Better To Sell It – Atiku Condemns NNPCL

Better To Sell It – Atiku Condemns NNPCL

Atiku Questions the Benefits of Privatizing the Port Harcourt Refinery

The Nigerian National Petroleum Company Limited (NNPCL) recently invited private companies to apply for the maintenance and operation of the Port Harcourt Refining Company (PHRC). However, Atiku Abubakar, the presidential candidate of the Peoples Democratic Party (PDP) in the 2023 elections, has raised concerns about the benefits of this privatization.

Rehabilitation and Privatization

The Port Harcourt refinery underwent rehabilitation, with a loan of US$1.5 billion being secured for the project. Now, the current administration plans to hand over the rehabilitated refinery to private companies for operation and maintenance.

A Missed Opportunity

Atiku believes that it would have been better if the Nigerian National Petroleum Company Limited (NNPCL) had sold the refinery before the rehabilitation process. By doing so, they could have avoided the burden of debt.

Atiku’s Advocacy for Reforms

In a statement, Atiku expressed his long-standing support for comprehensive reforms in Nigeria’s oil sector and other areas of the economy. He has consistently urged the Buhari administration to break the monopoly in infrastructure sectors, including refineries, and involve both foreign and domestic investors in funding and management.

NNPCL Ends Fuel Import

Atiku’s suggestions, outlined in The Atiku Plan (2018) and My Covenant With Nigerians (2022), were ignored by the government. They chose not to privatize the refineries and instead kept them idle, while still paying high staff salaries.

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