Grapevine

NNPC employee benefits expenses surged 118.7% in 2023

The Nigerian National Petroleum Corporation (NNPC) reported that its short-term employee benefits expenses surged by 118.7 per cent in 2023, reaching N583.8 billion compared to N266.9 billion in 2022.

This significant increase primarily stemmed from the growth in various components of employee benefits, all contained in its recently released 2023 audited financial statements.

Employee benefits expenses accounted for almost 20 per cent of general and administrative expenses, the biggest expense after exchange loss.

According to the statement, the benefits included salaries and wages which jumped to N226.8 billion in 2023 from N73.6 billion the previous year.

NNPC did not provide the reason for the 208.2 per cent increase and no mention was made of the total number of staff or any potential recruitment activities during that period.