NNPCL spent N19bn as donations to quiz winners, NBA, others in 2023

The Nigerian Petroleum Company Limited and its group said it spent N19billion in 2023 as donations for National Quiz Competition Winners, Host Communities, Nigeria Bar Association and fourteen other organizations.

The company disclosed this in 2023 Financial Statements released on its website recently.

The beneficiaries of the donation include the Nigerian Union of Petroleum and Natural Gas Workers, Petroleum and Natural Gas Senior Staff Association, NNPC Foundation, Intra-Africa Trade Fair, Nigerian Gas Association, Centre for Inland Basin Studies, African Innovation Hub, Kaduna State University.

Breakdown of the donation showed that the Nigerian Society of Engineers got N3 billion, National Quiz Competition Winners(N1 billion), NUPENG and PENGASSAN(44 million), NNPC Foundation (N871 million), Intra-Africa Trade Fair(199 million), host communities(90 million) and others donations.

The N19 billion donation increased significantly from N1.3bn spent in 2022.

The expenditure stems from the comprehensive income of NNPCL and its Group which stood at N19.8 trillion in 2023, an increase from N4.68 trillion recorded in the previous year.

This is as the company recorded a profit of N3.3 trillion in the period under review.