Former CBN Governor, Sanusi urges FG to disband NNPC

Former governor of Central Bank of Nigeria (CBN), Muhammad Sanusi ll has joined other prominent Nigerians calling for the disbandment of the country’s major source of revenue, the Nigerian National Petroleum Company Limited (NNPCL), describing the company as having “become a money pit instead of a cash cow.”

The 14th Emir of the ancient city of Kano made the call on Saturday while delivering lecture at the 7th edition of the Kaduna Investment Summit held at the Murtala Muhammed Square, Kaduna.

It was gathered that the state governor, Nasir El-Rufai had called for the sale of the nation’s refinery a few days ago in view of its poor performance in recent years.

According to the Former emir of Kano, the company should have been better than what it is, “but unfortunately it has become a money pit instead of a cash cow”.

He said the four refineries that are more or less comatose are apparently not satisfying the yearnings of the Nigerians and should be unbundled and disbanded.

Sanusi therefore, 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 (bigger piece of a shrinking pie) they need to push for new and independent powers of taxation.

On the next coming 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.

“Once you start thinking of how you will win your second term, is the beginning of your problem,”
he said.

He commended the successful implementation of the Treasury Single Account (TSA) saying, “an area where Kaduna, in particular, has shown good leadership.

“Research by BudgIT shows that is the only state to have met the World Bank’s State Fiscal Transparency, Accountability and Sustainability scoring criteria for two years in a row. This includes running a function TSA that covers more than 80%,” he stated.

Abdullahi Sanni

Abdullahi Sanni is a senior news reporter at SHO PEN ONLINE. He is a passionate writer with core interest in Politics, sports and economy reports. Abdullahi who studied mass communication at Kwara state polytechnic in Ilorin, is the 1st of six in his family. He's a multimedia journalist who has traveled far and wide in the course of his journalism career.

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