The Plan Atiku Has For NNPC Will Shock You
This is not the first time the Presidential candidate of the Peoples’ Democratic Party (PDP), Atiku Abubakar, is talking about his reforms of Nigeria’s oil and gas sector.
He had always maintained that part of his plans was selling the Nigeria National Petroleum Corporation, NNPC, but it never occurred to anyone he would be selling almost all of it.
But he indeed plans to do remove NNPC from government ownership as he plans to sell 90% of the corporation, retaining only 10% for the government.
Atiku disclosed this plan in an interview with ‘The African Report’, a monthly news magazine publication.
Atiku, who presided over the National Council on Privatisation when he was vice president, said the NNPC was supposed to have become more profitable by now.
On whether he would sell the NNPC and keep 10% shares for the government, he said: “Yes, I would want to go ahead. There is no doubt about that. The government should have a very minor shareholding. Nigeria is in dire need of funds to develop its infrastructure and other sectors of the economy.”
The PDP Presidential candidate said Nigeria ought to have been producing far more than two million barrels of oil per day.
Speaking further on the privatisation of the national oil company, he said, “Without a stable regulatory framework, the oil and gas companies will find it difficult to invest more in Nigeria.
“At the time we pushed for the passage of the new law, we expected that Nigeria would be able to export up to four million barrels per day but here we are still at less than two million barrels per day.”
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