How NNPC Spent Over N33 Billion for Entertainment And Phone Calls In Two Years.
- The huge expense has raised suspicions about NNPC’s operating costs and this is even as the oil giant has yet to make remittances into the Federal account for states, and local governments to share.
The Nigerian National Petroleum Company, NNPC has revealed that it incurred N788.7bilion administrative expenses in 2021.
This amount is an increase from N648.6 billion reported in 2020, bringing its total operating expenses to over N1.4 trillion in two years.
The corporation’s financial statement for 2021 revealed that NNPC spent over N13bn on entertainment. Entertainment expenditure alone gulped the sum of N11.83 billion, while the sum of N1.636 billion was spent in the previous year.
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.
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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 include the following;
Printing and stationary- N1.9bn
Staff training recruitment cost- N12bn
Employee benefits – N388.4bn
Transport, traveling – N15bn
Director fees – N390m
Legal and professional fees – N46bn
Rent – N2.7bn
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 sitting on the resumption of the investigation into the state of the country’s refineries.
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When asked, Kyari, represented by the General Manager, Refineries & Petrochemicals, Mustapha Yakubu, reaffirmed the expected completion date to the lawmakers.
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Source | Legit
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