In a critical assessment of the Nigerian National Petroleum Company (NNPC) Limited’s strategy, Atiku Abubakar, the 2023 presidential candidate of the Peoples Democratic Party (PDP), asserted that the decision to rehabilitate refineries before privatization was a misstep that could have been avoided.
Atiku conveyed his perspective through a post on his X handle on Tuesday, expressing concern over the NNPC’s failure to prioritize privatization as a precursor to rehabilitation.
He contended that this approach would have been more fiscally responsible, preventing the country from incurring unnecessary debt.
The former Vice President’s remarks align with recent reports suggesting that the NNPC has finalized plans to transfer government refineries to private operators.
Atiku, however, faulted this move, insisting that the NNPC owes Nigerians a detailed explanation of the benefits arising from its new approach to privatization.
Atiku, renowned for his advocacy for extensive reforms in Nigeria’s oil sector and broader economic landscape, reiterated his longstanding call for breaking the government’s monopoly in infrastructure sectors, including refineries.
He emphasized the need to involve both foreign and domestic investors in funding and management, principles outlined in “The Atiku Plan (2018)” and “My Covenant With Nigerians (2022).”
Expressing frustration with what he perceives as a lack of responsiveness from the Buhari administration, Atiku highlighted the prolonged period during which the refineries remained inactive, coupled with the payment of substantial staff salaries.
He criticized the government’s decision to secure a $1.5 billion loan for rehabilitation, only to consider transferring the refurbished refinery to private entities for operation and maintenance.
Atiku argued that, irrespective of the NNPC-private operators agreement, selling the refinery before rehabilitation would have been a more prudent move to prevent the burden of accumulating debt.
He urged the NNPC to provide a comprehensive explanation of the benefits that its novel approach to privatization aims to bring to Nigeria and its citizens.
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