A Review of the Nigerian Energy Industry

If we don’t kill NNPC, NNPC ‘ll kill us — El-Rufai

13 July 2015, Abuja – The Governor of Kaduna State, Mallam Nasir El-Rufai, Monday called for the scrapping of the Nigerian National Petroleum Corporation, NNPC, saying that the corporation has over the years constituted itself as a parallel government.

NNPC-logo-335x270Speaking at this year’s Wole Soyinka Media Lecture series to mark the 81st birthday of Professor Wole Soyinka, in Abuja,  Mal. el-Rufai also advocated the privatisation of the nation’s four refineries‎ and the removal of fuel subsidy by the Buhari administration.

According to El- Rufai, with the ‘death’ of NNPC, it would allow for the coming on board of a brand new Company that would be commercialised and capitalised, adding that the action has become imperative against the back that NNPC has over the years constituted itself as a parallel government, a country on its own, with Nigeria another country different from the Corporation.

He disclosed that the account of the NNPC was last audited in 2005, and also accused‎ the NNPC of remitting only about 58 per cent of the money it earned between 2012 and the first half of 2015 to the federation account.

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

“If we do not kill NNPC, NNPC will kill; Nigeria. Any organization that takes 50 per cent of federation revenue for itself and gives you the change has no right to exist. It is evil, it must die, it is just the manner of the death that we must talk about.


– Vanguard

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