Atiku Calls for NNPC Transparency on Refinery Privatization Amid Debt Concerns

Atiku Abubakar, the former Vice President, has emphasized the need for the National Petroleum Company (NNPC) Limited to clarify the benefits of its newly adopted approach to privatizing oil refineries in Nigeria

He pointed out that NNPC Limited should have privatized the refineries before undergoing rehabilitation to prevent incurring debt.

The 2023 presidential candidate of the Peoples Democratic Party (PDP) responded to reports indicating that the NNPC had finalized arrangements to transfer the government refinery to private operators.

He had consistently advocated for the sale of the refineries.

In a recent post on X (formerly Twitter), Atiku criticized NNPC’s approach, stating that the company must satisfactorily explain to Nigerians the benefits of its newly discovered approach to privatization

He wrote, “I have always advocated for far-reaching reforms to reposition Nigeria’s oil sector and, indeed, other sectors of our economy.
“In particular, I had consistently called on the Buhari administration to break its monopoly in all infrastructure sectors, including the refineries, and give investors, both foreign and domestic, a larger role in funding and management

“My position has been well laid out in The Atiku Plan (2018) and My Covenant With Nigerians (2022). But our suggestions fell on deaf ears. First, they refused to privatise the refineries. They left them idle for years while paying humongous staff salaries.

“Then, they contracted a loan of US$1.5 billion for rehabilitation.
“Now, the current administration wants to turn the rehabilitated refinery to private concerns for operation and maintenance!

“Without prejudice to the terms of the agreement between the NNPC and the private operators, it would undoubtedly have been better if the NNPC had sold the refinery, pre-rehabilitation, to avoid the burden of debt.

“The NNPC must explain to the satisfaction of Nigerians what benefits its newly discovered approach to privatization will confer on Nigeria and Nigerians,” he said

Kanyi Daily recalls that Atiku Abubakar had extended congratulations to opposition governors on Friday after the Supreme Court upheld their election victories.