“If you don’t kill the NNPC, it will kill Nigeria,” el-Rufai said.
According
to him, the oil firm is riddled with corruption and until it is
destroyed completely and rebuilt from the scratch, there will be no
headway for Nigeria.
“The long and short of the situation of
our oil industry is best exemplified by the parallel government called
the NNPC. In 2012, it sold N2.77tn of ‘domestic’ crude oil but paid only
N1.66tn to the Federation Account. In 2013, it earned N2.66tn but paid
N1.56tn to FAAC; in 2014, (it earned) N2.64tn, but remitted N1.44tn;
while between January and May 2015, it earned N733.36bn and remitted
only N473.2bn.
“That means that the NNPC only remitted
about 58 per cent of the monies earned between 2012 and the first half
of 2015. A company with the audacity to retain 42 per cent of a
country’s money has become a veritable parallel republic!” (s:punchng)
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