NNPC Blows N30bn on “Entertainment” in One Year as Refineries Bleed and Nigerians Groan
By Passman Akpos
The Nigerian National Petroleum Company Limited (NNPC) is once again at the centre of public scrutiny after its newly released audited financial statement revealed that the oil giant spent a staggering N30.3 billion on entertainment expenses in 2024—more than four times the amount spent the previous year.
A SaharaReporters review of the financial records shows a dramatic spike from the N7.4 billion spent on entertainment in 2023 and the N7.3 billion recorded in 2022. In total, the company spent N14.7 billion on such expenses between 2022 and 2023, making the 2024 figure a sharp and controversial escalation.
The revelation comes amid longstanding concerns over NNPC Limited’s financial management practices. Analysts and civil society groups have repeatedly criticised the company for poor controls and opaque expenditure patterns, which they say contribute to the persistent challenges in Nigeria’s oil sector.
The concerns are further compounded by the financial struggles of several NNPC subsidiaries—especially the nation’s refineries, which continue to post losses despite receiving billions in salary allocations and operational funding.
Observers warn that the latest figures highlight a larger issue of spending priorities at a time when Nigeria is battling economic hardship, revenue leakages, and demanding more transparency from its flagship energy company.
These disclosures also coincide with wider national pressure for improved fiscal discipline and tighter oversight of public-sector-linked enterprises.
Despite the controversy, NNPC Limited today reported a Profit After Tax (PAT) of ₦5.4 trillion on a revenue base of ₦45.1 trillion for the full year 2024, figures the company touted as evidence of “strong operational delivery.” The announcement was made during an earnings call with analysts and reinforced in a statement signed by Chief Corporate Communications Officer, Andy Odeh.
As part of its forward-looking strategy, the company also unveiled a comprehensive roadmap designed to drive growth through 2030. The plan targets increased oil and gas production and outlines a $60 billion investment pipeline across the energy value chain, aligning with Nigeria’s broader energy transition goals.
Founded in 1977 and commercialised under the Petroleum Industry Act (PIA) in 2022, NNPC Limited maintains its position as Nigeria’s premier state-owned energy company. However, the newly surfaced expenditure details are likely to intensify calls for accountability and raise fresh questions about how the company balances profitability with responsible financial stewardship.
