NNPC Has Not Added N20,000 To Federation Account This Year – El-Rufai Says

The Nigerian National Petroleum Company, NNPC, Limited has not remitted even N20,000 to the federal account this year according to the Kaduna State Governor, Nasir El-Rufai.

El-Rufai revealed this on Thursday, stating that the NNPC Limited should be privatised as it has created more problem for Nigeria, and has failed in the oil and gas sector, he told Channels TV. 

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“This year, NNPC has not brought N20,000 to the federation account. We are living on taxes. It is PPTs, royalties, income tax and VAT that is keeping this country going because NNPC claims that subsidy has taken all the oil revenues. I don’t believe it.” 

El-Rufai further stated that, “Nothing has changed, it’s just a change in name with limited at the end. Nothing has changed, they are still taking our money, declaring profit that we don’t see the dividends.” 

He explained that the government’s involvement has done no good, and should allow private investors take charge. El-Rufai also advised that the electricity industry should be completely privatised. 

According to him, everything the Nigerian government manages fail. He cited the telecommunication industry has one sector that developed when the government privatised it. 

“I am giving this example so that when I say government should get out of oil and gas, people should not think it is crazy; it is not. 

“There is no reason why the Nigerian Government should still be in the oil and gas sector through the NNPC. It should just get out, it has failed. By every measure it has failed.” 

“So, the government should sell everything in oil and gas sector…The government should get out of everything that is left of electricity, leave it to the private sector, create the environment, the money will come. We did it in the telecoms sector” El-Rufai said.