NNPCL don release their 2024 financial report, and e show say the company spend heavy money for staff benefits, security, penalties and operations.
According to the breakdown, staff benefits alone chop ₦749.7bn. From this money, salaries and wages take ₦275.7bn, allowances swallow ₦378.1bn, while welfare expenses cost ₦48.4bn. The company also pay ₦43.9bn for post-employment benefits and another ₦3.3bn for other long-term staff benefits.
For security matters, NNPCL spend ₦271.3bn in 2024.
The report also show say the company pay ₦118.3bn for fines and penalties, mainly interests on late payment of royalty to NUPRC and taxes to FIRS.
On revenue side, NNPCL record a massive ₦29.2trn from crude oil sales—over double the ₦14trn wey dem make for 2023. Revenue from petroleum products rise to ₦9.6trn compared to ₦7.1trn in 2023. Natural gas bring ₦1trn, while power sales fetch ₦9.4bn.
Petroleum products money cover PMS, DPK, AGO, Naphtha, lubricants and other related products. EGTL products under the Chevron–NNPCL joint venture also dey inside. Natural gas revenue come from invoice value of gas, while power revenue na from electricity sales to NBET. Services revenue include seismic contracts, gas transmission tariffs, shipping, marine and engineering activities.
The report show say NNPCL produce 202.3 million barrels of crude oil and 1,045.6 billion standard cubic feet of natural gas for the year.
Most of the company revenue come from Nigeria—₦19.5trn. Switzerland follow with ₦2.1trn, and Spain next with ₦1.9trn.
NNPCL’s Financial Controller, Tajudeen Kareem, also talk during a company X Space session say return on equity improve to around 14% year-on-year. He describe the financial year as one of stable earnings and improved cash flow, adding that the company focus on increasing shareholder value.
Kareem highlight factors wey affect performance, including the naira flotation in 2023 which sharply move exchange rate, and about 3% drop in average production, which slightly reduce earnings.
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