October 13, (THEWILL) – Kaduna State governor, Nasir El-Rufai, has called for full privatisation of the oil and gas sector, urging the Federal Government to give up its control.
The Governor stated this while speaking at the seventh edition of KadInvest, an annual event organised by the Kaduna State Investment Promotion Agency.
He further stated that the Nigerian National Petroleum Company (NNPC) is Nigeria’s biggest problem and should be privatised.
El-Rufai said: “When I say the government should get out of oil and gas, people shouldn’t think it’s crazy, it’s not.
“There is no reason the government of Nigeria should be in the oil and gas sector. It has failed by every measure, they should just get out.
“This year NNPC hasn’t brought N20,000 to the federation account. We are living on taxes. It is PPT, royalties and income tax that is keeping this country going.
“Because NNPC claims that the 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.
“The government should get out of whatever is left of electricity. Leave it to the private sector. Maintain the environment. The money will come.”
The Nigerian National Petroleum Company (NNPC) Limited was transformed from a corporation to a limited liability company in July 2022.
But according to El-Rufai, “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.
“NNPC is a big problem to Nigeria and unless we resolve it, it will bring Nigeria to its knees. It’s a systemic and institutional problem, it’s beyond one person.”
