Governor Nasir el-Rufai of Kaduna
State, yesterday, called for the scrapping of
the Nigerian National Petroleum
Corporation, NNPC, saying the corporation
has over the years constituted itself as a
parallel government.
Speaking at this year’s Wole Soyinka Media
Lecture series to mark the 81st birthday of
Professor Wole Soyinka, in Abuja, yesterday,
el-Rufai also advocated privatisation of the
nation’s four refineries and the removal of
fuel subsidy by the Buhari administration.
According to el-Rufai, with the ‘death’ of
NNPC, it would allow for the coming on
board of a brand new company that would
be commercialised and capitalized, adding
that the action has become imperative
against the back drop that NNPC has over
the years constituted itself as a parallel
government, a country on its own, with
Nigeria another country different from the
corporation.
He said the account of the NNPC was last
audited in 2005, and accused the NNPC of
remitting only about 58 per cent of the
money it earned between 2012 and the first
half of 2015 to the federation account.
His words: “The long and short of the
situation of our oil industry is best
exemplified by the parallel government
called the NNPC. In 2012, it sold N2.77 trillion
worth of ‘domestic’ crude oil but paid only
N1.66 trillion to the Federation Account.
“In 2013, it earned N2.66 trillion but paid
N1.56 trillion to FAAC; in 2014, N2.64 trillion
but remitted N1.44 trillion, while between
January and May 2015, it earned N733.36
billion and remitted only N473.2 billion.
“That means that the NNPC only remitted
about 58 per cent of the monies earned
between 2012 and the first half of 2015. A
company with the audacity to retain 42 per
cent of a country’s money has become a
veritable parallel republic.
“If we do not kill NNPC, NNPC will kill Nigeria.
Any organization that takes 50 per cent of
federation revenue for itself and gives you
the change has no right to exist. It is evil, it
must die, it is just the manner of the death
that we must talk about.”
A new company
The Kaduna governor said the nation needs
to replace the NNPC with another company
that could raise capital from the capital
market and the international financial
market for its operations.
His words: “What is wrong with NNPC and
why would a new oil company be different?
There are few things wrong with the way
NNPC was structured, and I think President
Buhari, who set up the NNPC along with Mr.
Sunday Awoniyi, should know about this.
“We should replace the NNPC with brand
new organizations that are fit for purpose,
among others, a commercialized and
corporatized national oil company and new
industry regulators. This new national oil
company should be capitalized once and for
all, and then freed to fend for itself like other
national oil companies do, seeking its
financing independently from the financial
markets and paying due taxes and royalties.
“The corruption and nonchallance that have
hobbled the NNPC are symptoms that its
best days are over. We should give it a
deserved funeral so that a new institution,
active and nimble, can promptly replace it.
NNPC’s subsidiaries and associated
companies can be reviewed, restructured
and privatized or commercialized as
appropriate, consistent with national
interest and objectives.
“We need a mix of fresh strategic thinking
and a firm commitment to reform. We need
to define exactly what we want the oil
industry to be and to achieve, and then
define the structure that can best deliver it.
An efficient and productive oil sector, able to
create jobs, spur industrialization and earn
more revenues requires that we tackle the
monster that the NNPC has become.
“This country can no longer afford to
maintain an NNPC that arrogantly, unlawfully
and unconstitutionally spends an unhealthy
proportion of national oil earnings on itself.
“It was a mistake to assume that NNPC
should collect revenues meant for the
federation. We should open an account
where the money should be paid into rather
than having it paid to the NNPC.
“The law that created the NNPC gives it the
opportunity to be opaque in every area of
its operations. Despite all the deductions it
made, the NNPC still collects between $7
billion and $12 billion from the budget in
terms of joint venture cash calls. Other
national oil companies do not collect cash
calls from their countries’ budget.”










source:www.vanguardngr.com/2015/07/if-we-dont-kill-nnpc-nnpcll-kill-us-el-rufai/











cc: lalasticlala

too long jare..


Bottom line


Nnpc will not kill us , okay.

Do they just sit down and manipulate this figures?
like my Oga @the top said, "NNPC will not kill us"


What doesn't kill you makes you stronger

Always talking about oil. Oil, Oil, Oil!!

Nnpc, oil, sharing formula, oil, foreign reserve, oil, bailout fund, oil, oil, oil, oil...

Aren't there other natural resources in this country

These people are just mad. Okonjo iweala and Deziani should go and sit down and rest let them arrest them let's see. Buhari that has been selling oil for 2 months now, where's the money? This Idi0t called El-rufai won't ask him because they're all the same Thieves. Maaaad people.

Life is always about killing someone or something for el-rufai

Buhari's biggest loss till now.. He would have realy wished el rufai was at the center with him. Is it possible for El rufai to step down as governor and come to the center? El rufai, Oshimole, Fashola, Donal Duke, Pat Utomi, Bismarck rewane all in a cabinet ah! Naija for shine die and may be John Momoh.

Either yu kill nnpc or nnpc kill u. All i know is that there must be "a kill".

If Agriculture doesn't survive, Nigeria may not survive.
If we don't kill terorisim, it will kill Nigeria.
If Nigeria doesn't kill Blackout, it will kill Nigeria.

A lot to kill Bro. Rufai

So na NNPC b dis El rufai problem??

Nigeria matter don tire me sef

I think NNPC should be privatised and fg should hv some stake in it just like NLNG.

This oil issue dey even make sane person turn foolish...i'm tired of this oil issue..im just so tired