Nasir el-Rufai, the governor of Kaduna state, has said that the Nigerian National Petroleum Company (NNPC) Limited hasn’t changed, as it is a big problem to Nigeria and unless it is resolved, it will bring the country to its knees.
The NNPC was transformed from a corporation to a limited liability company in July 2022.
On October 5, the petroleum company said it uncovered an illegal four-kilometer pipeline that had operated undetected in the last nine years.
The oil company has failed to remit any funds to the federation account for the eighth consecutive time.
Speaking at KADINVEST, an economic summit in Kaduna, on Thursday, El-Rufai said the government does not have any business managing the oil sector.
He said NNPC has not brought substantial revenue to the federation account this year, noting that the company isn’t adding any financial value to the country.
“Any sector that the federal government tries to get into gets messed up. Any area that the government can get out of… it should,” he said.
He added that the Federal Government has no business in oil and gas and should privatize the oil and gas sector.
“Because NNPC claims that subsidy has taken all the oil revenues, I don’t believe that. So, the government should sell everything —the oil and gas sector. I have been making this point since 1999 when I was head of the Bureau of Public Enterprises (BPE). I have not changed my mind.
“Nothing has changed for NNPC other than adding L to it for the limited. They are still taking our money. They are still declaring profits that we don’t see the dividends.
“The government should get out of whatever is left of electricity. Leave it to the private sector. Maintain the environment. The money will come.”
Charles Faith
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