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

 



By Editor


October 17, 2022



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.


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.

NNPC says its spent over N13bn on entertainment ,


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.


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- N2.7billion.


  

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