The presidential candidate of the Young Progressives Party (YPP), Prof. Kingsley Moghalu, has disclosed that he’ll privatise the Nigerian National Petroleum Corporation (NNPC) to make it a ‘real successful corporation’.
The former Deputy Governor of the Central Bank of Nigeria (CBN), told Pulse during an interview on Monday, November 19, 2018, that the state corporation is currently a ‘cesspit of corruption’ used to line the pockets of politicians in Nigeria.
While faulting President Muhammadu Buhari’s handling of the oil sector, Moghalu vowed to sell all of Nigeria’s ‘decrepit’ refineries while also allowing market forces to determine the price of fuel.
He said, “Market forces will determine the price of petrol. I will abolish the petroleum subsidy and deregulate downstream petroleum.
“Buhari increased the price of petroleum by a whopping 70% after claiming that he would reduce the price. If he had allowed market forces, the price of petrol would have found its natural level.
“It could be N100 or it could be N80 because many people would be involved in fuel importation and distribution, so the competitive factor would come in.
“By the way, the first thing I’m going to do is to sell all these decrepit refineries that Buhari’s government has been promising to repair since 2015.
“I’ll privatise NNPC. NNPC is a joke. It’s a cesspit of corruption. There is nothing that the NNPC is doing for Nigeria. It’s the imprest account of every politician in Nigeria. They just share the money there. There’s nothing that’s going on there and the reason is because the management of it is opaque – there’s no transparency.
“There must be at least a partial privatisation of the NNPC with the private sector owning not less 51%. That is what will make it a real successful corporation.”
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