Business
NNPC spends over N13bn on entertainment in two years
Adeleye Kunle Reports
The Nigerian National Petroleum Company Limited (NNPCL) spent over N13 billion on entertainment for its staff in two years.
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.
This would mean that every month, NNPC Ltd spent an average of N561.125 million 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.
Meanwhile, the NNPLC reported that it made N674 billion profit for 2021 an increase from N287 billion in 2020.
This year (2022) could be a lot tougher, given the reported oil theft in the Niger Delta region
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