Ex-President Olusegun Obasanjo on Tuesday backed President Muhammadu Buhari’s economic policy and decisions to sell off part of National assets and shares in Nigerian National Petroleum Corporation (NNPC), Nigerian Liquefied Natural Gas (NLNG) and other national assets, but wanted them to be freely sold to the public.
Obasanjo, who delivered an economy-based address at the ongoing National Council on Finance and Economic Development (NACOFED) in Abeokuta, said that the decision of the Federal Government to sell off underutilised assets and shares was a right step but should not be sold to kiths and kins as well as cabals.
He said, ” Look, NNPC was run as personal things, even the Central Bank was also run that way, they write notes to the Central Bank to release so much.
We cannot have country run that way. We started NNPC about the same
time Norway started Statoil and look at where we are.
time Norway started Statoil and look at where we are.
“I said it this morning, two institutions that were not tampered badly or not tampered at all in the last six years, was NLNG. The second one was Pension
Fund which is going to about N6 trillion which has captured only 7 million people out of over 20 million wage earners, if we can even double that, you imagine what that can be.
Fund which is going to about N6 trillion which has captured only 7 million people out of over 20 million wage earners, if we can even double that, you imagine what that can be.
“I see no reason why 49% of NNPC cannot be privatised, don’t give it out to cabals, friends, relations, kiths and kins, let it go public so that even my driver can buy 10% of NNPC and there should be limit to the share any individual or any cooperate organisation can buy. There is nothing wrong in that. The NNPC will then be run as NLNG was run.
“The NLNG, they are doing wonderfully well and NNPC was doing very well
until we started running it not the way it should be run and if it can be run this way in the past, who says it can be run that same way in future, we must prevent re-occurrence.
until we started running it not the way it should be run and if it can be run this way in the past, who says it can be run that same way in future, we must prevent re-occurrence.
“Many people thought selling was a bad thing, no, you are reorganising
the sector, that is all it is, you’re reorganising the sector.”
Speaking about the efforts to reposition ailing Nigerian economy, which he said he had foreseen since the year 2014, Obasanjo lamented the parlous situation of Nigerian economy, but declared that “Nigeria needs to spend less, earn more and borrow quickly” to rebound the economy as soon as possible.
He said, “I want to specially acknowledge the Minster of Finance, not because she is a distinguished citizen of Ogun state but she is doing a marvellous job in a very, very difficult situation. I know this, because two weeks will not pass when we will have to discuss matters of interest for one thing or the other.
“You can only take solace in the fact that, it is only time that will prove you right. We are too close to what is happening now, for you to be proved right, but time will prove you right, and I pray that time will prove you right”, he added.
Earlier, Kemi Adeosun, who spoke in company of Kayode Fayemi, Minister of Mines and Steels Development and Babatunde Fowler, Chairman, the Federal Inland Revenue Service (FIRS), among others, disclosed that government had released over N700 billion for capital projects so far across the country and intended to concession and toll federal roads re-designated to state governments.
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