Audited financial statements reviewed by SaharaReporters show that NNPC Limited spent N30.3 billion on entertainment in 2024, a sharp increase that has raised fresh concerns over the company’s financial management despite reporting ₦5.4 trillion profit for the year.
According to SaharaReporters’ review of the newly released audited financial statement for 2024, the Nigerian National Petroleum Company Limited (NNPC) Group spent N30.3billion on entertainment expenses, a major rise from the N7.4 billion recorded in 2023 and N7.3 billion in 2022, bringing the cumulative figure for 2022 and 2023 to N14.7 billion.
The spike comes amid heightened scrutiny over the company’s finances and ongoing losses across several subsidiaries, including refineries that “have continued to record losses while spending billions on salaries.” Persistent calls for greater financial discipline are expected to intensify as the latest figures raise further questions about NNPC’s spending priorities.
Earlier today, SaharaReporters reported that NNPCL announced a Profit After Tax of ₦5.4trillion on revenue of ₦45.1trillion for 2024, describing it as a “year of strong operational delivery,” while unveiling a strategic roadmap featuring a 60 billion dollar investment pipeline to support Nigeria’s energy transition through 2030.
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