NNPC spends over N13bn on entertainment, N20bn for telephone calls in 2 years

The Nigerian National Petroleum Company Limited (NNPCL) spent over N13 billion on entertainment for its staff in two years.

Similarly it said over N20 billion was expended for telephone calls and postage within the two-year period.

This is according to the analysis of the oil company’s financial statement for 2021 published on its website.

The development raises more questions about the frugality of the oil company amid revenue challenges.

Breakdown from the report showed that entertainment expenses in 2021 gulped the sum of N11.831 billion in NNPC’s book, while the sum of N1.636 billion was spent in 2020.

The report also revealed that postage and telephone calls consumed 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

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

With high unemployment and overstretching of inadequate and poorly maintained infrastructure, many Nigerians struggle to fathom how NNPC Ltd could live an extravagant lifestyle in a country with over 95.9 million people living in extreme poverty — that is, people living below the poverty line of $1.90 per day.

Meanwhile, the NNPC reported that it made N674 billion profit for 2021 an increase from N287 billion in 2020.

Qed.