Who can explain NNPC’s N11.2trn security bill?

The Nigerian National Petroleum Company Limited (NNPC) has disclosed in its 2025 audited financial report that it spent N11.2 trillion to protect the country’s oil and gas assets on behalf of the Federal Government. The company declared a profit after tax of N7.2 trillion and revenue of N34.5 trillion. The security expenditure is more than one-and-a-half times its entire declared profit for the year. Questions have been raised about the rationale for such a huge security bill in a country not at war.

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