NNPC Spends Over N13 Billion for Entertainment, N20bn for Telephone Calls In Two Years

• Within the period of two years, Nigerian National Petroleum Corporation committed over N33 billion on entertainment and telephone calls
• The hefty sum has once again raised suspicions on the ongoing costs surrounding the oil giant
• NNPC, so far in 2022 has yet to pay into the Federal account for states, local governments to share

The Nigerian National Petroleum Company has revealed that it incurred N788.7bilion administrative expenses in 2021.

This is an increase from N648.6 billion reported in 2020, bringing its total expenses to over N1.4 trillion in two years.

NNPC stated this in its financial statement for 2021, published on its website and analysed by Legit.ng.

A breakdown of NNPC administrative expenses showed that N13.46 billion went into entertainment for its staff and over N20 billion for telephone calls and Postage within the two-year period.

Read also

Femi Otedola’s Geregu Power loses N27.250 billion on the stock market, few days after listing

Entertainment expenses in 2021 gulped the sum of N11.83 billion, while the sum of N1.636 billion was spent in 2020.

This would mean that NNPC Ltd spent an average of N561.125 million every month on entertainment between 2020 and 2021.

It would also mean that N18.447 million was spent daily on entertainment between 2020 and 2021.

While for every hour of 2020 and 2021, the NNPC spent N768,664 on entertainment.

NNPC phone call expenses

The report also revealed that Postage and telephone calls gulped N15 billion in 2021, an increase from N5.6 billion spent in 2020 on the same item.

Some other interesting expenses incurred by NNPC

• Printing and stationary- N1.9bn
• Security- N7.5bn
• Staff training recruitment cost- N12bn
• Employee benefits- N388.4bn
• Transport, travelling- N15bn
• Director fees- N390m
• Legal and professional fees- N46bn
• Rent- N2.7bn

Read also

University of Nigeria, ABU top list of Federal universities with the highest budget allocation for 2023

NNPC sets date for completion of Port Harcourt refinery

In another report, Mele Kyari, the Group Managing Director of the Nigeria National Petroleum Company (NNPC), promised that the Port Harcourt refinery would be ready soon.

He made the promise before the House of Representatives on the resumption of investigation on the state of the country’s refineries.

When asked, Kyari, represented by the General Manager, Refineries & Petrochemicals, Mustapha Yakubu, reaffirmed the expected completion date to the lawmakers.

Source: Legit.ng