Economy: Sanusi Lamido Calls For Scrapping Of NNPC

Former Central Bank of Nigeria (CBN) Governor, Alhaji Muhammad Sanusi II, has called for the scrapping of Nigerian National Petroleum Company Limited (NNPCL), formerly Nigeria National Petroleum Corporation (NNPC).

 

Newsonline reports that the former Emir of Kano said the Nigeria oil industry, NNPC, has become a money pit instead of a cash cow.

 

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Muhammad Sanusi II,  one of the guest speakers at the 7th Kaduna Investment Summit held at the Murtala Muhammed Square on Saturday, stated that the Nigeria oil company should have been much better than it is, but unfortunately, it has become a money pit instead of a cash cow.

 

Sanusi, the 14th Emir of Kano, added that the four refineries which are more or less in comatose and apparently not satisfying the yearnings of the Nigerians should be unbundled and disbanded.

 

He further advised states of the need to find ways to free themselves from the effects of leakages and unorthodox policies at the Federal level.

 

According to the former Central bank of Nigeria governor, instead of pushing for a revised revenue-sharing formula, they need to push for new and independent powers of taxation.