Energy experts have raised serious questions over the Nigerian National Petroleum Company Limited, NNPCL, N11.2 trillion spending on pipeline surveillance and security, as contained in its 2025 audited financial statement.
Recall that last week, NNPCL released its audited 2025 financial statement.
The state-owned oil firm declared that its Profit After Tax (PAT) rose by 33 per cent to N7.2 trillion from N5.4 trillion in 2024. However, its revenue declined by 24 per cent to N34.5 trillion.
Part of the report showed that NNPCL spent N11.2 trillion on “pipeline surveillance and other receivables from federation,” relating to “advance payments to the federation and costs incurred to secure the country’s oil and gas assets.”
Although NNPCL said there was no money spent on “energy security,” which it referred to as expenditure on fuel subsidy, the N11.2 trillion spent on pipeline security has continued to generate controversy.
This comes as the N11.2 trillion expenditure exceeded the N7.2 tr...
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