The governor of Kaduna State, Nasir el Rufai, has said Nigeria must do away with its “corrupt” oil company, the Nigerian National Petroleum Corporation, NNPC, or stand the risk of itself being destroyed.

“If you don’t kill the NNPC, it will kill Nigeria,” Mr. el-Rufai said Monday at the 7th Wole Soyinka Centre Media Lecture Series in Abuja, where he was a guest speaker.

Mr. El-Rufai said the NNPC has become so entrenched in corruption that the only way out for Nigeria is not to attempt to salvage the corporation, but to destroy it and create a new oil company.He said he hoped President Muhammadu Buhari will implement that proposal.

The governor said as a former director general of the Bureau of Public Enterprises, he was confident a messy organisation could be disbanded and turned into a useful one.

He said NNPC has become so corrupt and arrogant that it runs a parallel government and unilaterally decides what it remits to a nation of 170 million people, while its hundreds of employees feed fat on Nigeria’s resources.

In the last three years, Mr. el-Rufai said the NNPC retained 42 per cent of Nigeria’s money, and remitted only 58 per cent.“About N971bn was budgeted for subsidy payments in 2014 alone (more than twice that was eventually paid). You all recall how trillions of naira were paid out as oil subsidy in 2011, when only N254bn was appropriated. No one has been successfully prosecuted for this scam. Huge deficits in gas supply have ensured that the country’s thermal plants cannot produce power at optimal levels,” he said.

“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 N2.77tn of ‘domestic’ crude oil but paid only N1.66tn to the Federation Account. In 2013, it earned N2.66tn but paid N1.56tn to FAAC; in 2014, (it earned) N2.64tn, but remitted N1.44tn; while between January and May 2015, it earned N733.36bn and remitted only N473.2bn.

“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!”

He said the examples he gave were only with respect to domestic crude oil sale. “Similar leakages exist in the NPDC, NAPIMS procurement and subsidiary budgets,” he said.

“The NNPC feels entitled to consume more resources than the 36 states, the FCT & Federal Government combined. How could a country so dependent on oil revenues have been so lax about the proper gover-
nance, efficiency and security of its oil industry?” he lamented.

He identified the need to remove the undue premium on public ownership and control of every major oil asset, while checking the impact of corruption and distortion of oil subsidy on the country’s economy, and restructuring of the NNPC in the national interest.


To realise the potentials of the oil industry, he said the government must not only define exactly what the country wants the oil industry to be and to achieve, but also the structure that would 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,” he said. “We should replace the NNPC with brand new organizations that are fit for purpose – a commercialized and corporatized national oil company and new industry regulators.

He said the new national oil company should be capitalized once and for all, and then freed to fend for itself like other national oil companies, by seeking its financing independently from the financial markets and paying due taxes and royalties.

“An efficient and productive oil sector, able to create jobs, spur industrialisation 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 & unconstitutionally spends an unhealthy proportion of national oil earnings on itself,” he said.

“We should replace the NNPC with brand new organisations that are fit for purpose, among others, a commercialised & corporatised national oil company, and new industry regulators.This new national oil company should be capitalised 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.

He said no one qualified more to appreciate the rot in the NNPC, and to deal with the menace, than President Buhari who was the pioneer head of the NNPC in 1977.“No one can appreciate the gap between the vision of the NNPC’s founding fathers, the beautiful baby of 1977 and the 38 year-old monster it has become better than President Buhari.

The NNPC of today must make Chief Sunday Awoniyi of blessed memory squirm in his grave. Something fundamentally decisive must be done to tame this monster,” Mr. el-Rufai said.

Mr. el-Rufai lamented the irony of about 70 million, or 40% of Nigeria’s total population, currently living below the poverty line, despite the country’s earning of at least $1trillion from oil in the last 50 years.

“For our vast masses, oil is no fortune,” Mr. El Rufai said. “It is more of a mirage, but a more insidious kind, because the fortune is visible in the lifestyles of a few thousands of the privileged elite, but is stubbornly inaccessible to tens of millions of ordinary people.

“Our rich enjoy the lifestyles of the richest in the world, while our poor are truly the wretched of the earth. This inequality is most unfortunate.”

To avoid sinking deeper into poverty, Mr. El-Rufai said the country must resolve to spend wiser, and do more with less by changing its big appetite to consume rather than save; import, rather than produce domestically, or neglect to prioritize capital investments.

The major responsibility of a democratic government, he said, was to ensure that people were moved away from pain of extreme poverty, by managing the country’s resources in a way that would sustain building the people, through diligent revenue collection and cost-effective and resulted –oriented application.

https://www.premiumtimesng.com/news/headlines/186622-nigeria-must-kill-nnpc-el-rufai.html

This is a counter thread to the below earlier thread;
https://www.nairaland.com/5036501/economic-dangers-selling-nnpc#75941949

cc: Lalasticlala, Mynd44.Pls let Nigerians be educated.

Modath, what sayet thou?

So elrufai ati APC af joined bad gang?

So, since 2015 APC had been trying to sell our national asset and share the money amongst themselves, shey?

Oh I get it. The unremitted NNPC back door money which Bubu and his APC gang of national robbers are stealing and sharing on monthly basis is far bigger than what they will get if they privatised the NNPC. Gosh. No wonder Thief.nubu was bragging about too much money and sourceless wealth to be shared during and after the election.

No wonder even aeroplane no fit carry the APC stolen money. Jeez!!!

Sense wee not kee una there o!

He said no one qualified more to appreciate the rot in the NNPC, and to deal with the menace, than President Buhari who was the pioneer head of the NNPC in 1977.“No one can appreciate the gap between the vision of the NNPC’s founding fathers, the baby of 1977 and the 38 year-old monster it has become better than President Buhari.

Atiku was right, the NNPC needs to be privatized having become a haven of putrid corruption by successive govts in the annals of this nation.

The APC being the hypocrites that they are simply latched on to the Atiku's statement to unbundle this epitome of institutional corruption to score a political point.

Here is the same El-Rufai that have long opposed the concept of restructuring also masquerading as an apostle of NNPC privatization.

Meanwhile;
https://punchng.com/buhari-baru-have-made-nnpc-worse/amp/

Space for sale

Useless midget

pchukwudi:


Mo, what sayet thou?

The "LOVE" you have for me you can't help it.

Saturday from 6pm, I'd be here to console you, worry not.

Just watch, the mods will never push it to front page.
Biased people

modath:



The "LOVE" you have for me you can't help it.

Saturday from 6pm, I'd be here to console you, worry not.

I'm sure that if he is asked today what he thinks about Atiku's Idea of selling NNPC he will say it's the worst thing that can be done to Nigeria and must be resisted. When Goodluck tried to remove subsidy they protested, but Bihari increased fuel price while also paying much more for subsidy and they claim it's best for Nigeria. Bunch of hypocrites.

Elrufai is brilliant...if only he wasn't a religious bigot

And why wait for Atiku to insist on it before saying so too?

NNPC has to go

The fact that a clueless buhari appointed himself minister of petroleum shows that everything is wrong with the nnpc. Zombies are just hypocrites.

Hell Rufai is Atikulating gradually. He may decamp fully before nightfall

He has atikulated. Fear Fulani,

Apc is as useless as p in psychology.

The word “hypocrisy” should be removed from the English dictionary, and should be replaced with “El Rufai”


Short devil.

Igbos have seen Saturday election as Igbo vs Yoruba.

But they don't want the Yorubas to see it that way.

Funny people.

If you think I'm lying just go out and see two Igbo men talking about Saturday election.


Buhari/Osinbajo all the way.

Atiku is and will forever remains a wise man.Any wonder the relationship between Buhari as Minister of Petroleum & Mikanti Baru is a highly secretive issue when compared to that of Ibe Ukachukwu?

NNPC telling Nigerians that FOI act does not applies to it? I mean, WTF!

Asshurbanipal:

Bros please create a thread for this. E go hot for FP

We're there now sir.Pls come & contribute to the discussion.Thanks a lot dear.

Karma is a bitch

EARN BITCOIN BY PROMOTING AIRDROP. See below

Atiku was right on selling of NNPC to private sector after all

El Rufai just confirmed it's in a serious mess .

Buhari really killed everything in this country .

No wonder Atiku is salivating over nnpc. He knew the corrupt folks in nnpc would so much love to fully take over and that's why he is onboard with the idea of selling it to them like he did with our airways. Ole.

Despite Buhari administration earning 60% less yet he's come up with plenty projects such as

Our railways at itakpewarri, Lagos-ibadan, Lagos-Abeokuta, kaduna-abuja etc,

The production of low cost fertilizers,

Zik maoseleum

Baro inland port,

Kaduna inland dry port,

Port Harcourt/Abuja airline terminal,

Rice mills,

Foreign reserve increase from $26b to $43b,

Construction of our express highways such as enuguonitsha, Lagos-ibadan etc.
Social policy schemes such as tradermoni, npower etc

Payment of all pensions of airline staffs that were forced to retire after the shambolic privatisation by Atiku. PDP didn't pay them in the last 16 years.

And most especially, stabilizing us through this recession which happened because jonathan failed to save despite earning 60% more than Buhari coupled with the fall in the price of crude oil from $110 per barrel in 5 years under Jonathan to a paltry $50 per barrel under Buhari administration yet Buhari was able to keep us afloat while surprising Iweala and Soludo who all predicted recession in the coming years regardless who wins between Jonathan and Buhari in 2015.

PDP, Neva again.

This two faced midget

El rufai Don atikulateiooooooo

Everybody knows selling the NNPC is best but because Atiku is the biggest proponent, they would rather die of poverty than progress if it will come from Atiku! Very difficult to understand zombies!