The
President, who stated this in an interview with journalists in
Washington DC during a four-day visit to the United States, an extract
of which was made available to Saturday PUNCH, explained that the
decision would form one of the key steps of his reform of the country’s
oil and gas sector.
The
NNPC is considered a cesspool of corruption and fraud signposted by the
non-remission of revenues from oil sale to the Federation Account.
Hence, one of the first reform moves by All Progressives Congress –led
administration is expected to start at the NNPC.
There
had been insinuations that Buhari would unbundle the NNPC into four
companies but the President, in the Washington interview, said rather
than breaking the NNPC into four companies, it would be divided into two
– regulator and investment vehicle.
While
one of the successor companies will be an independent regulator, the
President said the second would operate as an investment vehicle for the
country.
He
said, “I am reforming the oil and gas sector, breaking up the NNPC into
two parts – the first will become an independent regulator for the
sector, while the second will act as an investment vehicle for the
country.”
Buhari
also said there would be a new bid round for oil blocks in the country,
adding that he favours transparent auction process.
“I will
also end political control of the awarding of drilling and exploration
rights by introducing a system of independent, transparent auctioning
for licences,” the President said.
Senate President Bukola Saraki had, recently, described the NNPC as the engine room of corruption.
He
lamented that none of the perpetrators of illegal deals in the
corporation had so far been apprehended and brought to justice.
“You
hardly see where people who are the real engine room – which is the NNPC
– where most of these corruption cases on oil are, being put on trial,”
he said.
Similarly,
Kaduna State Governor, Mallam Nasir el-Rufai, had last week called for
the setting up of another national oil firm as he argued that the
present NNPC would kill Nigeria if it was allowed to continue running.
“If you don’t kill the NNPC, it will kill Nigeria,” el-Rufai said.
Punch News
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