NNPC hasn’t increased FG’s funds, according to El-Rufai

Nasir El-Rufai, the governor of Kaduna State, has demanded that the Nigerian National Petroleum Company Limited be immediately privatized, claiming that it hasn’t contributed anything to the federation’s finances this year.

El-Rufai stated on Thursday’s episode of “Politics Today” on Channels TV that NNPC Limited has failed in Nigeria’s oil and gas industry and has caused the nation more issues.

He emphasized that despite the company’s claims that government subsidies are preventing it from doing so, it has not been able to transfer any money to the federation’s account.

“NNPC has not contributed N20,000 this year to the federation account. Taxes fund our way of life. NNPC asserts that subsidies have stolen all of the oil revenues, thus PPTs, royalties, income tax, and VAT are what are keeping this government afloat. I don’t think it’s true.
The governor said, “Nothing has changed; it’s just the nomenclature has changed to include the word limited. They continue to take our money while reporting profits even though we haven’t received any payouts.
The government’s involvement, he said, hasn’t helped; instead, we should let private investors take the helm, and the electrical sector should be fully privatized.

He cites the telecommunications industry as an example of a sector that grew after the government privatized it as evidence that everything the Federal Government manages has failed.
“I’m using this example to show people that my suggestion that the government exit the oil and gas business is not absurd.

The Federal Government shouldn’t continue to participate in the oil and gas industry through the NNPC, according to no valid justification. It ought to just leave now that it has failed. It has been a failure on every level.

Therefore, everything in the oil and gas business should be sold by the government. The government should stop regulating what little electricity there is and turn it over to the private sector. If the conditions are right, the money will follow. El-Rufai argued, “We did it in the telecoms sector.