NAPIMS, NNPC subsidiary, spent N63bn on public relations in one year
National Petroleum Investment Management Services (NAPIMS), the investment arm of the Nigerian National Petroleum Corporation (NNPC), spent N62.87 billion on public relations in 2019.
According to its audited 2019 Annual Report and Financial Statements released in the last quarter of 2020, the amount spent on public relations in 2019, which was an election year in Nigeria, represented an increase of 834 per cent when compared to the N6.73 billion spent on the same activity in 2018.
NAPIMS, the report noted, further spent N49.74 billion on consultancy; N4.03 billion on transportation and travelling cost; N80.79 million and N387.4 million on advertisements and entertainment, respectively in the year under review.
Major big money guzzlers in NAPIMS in 2019, included joint venture insurance and travelling expenses, which gulped N209.82 billion and N13.53 billion; while the NNPC subsidiary spent N134.28 billion on pre-shipment inspection, motor vehicle license, staff union expenses and local community development and corporate overhead expenses.
The report also disclosed that NAPIMS spent N666.47 billion on Premium Motor Spirit (PMS) under recovery, also known as fuel subsidy, and other reimbursable claims, a decline of 25.17 per cent compared to N890.63 billion spent on the same items in 2018.
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