…Says company now ‘money pit’ instead of ‘cash cow’
Former Emir of Kano, Muhammad Sanusi II, has joined the legion of prominent Nigerians calling for the disbandment of Nigerian National Petroleum Company Limited (NNPCL).
The Emir was speaking as the guest speaker during the 7th Kaduna Investment Summit, which was held at the Murtala Mohammed Square yesterday.
Recall, the State governor, Nasir el-Rufai called for the sale of the nations refinery a few days ago in view of its poor performance.
According to Sanusi, who was a former CBN Governor, the company should have been much better than it is, but unfortunately, it has become a money pit instead of a cash cow. He said the four refineries which are more or less in comatose and apparently not satisfying the yearnings of the Nigerians should be unbundled and disbanded.
More generally, Sanusi advised States of the need to find ways to free themselves from the effects of leakages and unorthodox policies at the Federal level.
Instead of pushing for a revised revenue sharing formula (a bigger piece of a shrinking pie), they need to push for new and independent powers of taxation.
Regarding the forthcoming elections in 2023, while wishing the political office seekers the best of luck, he urged them to take unpopular decisions once they get to power.
He commended the successful implementation of the Treasury Single Account (TSA) in the State, saying, an area where Kaduna, in particular, has shown leadership”.
