In response to the NNPC’s appalling performance over the years, the Nigerian Forum for Good Governance has backed the views of the 14th Emir of Kano, Alh. Sanusi Lamido Sanusi, and the Governor of Kaduna State, Nasir El-Rufai.
The National Oil Company has allegedly turned into more of a hindrance than a helper for the expansion of the economy.
Selling NNPC is the best way to reduce the government’s reliance on oil and develop other sectors of the economy, according to the group in a statement titled “NNPC is A Burden that Must Be Scrapped and Sold Entirely,” which was jointly signed by its Coordinator and Secretary, Mukhtar Ahmed Funtua, and Reuben Joseph Kajang.
The group also stated that, as concerned Nigerians focused on promoting good governance at all levels of government and in all areas of the economy, it fully agreed with Sanusi’s assessment that the country’s oil had turned into a “money pit rather than a cash cow” due to the fact that the four refineries, which were essentially dead, were unable to fulfill the purposes for which they were built.
The statement partly read, “We are saddened that besides massive stealing of our crude oil, NNPC has not been able to make profit. It is laughable that as one of the major producers of crude in the world, we have continued to import refined fuel while exporting crude oil.
“It is also shameful that for over 40 years, it was unable to declare a Profit After Tax, until recently when it announced a concocted sum of 674 billion for the 2021 financial year.
“We make bold to say that NNPC under the President Muhammadu Buhari led administration is a leaking basket for its inability to fix any of the four refineries that are apparently the only unproductive organisation, yet maintained full complimentary workforce on its payroll.
“This for us is adjudged foolhardy and detrimental to the economy. Worst still, It is one of the very few public companies that has refused to be accountable to even the government that set it up.
However, while noting that it acknowledges the idea of commercialisation, it discovered that nothing per se has changed in the sector since July 2022. Noting that, “even with commendable efforts of the Group Chief Executive Officer of NNPC Limited, Mal. Mele Kyari to transform the company, it has failed”.
“We reiterate our stand that not only the NNPC that needs to be sold out, but all the refineries should also be sold out to individuals for efficiency and stop the spending billions of naira on paying salaries of redundant staff and maintaining non-functional refineries
“It is overt fraud to complacently settle for importation of refined petroleum product and paying heavy subsidy and these must be discontinued before the next administration.”
“We equally concur with Governor of Kaduna State, Mal Nasir El-Rufai on his submission that Nigerian National Petroleum Company Limited (NNPCL) has become a burden and big problem to Nigeria,” the statement added.
