The Nigerian National Petroleum Company Limited has refuted allegations of owing international oil traders a sum of $6.8 billion.

Furthermore, the company has dismissed claims regarding its failure to remit funds to the federation account since January.

In a statement issued on Sunday, NNPC's Chief Corporate Communications Officer, Olufemi Soneye, addressed various accusations directed at the state-owned energy entity.

It was suggested that NNPC, as the exclusive importer of petrol in Nigeria, had outstanding debts to some suppliers; however, Soneye clarified that such transactions are typically conducted on credit.

"NNPC Ltd does not owe any international trader(s) the amount of $6.8 billion. In the oil trading sector, it is customary for transactions to occur on credit, resulting in occasional outstanding balances."

NNPC Ltd, through its subsidiary NNPC Trading, maintains numerous open trade credit lines with various traders. The company adheres to its obligations on a first-in-first-out (FIFO) basis, as stated by Soneye. He did not elaborate on the specific financial obligations that NNPC is currently managing.

In terms of remittances, he clarified, “It is inaccurate to assert that NNPC Ltd has not made any remittances to the federation account since January.

NNPC Ltd and all its subsidiaries consistently remit their taxes to the Federal Inland Revenue Service, which includes Corporate Income Tax payments to road contractors under the Road Investment Tax Credit Scheme.

Overall, NNPC Ltd stands as the largest contributor to the tax revenue distributed monthly at the Federation Account Allocation Committee.”

Soneye further emphasized that NNPC does not function as a regulator and does not oversee the quality of imported fuel. “In relation to the verification of the quality and quantity of imported petroleum products, NNPC Ltd has no involvement, as it is not a regulatory entity.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority, the appropriate regulatory body for these issues, operates independently and does not report to NNPC Ltd,” he remarked.

He also mentioned that NNPC is receptive to media inquiries regarding its operations and is committed to providing accurate information. This commitment aligns with the company’s principles of Transparency, Accountability, and Performance Excellence (TAPE), which have been upheld by the management led by Mele Kyari since 2019.

However, NNPC has not yet addressed inquiries related to the ongoing fuel scarcity affecting numerous cities.