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NNPC’s 5,710 staff members received N583.8bn as salaries, allowances in 2023

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Dublin, Ireland — The Nigerian National Petroleum Company Limited, NNPC, has said it paid N583.797 billion to its employees as salaries, wages and other benefits in 2023, rising by 118.71 percent from N266.933 billion in 2022.

Sweetcrudereports, reported that the more than 100 percent hike in the salaries, wages and other benefits of NNPC staff members in a one-year period was in stark contrast to the fate of other government employees in the country who are battling to get the federal and state governments to approve a minimum wage of N70,000 monthly, in the face of rising inflation.

Sweetcrudereports said that in addition, the N583.8 billion NNPC paid to its staffers as salaries, wages and other benefits is higher than the 2024 budgets of Abia State (N567.2 billion), Enugu (N521.6 billion), Bayelsa (N489.4 billion), Kaduna (N458.3 billion), Katsina (N454.3 billion), Oyo (N438.4 billion), Kano (N437.3 billion) and Zamfara (N426.6 billion).

In fact, only seven states in the country— Lagos, Akwa Ibom, Rivers, Delta, Ogun, Niger and Imo states — have budgets above the sum NNPC is paying its staff members as salaries, at N850 billion, N793.5 billion, N725 billion, N703 billion, N614 billion and N592.2 billion, respectively.

Breakdown

Giving a breakdown of its staff emoluments in its audited statement for the 2023 financial year, the NNPC stated that salaries and wages rose by 207.91 percent to N226.873 billion in 2023, from N73.681 billion in 2022; while staff allowances rose sharply by 208.91 percent, from N58.215 billion in 2022 to N179.83 billion in 2023.

In addition, staff welfare expenses doubled, rising by 109.26 per cent to N77.193 billion in 2023, from N36.889 billion in 2022.

It is instructive to note that as at December 2023, the NNPC said it had a total of 5,710 staff members, hence, analysis of various emoluments subheads showed that for each employee, the average staff salaries and wages for the year comes to N39.73 million, which is N3.31 million per month; average staff allowances for the year was N31.5 million, translating to N2.62 million per month.

In addition, average staff welfare expenses for the year stood at N13.52 million for each staff, translating to N1.13 million per month.

Generally, each NNPC staffer receives an average of N7.06 million per month in emoluments.

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CBN: 60 newly recruits staff laments three years of waiting without engagement

The concerned staff appealed to the CBN Governor, President Bola Tinubu, and other stakeholders to look into their plights, as economic hardship has taken a toll on them after about three years of leaving their jobs.

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• CBN Governor, Olayemi Cardoso

A group of newly recruited staff of the Central Bank of Nigeria (CBN) have cried out over delayed posting and onboarding into various positions since August 28, 2023.

The Guardian reported that according to the employees, the Apex Bank issued the offer, which was followed by an acceptance copy and instructions to resign from their previous places of work, where applicable, as part of documentation.

“We all tendered resignation letters to our former employers at that time to enable us to proceed with the CBN process,” one of the affected employees, Emmanuel Linus Dabo, who spoke on behalf of others,, told newsmen on Monday.

According to him, the application process started in April 2023, where their resumé were submitted to the Headquarters of CBN, and after some time, they received emails from the Human Resources Department for interview and aptitude tests.

“We did a medical examination at the bank’s medical clinic, where a code was given to individual applicants before we could access the hospital.

After the interview and medical and aptitude tests, the successful applicants were contacted by the HR manager to come to CBN Headquarters in Abuja to pick up their offer letter. We filled the acceptance letter without delay,” he said.

He further stated that there was a series of e-mails from the Human Resources office requesting that they forward their credentials for the online documentation, including their acknowledged resignation letters from their previous employers…

The concerned staff appealed to the CBN Governor, President Bola Tinubu, and other stakeholders to look into their plights, as economic hardship has taken a toll on them after about three years of leaving their jobs.

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KPMG, NRS settle rifts over new tax laws

In its newsletter on January 9, KPMG said there are “errors, inconsistencies, gaps, omissions, and lacunae” in the new tax laws that require urgent reconsideration to ensure the achievement of their stated objectives.

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KPMG executives and Zaach Adedeji, chairman of the Nigeria Revenue Service (NRS), held a meeting on Monday following the disagreement over the new tax laws.

In its newsletter on January 9, KPMG said there are “errors, inconsistencies, gaps, omissions, and lacunae” in the new tax laws that require urgent reconsideration to ensure the achievement of their stated objectives

However, on January 10, the presidential fiscal policy and tax reforms committee pushed back against KPMG’s critique, noting that KPMG does not understand the laws.

The committee said a significant proportion of the issues described as “errors,” “gaps,” or “omissions” by KPMG are either the firm’s own errors and invalid conclusions, or matters not properly understood by the firm.

In a statement on Monday, the NRS said that Adedeji hosted a courtesy visit from the delegation of the tax advisory firm.

” During the visit, the KPMG team clarified that their earlier opinion on the new tax laws “had been misconstrued and expressed regret over the misunderstanding.

“They sought further clarity on the provisions of the laws and highlighted areas where recommendations could be made.”

The source said that the meeting ended with the delegation commended the NRS chairman for efficiently and promptly implementing the reforms.

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IMF to release January 2026 World Economic Outlook update on Monday

The January WEO Update is expected to provide revised global growth forecasts and insights into inflation trends, monetary policy direction, and key risks facing the global economy in 2026.

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The International Monetary Fund (IMF) will release its January 2026 World Economic Outlook (WEO) Update on Monday, January 19, 2026.

The report will be presented during a press conference hosted at the National Bank of Belgium in Brussels.

The press conference is scheduled for 10:30 a.m. The Brussels time and will be streamed live via the IMF website and Press Centre, allowing journalists to participate both in person and virtually.

The IMF’s economic assessment will be presented by Pierre-Olivier Gourinchas, Economic Counselor and director of the Research Department; Petya Koeva Brooks, deputy director of the Research Department; and Deniz Igan, Division Chief, Research Department.

The January WEO Update is expected to provide revised global growth forecasts and insights into inflation trends, monetary policy direction, and key risks facing the global economy in 2026.

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