2023 Presidential candidate of the PDP, Alhaji Atiku Abubakar
By ABDULAZIZ NA’IBI ABUBAKAR
The Nigerian Senate’s recent revelation of a staggering ₦210 trillion discrepancy in the audited financial statements of the Nigerian National Petroleum Company Limited (NNPCL) from 2017 to 2023 has once again thrust the nation’s oil sector into the spotlight of scrutiny. This alarming figure, uncovered by the Senate Committee on Public Accounts, underscores the deep-rooted inefficiencies and opacity that have plagued the NNPCL for decades. As the nation grapples with this latest scandal, former Vice President Atiku Abubakar’s long-standing advocacy for privatizing the NNPCL emerges as a prophetic solution, vindicating his foresight in addressing corruption in Nigeria’s oil industry.
Atiku has consistently argued that privatizing the NNPCL would dismantle the systemic corruption that thrives under its current state-controlled structure. The Senate’s findings—highlighting discrepancies such as ₦103 trillion in unaccounted receivables and contradictory profit and loss declarations between NNPCL and its subsidiary, NAPIMS validate Atiku’s critique of the corporation’s lack of transparency. By advocating for a mixed-ownership model, similar to Nigeria LNG Limited, where private capital drives efficiency, Atiku envisioned an NNPCL accountable to shareholders and subject to rigorous corporate governance standards.
Privatization, as Atiku proposed, would introduce competitive market dynamics, reducing the NNPCL’s monopoly and curbing opportunities for financial mismanagement. The ₦500 billion unremitted to the Federation Account between October and December 2024, as reported by the World Bank, exemplifies the kind of fiscal leakages Atiku’s reforms aim to plug. A privatized NNPCL, listed on the Nigerian Stock Exchange, would face mandatory audits and public disclosures, ensuring that funds are not siphoned off or hidden in opaque financial reports.
Moreover, Atiku’s solution emphasizes aligning the NNPCL with global best practices, as seen in companies like Saudi Aramco. By attracting foreign and local investment, privatization would foster technological advancements and operational efficiency, reducing waste such as the $2.96 billion squandered on refinery rehabilitation with little to show for it. This would not only boost Nigeria’s oil production but also restore public trust, which has been eroded by recurring scandals.
The Senate’s one-week ultimatum to NNPCL to explain these discrepancies is a temporary measure, but Atiku’s privatization blueprint offers a lasting fix. His critics once dismissed his ideas as radical, yet the ₦210 trillion scandal proves his warnings were prescient. By transferring ownership to private hands while retaining strategic government oversight, Atiku’s model would break the cycle of corruption, ensuring that Nigeria’s oil wealth benefits its citizens rather than a select few.
As the nation demands accountability, Atiku stands vindicated once again. His vision for a privatized NNPCL is not just a policy proposal, it’s a roadmap to liberate Nigeria’s oil sector from the shackles of corruption, paving the way for transparency, efficiency, and prosperity.
