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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.

Business

Senate Constitutes Abdullahi Yahaya Tax Harmonisation Committee

Altogether, the four Tax Reform bills were Executive Bills transmitted by President Bola Ahmed Tinubu to the two chambers of the National Assembly in November last year.

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The Senate on Thursday constituted a committee saddled with the responsibility of harmonizing its amendments to the tax reform bills with the House of Representatives version for final transmission to President Bola Ahmed Tinubu.

Senate President, Godswill Akpabio, announced this during plenary after the passage of the bills.

Akpabio named senator Abdullahi Yahaya (Kebbi North) as chairman of the committee.

The members of the committee as announced by the Senate President are Senate Minority Leader, Abba Moro (PDP, Benue South), Chief Whip, Tahir Mongumo (APC, Borno North), Enyinnaya Abaribe (Abia South), Abdulaziz Yari (Zamfara), and Solomon Adeola (APC, Ogun West).

Earlier, the remaining two Tax Reform Bills — the Nigeria Tax Bill 2025 and the Joint Revenue Board (Establishment) Bill, 2025.

This was in addition to passage of the Nigeria Revenue Service (Establishment) Bill, 2025, and the Nigerian Tax Administration Bill, 2025.

Altogether, the four Tax Reform bills were Executive Bills transmitted by President Bola Ahmed Tinubu to the two chambers of the National Assembly in November last year.

The passage of the bills was sequel to the consideration and adoption of a report of the Senate Committee on Finance presented by its Chairman, Senator Sani Musa (APC, Niger East).

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Meta’s Exit to Throw 20 million Nigerian MSMEs Out of Business

The Global System for Mobile Communications Association reported that Nigerian MSMEs rely heavily on Facebook and Instagram for sales, customer engagement, and brand visibility.

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A Digital Marketing Consultant at EssenceMediacom, Olayinka Shobola, believes that a shutdown of Facebook and Instagram operations in Nigeria would deal a serious blow to Nigeria’s digital economy, especially millions of micro, small, and medium enterprises (MSMEs).

The Global System for Mobile Communications Association reported that Nigerian MSMEs rely heavily on Facebook and Instagram for sales, customer engagement, and brand visibility.

“Meta Platforms’ threat to halt operations in Nigeria could devastate 56 percent of the nation’s 39.6 players in the information technology space,” Shobola said, stressing that such an exit would erode tax revenues and force businesses to seek costly alternatives, as a $290 million fine dispute with regulators intensifies.

“Businesses that built their brands on Meta’s platforms would face immediate challenges.

The platforms have become essential tools for business survival and growth in Africa’s largest economy, where SMEs contribute nearly 50 per cent to GDP and represent more than 96 per cent of registered businesses.

“Most likely affected businesses will pivot to platforms like X or TikTok for short-term survival, but long-term, they’ll need to invest in standalone e-commerce or offline channels,” Shobola said.

“Jobs will take a hit; marketers, influencers, and agencies will lose contracts overnight.”

Statista forecasts a $148.2m social media ad market in 2025, with Facebook commanding up to $120m, driven by 38 million ad-reachable users.“My shop practically lives on these platforms, especially Instagram,” Lagos-based baker Fatima Tunde said. “If it’s gone, I’m out of business.”

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UAE Invests in $25bn African- Atlantic Gas Pipeline

The gas pipeline will connect Nigeria’s gas network with Morocco’s southern city of Dakhla and then go northward toward Europe.

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Gas pipelines

Morocco’s Minister of Energy Transition and Sustainable Development, Leila Benali, said that the UAE is now one of the supporters of the Nigeria to Morocco gas pipeline project, which is estimated to cost $25 billion.

“The project now called the “African-Atlantic Gas Pipeline”, has won the support of IDB, OPEC Fund, EIB and the UAE,” Benali told Nigerian lawmakers, this week.

Benali also said that Morocco has finished all the feasibility and engineering studies needed for the pipeline.

Moroccan industry experts said that the project has already passed the feasibility study and Front End Engineering Design stages.

The gas pipeline will connect Nigeria’s gas network with Morocco’s southern city of Dakhla and then go northward toward Europe.

The line will pass through 15 African countries, boosting trade, development, and access to electricity in the region.

In Phase One, it will link Morocco to gas fields near Senegal and Mauritania, and connect Ghana to the Ivory Coast.

Phase Two will link Nigeria to Ghana, while Phase Three will connect the Ivory Coast to Senegal.

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