In a revealing disclosure, the audited financial statement of the Nigerian National Petroleum Corporation Limited (NNPCL) spanning 16 months has laid bare staggering figures allocated for staff salaries and security expenses. According to the report, an approximate sum of N266 billion was earmarked for the payment of staff salaries, while a substantial N268 billion was allocated for security purposes.

Of particular note is the staggering scale of the corporation’s security expenditure. The annual outlay for security alone is reported to surpass the combined market value of all pharmaceutical companies listed on the Nigerian Exchange Group (NGX), formerly known as the Nigerian Stock Exchange. With an excess of at least N80 billion after covering security expenses, the NNPCL’s security budget dwarfs the entire pharmaceutical industry’s investments, raising questions about allocation priorities and financial oversight within the corporation.

The revelation underscores the immense financial resources directed towards safeguarding the operations of the state-owned entity, sparking debates on the adequacy of measures in place and the potential reallocation of funds to other critical sectors. As stakeholders scrutinize the implications of these financial revelations, calls for transparency and accountability within the NNPCL are amplified.

Credit: Imran Muhammad/X