It also accused the House committee of merely trying to malign the corporation and others.
The report, presented to the House on Wednesday, accused NNPC, PPPRA and some oil marketers of fraudulently collecting billions in the name of petrol subsidy.
The Nigerian National Petroleum Corporation was paid N844.9 billion by the CBN for subsidy claims, in addition to the direct deductions the NNPC made from crude sales, according to the report.
In a statement in Abuja yesterday, spokesman for the NNPC, Levi Ajuonuma, said the accusations against the corporation were false.
"Such a claim is totally unfounded and absurd. We challenge both the CBN and Ad Hoc Committee to provide evidence that such payments as alleged were made to NNPC," he said.
"They must show authorisation for the payments as well as breakdown of the amount, purpose for the payments, beneficiary accounts in which such payments were made and the utilisation of such payments."
Ajuonuma said rather than collecting such payments from CBN as alleged, the NNPC applied such subsidy approvals as credit due to the corporation toward the cost of its domestic crude allocation.
"For the purposes of clarity, subsidy payments to NNPC is not based on cash remittance. The mechanics of subsidy recovery by NNPC is not fund based but by way of deduction form crude cost due," he said.
"As a matter of fact, from the commencement of the subsidy regime, there was never a time when CBN paid any money to NNPC in respect of subsidy claim."
Ajuonuma accused the House committee of serving interests other than national, as "its action as its intention was really not to clarify the subsidy payments but more interested in maligning and damaging the reputation of the corporation as well as other key players of the industry."
He added: "It is clear that the tune of the committee's report is not only damaging to the corporation but to the entire nation. At this stage it is pertinent to ask the question, whose interest is this committee serving?"
Ajuonuma said the House committee, headed by Faruk Lawal, did not make use of the documents and information provided to it by the NNPC.
"NNPC presented to PPPRA approvals for 2011 totalling N981billion out of which only N844.9 billion has been credited to NNPC.
"But surprisingly, the Committee claimed that PPPRA approved only N504 billion and that the balance was excess payment to NNPC. What logic."
In its report, the committee also accused NNPC of flouting the laws by deducting subsidy claims at source from the Federation Account.
Ajuonuma said, "The basis for the deduction of both cash calls for joint venture operations and NNPC's subsidy payments as a first line charge on the income of the Federal Government is statutory and founded on the Appropriation Act, which was passed by the National Assembly.
"Under the said Appropriation Act, certain budgetary items, including subsidy payments to the NNPC, are listed as first line charges on the income of the Federation."
The House is due to begin debate on the report tomorrow.
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Daily Trust