Business
NNPC’s 5,710 staff members received N583.8bn as salaries, allowances in 2023
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
FG Plans to Extend Lagos Rail Line to Murtala Muhammed Airport Terminals
Keyamo noted that Lagos accounts for 67 per mcent of passenger traffic through Nigeria’s airports.
The Minister of Aviation and Aerospace Development, Festus Keyamo, announced at the ongoing Invest in Lagos 3.0 summit, that the federal government has concluded arrangements to extend the existing Lagos rail network to the domestic and international terminals of the Murtala Muhammed Airport (MMA).
The move is aimed at improving connectivity and strengthening Lagos’ position as an aviation hub in Africa.
He said discussions between his ministry and the state government are ongoing.
The extension will link the rail line that currently terminates at Ikeja Bus Stop to the airport.
According to Keyamo, the line will pass through the General Aviation Terminal (GAT), continue to the Murtala Muhammed Airport Terminal Two (MMA2) operated by Bi-Courtney Aviation Services Limited (BASL), and end at the international terminal.
“That rail line is about to start. It is the extension of the rail line. So, Lagos is just ready for the next big step in terms of its aviation activities,” the minister said.
The project is expected to ease access to Nigeria’s busiest airport. It also supports the government’s ambition to position Lagos as a major aviation and logistics hub on the continent.
The proposed link will complement Lagos’ expanding rail network.
Last month, the Lagos State Government said the Blue Line carried about 3.5 million passengers in 2025, with daily ridership rising to 15,000 commuters. Work continues on its extension to Okokomaiko and expansion of services on the Red Line.
Keyamo noted that Lagos accounts for 67 percent of passenger traffic through Nigeria’s airports.
He argued that the state’s location gives it a natural advantage to compete with established aviation hubs.
“Just six hours across the Atlantic, you will get to South America from the Lagos airport. Six hours down, you will get to Southern Africa. Six hours to the Middle East, you will get to Dubai or Qatar. Six hours up, you will get to Europe, either France or London.
That is the equidistant advantage that Lagos provides as a hub for the whole of Africa. We will soon catch up with hubs like Addis Ababa and Lome,” he said.
The minister also highlighted ongoing investments in airport infrastructure under President Bola Tinubu’s administration.
He said about $500 million has been committed to reconstructing and modernising the international terminal at Lagos airport.
The investment will transform the ageing facility into a modern airport capable of handling growing passenger and cargo traffic.
Keyamo added that the federal government has expanded Nigeria’s international airport network. Victor Attah International Airport in Uyo and Maiduguri International Airport have been designated as international airports, bringing the total to seven.
He said the resolution of the long-running dispute between BASL and the federal government shows the administration’s commitment to creating an enabling environment for private sector participation in aviation.
He urged local and foreign investors to explore opportunities in the sector, including the proposed airport project in the Lekki-Epe corridor promoted by the Lagos State Government.If implemented, the airport rail extension will provide direct rail access to the country’s busiest aviation gateway.
It will complement ongoing investments in Lagos’ mass transit system and support broader efforts to improve mobility in Nigeria’s commercial capital.
Business
Exchange Rates Today, Wednesday 10 June, 2026
Black Market Rates
US Dollar (USD) Buy ₦1,390 Sell ₦1,400
Great British Pound (GBP) Buy ₦1,855 Sell: ₦1, 875
EURO (EUR) Buy ₦1,000 Sell ₦1, 100
Official CBN Exchange Rates
US Dollar (USD) ₦1,360.55
Great British Pound (GBP) ₦1,823. 00
EURO (EUR) ₦1,873.61
SWISS FRANC (CHF) ₦1,709. 02
JAPANESE YEN (JPN) ₦8.49
CHINESE YUAN (CNY) ₦200.92
West African CFA (XOF) ₦2.40
West African Unit Account (WAUA) ₦1,856. 66
SAUDI RIYAL (SAR) ₦362. 38
SOUTH AFRICAN RAND (ZAR) ₦82.71
Black Market Rates
US Dollar (USD) Buy ₦1,390 Sell ₦1,400
Great British Pound (GBP) Buy ₦1,855 Sell: ₦1, 875
EURO (EUR) Buy ₦1,000 Sell ₦1, 100
South African Rand (ZAR) Buy ₦75 Sell ₦90
UAE Dirham Buy ₦350 Sell ₦370
Chinese Yuan Buy ₦180 Sell ₦200
Ghana Cedi (GHS) Buy ₦100 Sell ₦115
West African CFA Buy ₦2,450 Sell ₦2,550
Central African CFA Buy ₦2,320 Sell 2400
Australian Dollar Buy ₦800 Sell ₦900
Credit: CBN I Aboki Forex
Business
Invest in Lagos 3.0 Summit Attracts more than 600 delegates
Ohibaba.com reports that the summit, themed “Lagos: The Business Gateway to Africa,” featured presentations from representatives of the Presidency and the governors of Lagos, Imo, Abia, Plateau, Taraba and Nasarawa states.
• Representatives of government and private sector delegates at the summit
Invest in Lagos 3.0 Summit attracted more than 600 delegates—including global institutions, sovereign wealth funds, development finance institutions and trade networks.
Ohibaba.com reports that the summit, themed “Lagos: The Business Gateway to Africa,” featured presentations from representatives of the Presidency and the governors of Lagos, Imo, Abia, Plateau, Taraba and Nasarawa states.
The host governor, Babajide Sanwo-Olu, called for increased private sector investment in rail transport, energy, agriculture, agro-processing and water infrastructure.
He said that addressing transportation challenges would unlock Lagos’ economic potential, reduce travel time, boost productivity and improve returns on investment.
Minister of Finance, Dr. Taiwo Oyedele, assured investors of the Federal Government’s commitment to creating a conducive business environment through ongoing fiscal reforms. He said the new tax law has eliminated multiple taxation, improved compliance and provided relief for small and medium enterprises.
Oyedele added that stamp duty collection has been transferred to state governments and commended states that have adopted harmonised tax systems.
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