Fidelity bank card banner Camano banner
El-Rufai passes vote of no confidence on NNPC

By News Express on 14/07/2015

Views: 2,683


Governor Nasir El-Rufai of Kaduna State has called for replacement of the Nigerian National Petroleum Corporation (NNPC) with a brand new organisation to ensure transparency and accountability in the oil and gas sector.

El-Rufia made the call as Guest Speaker at the 7th Wole Soyinka Centre Media Lecture series on Monday in Abuja entitled ``Nigeria And The Oil Fortune.’’

He said ``we should replace the NNPC with a brand new organisation fit for commercialised and corporatised national oil company and new industry regulators.

``This new national oil company should be capitalised once and for all, and then freed to fend for itself like other national oil companies do, seeking its financing independently from the financial markets and paying due taxes and royalties.

``The corruption and nonchalance that hobbled the NNPC are symptoms that its best days are over.

``We should give it a deserved funeral so that a new institution, active and nimble, can promptly replace it.’’

According to him, NNPC's subsidiaries and associated companies can be reviewed, restructured and privatised or commercialised as appropriate consistent with national interest and objectives.

He added that government should review the Joint Venture strategy with the governing principle being to shift the financing and operational risks to the markets and operators respectively.

El-Rufaí said government should avoid owing the oil companies, and should proactively review the terms and implementation of the Production Sharing Contracts (PSCs) and concentrate on collecting the royalties and taxes due to it.

``No one is better qualified to do this than the person that formed the NNPC through the merger of the Nigerian National Oil

Corporation and the Ministry of Petroleum in 1977, President  Muhammadu Buhari himself.

``No one can appreciate the gap between the vision of NNPC's founding fathers, the beautiful baby of 1977 and the 38-year-old monster it has become than President Buhari.

``Something fundamentally decisive must be done to tame this monster and we must have the political will to make all oil industry transactions transparent,’’ he said.

The governor said there should be clear rules and processes for licencing, concessioning, procurement and contracting, noting that the existing systems tend to be corrupt.

He said the president had already taken the commendable step of directing that all revenues be remitted either to the Federation Account or the consolidated revenue fund as required by sections 80 and 162 of the Constitution.

He added that the president was clear that oil industry revenues would no longer be treated as some slush fund of the Federal Government. (NAN)

Photo shows: Gov El--Rufai

 

Source News Express

Posted 14/07/2015 05:23:23 AM

 

 

CLASSIFIED ADS

 

You may also like...
Reflections on the National Assembly, By Abdulrazaq Magaji...

New ministers get portfolios: Aliyu Gusau, Defence; Aminu...

Obasanjo still my godfather despite tearing PDP membership...

CBN reiterates need to secure payment systems

Ethnic war rocks Kafanchan (Kaduna), 24-hour curfew declared...

Bayelsa Govt. to penalise defaulting oil firms

Breaking News: At least 153 dead as terrorists...

Nigerian Army redeploys top officers •Full list of...

Ganduje inaugurates 100-man transition and inauguration committee

IMSO calls for sanity on Anambra cyber space...

Boko Haram on rampage in Borno, kills 38...

Why Nigeria cannot afford to devalue the naira:...

 

Latest News Cultists on rampage in Lagos Drama as Atiku’s witness weeps at election tribunal African spymasters storm Abuja, establish database to track terrorist fighters across continent Ruga: Abia Govt. scrutinises land sales above 5 hectares UNIJOS unveils world’s first anti-snake vaccine 7 suspected cultists face robbery, assault charge Don’t obey Northern Elders’ order to quit South, Buhari tells Fulani herdsmen Police restrict protests to only one location in Abuja Why we are giving appointments in batches — Okowa •Swears-in 8 Special Advisers Ekiti expends N3.9bn on pensions Fish out Funke Olakunrin’s killers without delay — Classmates Kidnapping, robbery: Police arrests 53 suspects in Abia

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (508,715 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (431,158 views) Shameless Genevieve Nnaji exposes breasts in public (372,979 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (316,475 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (282,056 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (246,986 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (238,867 views) 10 cars more expensive than Jets (222,638 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (220,915 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (208,456 views) Lagos plane crash: Journalist releases victims’ names (188,148 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (186,784 views)

 

NLNG Job Vacancy

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (96) Business & Economy (4,354) Business Verdict (76) Columnists (1,070) Complaints & Requests (95) Enterprise & Opportunities (211) Entertainment (635) Features (778) Global Business Monitor (395) ICT Monitor (53) International (3,719) Interview (192) Live Commentary (30) Love Matters (163) Maggie's Blog (338) News (48,745) Opinion (1,290) Pidgin (17) Politics (11,164) Religion (1,050) Sports (2,098) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera