Former Vice President Atiku Abubakar has voiced concerns over the Nigerian National Petroleum Company (NNPC) Limited’s decision to hand over government refineries to private operators without prior privatization. Atiku, the 2023 presidential candidate of the Peoples Democratic Party (PDP), emphasized that privatization should have preceded rehabilitation to mitigate potential financial burdens.
Expressing his views on social media, Atiku urged the NNPC to provide comprehensive explanations to the Nigerian public regarding the advantages of its new approach to privatization. In his post, he reiterated his long-standing call for extensive reforms in Nigeria’s oil sector and other economic segments, stressing the need to involve both foreign and domestic investors in funding and management.
Atiku referred to his earlier proposals, outlined in “The Atiku Plan (2018)” and “My Covenant With Nigerians (2022),” which highlighted the necessity of breaking monopolies in infrastructure sectors, including refineries. He criticized the government’s past actions, stating that the refineries were left idle for years, incurring substantial staff salaries, before a loan of US$1.5 billion was secured for rehabilitation.
The former vice president underscored the current administration’s plan to hand over the rehabilitated refinery to private operators for operation and maintenance. Atiku expressed reservations about this approach and suggested that it would have been more prudent for the NNPC to sell the refinery before rehabilitation to avoid accumulating debt.
In calling for transparency, Atiku emphasized the importance of the NNPC clarifying the benefits that the newfound privatization strategy would bring to Nigeria and its citizens. His stance reflects a broader commitment to responsible and well-thought-out measures in the energy sector to ensure the nation’s economic stability and growth.
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Reporting by Joshua Chinonye in Lagos, Nigeria.
