NNPC SPENDS OVER N13 BILLION FOR ENTERTAINMENT, N20BN FOR PHONE CALLS IN 2 YEARS

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.

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- N2.7bn