Business
Group Wants Restructuring Of NNPC
The Centre for Public Private Cooperation (CPPC), an NGO, on Sunday called for the restructuring of the Nigerian National Petroleum Corporation (NNPC).
In an interview with newsmen, Dr Abiodun Folawewo, Coordinator of CPPC, said the whole process and NNPC should be restructured with roles clearly stated in the fuel subsidy regime.
He said that government required goodwill to restructure the corporation and the management of the subsidy regime.
“The only way forward is for government to have the will to do what is right.
“Let us restructure the NNPC, the whole process is in a way that there will be a definite role for those involved in the management of subsidy’’.
According to him, government has over the years failed in its responsibility to deliver the necessary process that can lead to sustainable development.
He said that the bulk of oil revenue meant for development of the country was went into private pockets instead of government coffers.
Folawewo said that the Nigerian Extractive Industries Transparency Initiatives ( NEITI) audit reports of 1999 to 2004, 2005 and 2006 to 2008 had clearly shown that the oil and gas sector was corrupt.
He lamented that government agencies in charge of the subsidy regime had no actual records of transactions.
“You can see from the subsidy probe that not even the agencies of government have accurate records of oil sales.’’