FG should sell off oil and gas sector – El-Rufai

Kaduna State Governor, Nasir el-Rufai says the Federal Government should hands off the oil and gas sector and sell it.

El-Rufai who was speaking at KADINVEST, an economic summit in Kaduna, on Thursday, said since the sector has failed to bring any money to the coffers of the government since the beginning of the year, there was no point holding on to it.

According to him, the sector is better managed being in private hands.

“Any sector that the federal government tries to get into gets messed up. Any area that the government can get out of… it should,” he said

“When I say the government should get out of oil and gas, people shouldn’t think it’s crazy, it’s not. There is no reason the government of Nigeria should be in the oil and gas sector. It has failed by every measure, they should just get out.

“This year NNPC hasn’t brought N20, 000 to the federation account. We are living on taxes. It is PPT, royalties and income tax that is keeping this country going.

“Because NNPC claims that subsidy has taken all the oil revenues, I don’t believe that. So, the government should sell everything —the oil and gas sector. I have been making this point since 1999 when I was head of the Bureau of Public Enterprises (BPE). I have not changed my mind.

“The government should get out of whatever is left of electricity. Leave it to the private sector. Maintain the environment. The money will come.

“Nothing has changed for NNPC other than adding L to it for the limited. They are still taking our money. They are still declaring profits that we don’t see the dividends.

“NNPC is a big problem to Nigeria and unless we resolve it, it will bring Nigeria to its knees. It’s a systemic and institutional problem, it’s beyond one person.”