Atiku explains his privatisation plan, says ‘under Buhari, NNPC MD awarded $25bn contract’

The People s Democratic Party (PDP) presidential candidate, Atiku Abubakar, on Wednesday assured that his government would create wealth for women and youths through Small and Medium Enterprises (SMEs) and privatization.

Reiterating his plan to privatise the Nigeria National Petroleum Company (NNPC), Atiku lamented that the Managing Director, Maikanti Baru, “unilaterally awarded” a $25bn under President Muhammadu Buhari led All Progressives Congress (APC) government.

Atiku spoke at the Lagos Island Club Quarterly Business Lecture.

In attendance were former President Olusegun Obasanjo, DG of the PDP presidential campaign, Bukola Saraki, national chairman of the PDP, Uche Secondus, among others.

Atiku on the power of SMEs stated: “80% of loans should go to women. We have moved 45,000 families out of poverty in my area. With small loans (N200,000), and we have a 98% recovery rate.”

“We will assist the SMEs to grow bigger and to be more productive. As we all know, small businesses offer the greatest opportunities for achieving inclusive, pro-poor growth, through increased self-employment.”

On privatization, he said: “The NNPC head in 2017, gave a contract of $25bn, without going through due process.

“If the organization is privatized, this will not be the case, since the organization would be profit-oriented and efficient. We will liberalize the economic space and privatize all ailing enterprises.

“In particular, the Atiku Plan will undertake a deregulation of the downstream sector of the economy, review the petroleum industrial bill and privatize all four state refineries that operate at only 10% of their installed capacities.

“We shall channel the proceeds from the privatization into a special fund for the development of education and health for Nigerians.

“Our privatization plan allows for sales of NNPC shares to Nigerians, on the Nigeria stock exchange, so that Nigerians can benefit when the company is resuscitated.”

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