A review of the Nigerian National Petroleum Company Limited (NNPC) Group’s audited financial statement for the year ended 2024 has revealed that the company spent N30.3 billion on entertainment expenses—a sharp increase from previous years.

In 2023, NNPC spent N7.4 billion on the same category, while in 2022, the company recorded N7.3 billion. This means that between 2022 and 2023, the oil firm spent a total of N14.7 billion on entertainment, making the 2024 figure more than double prior annual expenditures.

The revelation comes amid intensified scrutiny of NNPC Limited’s financial management. The company’s poor fiscal discipline has previously been cited as a factor in the challenges facing some of its subsidiaries, including refineries that continue to report losses despite spending billions on salaries.

Persistent calls for improved prudence in the management of the company’s finances are expected to intensify following the release of the 2024 financial statement. Observers have raised concerns about the organisation’s spending priorities in the face of broader national demands for more efficient revenue management.

Founded in 1977, NNPC Limited is Nigeria’s leading oil and gas company. The organisation underwent a major transformation in July 2022, becoming a fully commercial and profit-driven entity under the Petroleum Industry Act (PIA) of 2021.

Earlier today, NNPC reported a Profit After Tax of ₦5.4 trillion on revenue of ₦45.1 trillion for the year ended 2024. During an earnings call with analysts, the company described the period as a “year of strong operational delivery.”

A press statement by Andy Odeh, Chief Corporate Communications Officer, also outlined NNPC’s strategic roadmap aimed at driving sustained growth and supporting Nigeria’s energy transition through 2030. The plan includes a $60 billion investment pipeline across the energy value chain, with a focus on increased oil and gas production.