It, however, admitted that it owed the government N326.14bn, which was still being reconciled.
The corporation was reacting to the revelation of the Auditor-General of the Federation to the National Assembly on Monday that the NNPC failed to remit the sum of N3.235tn to the Federation Account for the period ended December 31, 2014.
The corporation stated that the AGF was incorrect.
NNPC in a document signed by its Group Executive Director/Chief Financial Officer, Finance and Accounts, Mr. Isiaka Abdulrazaq, said, “The NNPC wishes to state in strong terms that the AGF’s declaration is inaccurate.
“The Auditor-General of the Federation’s declaration is erroneous. It should also be noted that although this period is before the new NNPC management was appointed in August 2015, the management still deems it fit and important to correct any misinformation about the activities of the corporation as this will adversely affect its current and future financial and operational plans if not corrected.
“The declaration by the AGF may have been born out of misunderstanding of how revenues from crude oil and gas sales are remitted into the Federation Account.”
On how the fund was utilised, the corporation noted that as part of its responsibilities, the NNPC got an allocation of 445,000 barrels of crude oil per day for processing into petroleum products for distribution across the country.
According to the document, the proceeds from the sale of the products are remitted to the Federation Account after deducting the cost associated with the supply and distribution.
The costs, it said, included subsidy on petroleum products.
It recalled that the total amount of subsidy that had been approved and certified for the corporation by the Petroleum Products Pricing Regulatory Agency for the period of January 2012 to December 2014 was N2.34tn, adding that an additional N7.96bn subsidy claim was still under reconciliation.