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A review of the just-released audited financial statement for the year ended 2024 has shown that the Nigerian National Petroleum Company Limited (NNPC) Group spent N30.3billion on entertainment expenses.
Earlier, a review of the Nigerian National Petroleum Company Limited’s financial statement showed that the oil company spent N7.4 billion on “entertainment expenses in 2023”.
The 2024 figure represents a sharp rise from the N7.3 billion spent on the same item in 2022. In total, between 2022 and 2023, the oil company spent N14.7 billion on entertainment expenses.
The development comes amid heightened scrutiny of NNPC Limited’s finances. Poor financial management had previously been cited as a contributor to the challenges faced by the oil firm.
SaharaReporters earlier reported the financial difficulties affecting several of the company’s subsidiaries, including refineries that have continued to record losses while spending billions on salaries.
There have been persistent calls for greater prudence in the management of the company’s finances, with the latest financial statements likely to raise fresh concerns about the organisation’s spending priorities.
The development also coincides with broader national calls for improved financial discipline and more efficient revenue management.
NNPC Limited is Nigeria’s leading oil and gas company. Founded in 1977, the organisation underwent a major transformation in July 2022, becoming a fully commercial and profit-driven entity under the Petroleum Industry Act (PIA) of 2021.
Earlier today, SaharaReporters reported that the NNPCL announced the company’s financial performance for the full year ended 2024, reporting a Profit After Tax of ₦5.4trillion on revenue of ₦45.1trillion.
The results, shared during its earnings call with analysts, highlight what the company described as a “year of strong operational delivery.”
A press statement signed by Andy Odeh, the Chief Corporate Communications Officer of NNPC Limited on Monday
announced the company’s financial performance.
Building on this performance, NNPC Limited also unveiled its strategic roadmap aimed at driving sustained growth and supporting Nigeria’s energy transition through 2030.
According to the company, the plan prioritises increased oil and gas production and outlines a 60 billion dollar investment pipeline across the energy value chain.
