Photo: Mr Mele Kyari, GMD, NNPC.
The Nigerian National Petroleum Company Limited (NNPCL) says it spent over N13 billion on entertainment for its employees between 2020 and 2021., which amounts to an average of N7 billion a year as staff entertainment expenditure.
The oil company also said that it made a profit of over N674 billion profit for 2021, which is an increase from the profit of N287 billion which it made in 2020.
The NNPC made this known in its financial statement for 2021 published on its website and obtained by Periscope International on Sunday.
According to the financial report, entertainment expenses in 2021 alone gulped the sum of N11.831 billion.
The analysis of the oil company’s book, said it spent the sum of N1.636 billion on staff entertainment in 2020.
By implication, every month, NNPC Ltd spends an average of N500 million on entertainment for its employees.
This also amounts to over N18 million spent daily on entertainment within the period under review.
It also amounts to over N700,000 spent on entertainment per hour.
The development has elicited questions about the company’s frugality amid mounting revenue challenges.
According to the report, it is expected that the financial report for 2022 would be remarkably different from that of the previous two years, on account of the recently discovered oil theft in the Niger Delta.
