A review of the newly released audited financial statement of the Nigerian National Petroleum Company Limited (NNPCL) has shown that the oil company spent N30.3 billion on entertainment in 2024.
The figure represents a major increase from previous years. The company had earlier reported spending N7.4 billion on entertainment in 2023 and N7.3 billion in 2022, bringing the total for the two years to N14.7 billion. The steep rise in 2024 comes at a time when NNPCL’s financial management is under heightened public scrutiny.
Several NNPCL subsidiaries — including the country’s refineries — have continued to post losses while spending heavily on salaries, prompting repeated calls for greater transparency and fiscal discipline in the company’s operations.
NNPCL, which became a fully commercial entity in 2022 following the implementation of the Petroleum Industry Act (PIA), remains Nigeria’s largest national energy company. The release of the 2024 audited statement is expected to trigger fresh debate over its spending priorities.
Earlier on Monday, NNPCL announced a Profit After Tax of N5.4 trillion for the 2024 financial year, generated from total revenue of N45.1 trillion. The company described the year as one of “strong operational delivery” during an earnings call with analysts.
In a statement signed by Chief Corporate Communications Officer Andy Odeh, NNPCL also unveiled a strategic roadmap outlining its long-term plan to boost oil and gas production and drive Nigeria’s energy transition. The roadmap includes a proposed $60 billion investment pipeline across the energy value chain through 2030.
