Subsidy Fund\",\"breadcrumb\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/we-dont-have-3-5bn-subsidy-fund-says-nnpc\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/nationalwire.com.ng\/sub\/we-dont-have-3-5bn-subsidy-fund-says-nnpc\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/we-dont-have-3-5bn-subsidy-fund-says-nnpc\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/nationalwire.com.ng\/sub\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"We Don\u2019t Have $3.5bn Subsidy Fund, Says NNPC\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927\",\"name\":\"Friday Ekeoba\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/author\/friday\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"We Don\u2019t Have $3.5bn Subsidy Fund, Says NNPC - National Wire","description":"The\u00a0Nigerian National Petroleum Corporation on Wednesday denied being in possession of the $3.5bn Subsidy Fund.The details of the Subsidy Fund","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/nationalwire.com.ng\/sub\/we-dont-have-3-5bn-subsidy-fund-says-nnpc\/","og_locale":"en_US","og_type":"article","og_title":"We Don\u2019t Have $3.5bn Subsidy Fund, Says NNPC - National Wire","og_description":"The\u00a0Nigerian National Petroleum Corporation on Wednesday denied being in possession of the $3.5bn Subsidy Fund.The details of the Subsidy Fund","og_url":"https:\/\/nationalwire.com.ng\/sub\/we-dont-have-3-5bn-subsidy-fund-says-nnpc\/","og_site_name":"National Wire","article_published_time":"2018-10-17T12:10:29+00:00","og_image":[{"width":1200,"height":729,"url":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/07\/NNPC-In-The-News-Headline-Now.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"Friday Ekeoba","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/nationalwire.com.ng\/sub\/#website","url":"https:\/\/nationalwire.com.ng\/sub\/","name":"National Wire","description":"About Nigerians, Nigerian Business and Other Stories","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/nationalwire.com.ng\/sub\/we-dont-have-3-5bn-subsidy-fund-says-nnpc\/#primaryimage","url":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/07\/NNPC-In-The-News-Headline-Now.jpg","contentUrl":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/07\/NNPC-In-The-News-Headline-Now.jpg","width":1200,"height":729},{"@type":"WebPage","@id":"https:\/\/nationalwire.com.ng\/sub\/we-dont-have-3-5bn-subsidy-fund-says-nnpc\/#webpage","url":"https:\/\/nationalwire.com.ng\/sub\/we-dont-have-3-5bn-subsidy-fund-says-nnpc\/","name":"We Don\u2019t Have $3.5bn Subsidy Fund, Says NNPC - National Wire","isPartOf":{"@id":"https:\/\/nationalwire.com.ng\/sub\/#website"},"primaryImageOfPage":{"@id":"https:\/\/nationalwire.com.ng\/sub\/we-dont-have-3-5bn-subsidy-fund-says-nnpc\/#primaryimage"},"datePublished":"2018-10-17T12:10:29+00:00","dateModified":"2018-10-17T12:10:29+00:00","author":{"@id":"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927"},"description":"The\u00a0Nigerian National Petroleum Corporation on Wednesday denied being in possession of the $3.5bn Subsidy Fund.The details of the Subsidy Fund","breadcrumb":{"@id":"https:\/\/nationalwire.com.ng\/sub\/we-dont-have-3-5bn-subsidy-fund-says-nnpc\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/nationalwire.com.ng\/sub\/we-dont-have-3-5bn-subsidy-fund-says-nnpc\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/nationalwire.com.ng\/sub\/we-dont-have-3-5bn-subsidy-fund-says-nnpc\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/nationalwire.com.ng\/sub\/"},{"@type":"ListItem","position":2,"name":"We Don\u2019t Have $3.5bn Subsidy Fund, Says NNPC"}]},{"@type":"Person","@id":"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927","name":"Friday Ekeoba","url":"https:\/\/nationalwire.com.ng\/sub\/author\/friday\/"}]}},"_links":{"self":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/27414","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/comments?post=27414"}],"version-history":[{"count":1,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/27414\/revisions"}],"predecessor-version":[{"id":27415,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/27414\/revisions\/27415"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/media\/15642"}],"wp:attachment":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/media?parent=27414"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/categories?post=27414"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/tags?post=27414"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/coauthors?post=27414"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}