Thelma Osatohanmwen
In the midst of the ongoing controversy surrounding the privatization of Nigeria’s refineries, former Vice President, Atiku Abubakar is demanding a detailed explanation from the Nigerian National Petroleum Corporation (NNPC) on the perceived benefits of this new approach.
Abubakar, a long-time advocate for far-reaching reforms in Nigeria’s oil sector, has consistently urged the Buhari-led administration to break its monopoly in various infrastructure sectors, emphasizing the involvement of both foreign and domestic investors in funding and management.
Despite outlining his position in The Atiku Plan (2018) and My Covenant With Nigerians (2022), these suggestions seemed to have fallen on deaf ears within the government.
The contentious issue of privatizing refineries took a new turn when the current administration opted for the rehabilitation of the facilities rather than outright privatization.
This decision was coupled with a substantial loan of US$1.5 billion for the rehabilitation, raising concerns about the financial burden it poses.
Now, with plans to hand over the rehabilitated refineries to private entities for operation and maintenance, Atiku Abubakar is questioning the perceived benefits of this unconventional approach.
His call for an explanation is not without merit, especially considering the potential financial implications and the alternative option of selling the refinery before rehabilitation.
The NNPC, referred to as @nnpclimited in Abubakar’s statement, is under scrutiny to clarify how this new approach to privatization will benefit Nigeria and its citizens.