Thread by @sheiduhabib_

@NNPCgroup is the only company that I know that reward failure greatly!

They released an audit financial statements for 2018, noting that its refineries recorded losses of N154 billion and still spend N 23 billion yearly on wages and benefits!😪

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#NNPCAuditReport

The under-remittances, underpayments, inefficiencies, theft or absence of clear fiscal regime in @NNPC if not curbed will finish this country. WE NEED TO COMMERCIALISE NNPC NOW OR DIE SOON!
@NigeriaGov @nassnigeria @femigbaja @DrAhmadLawan
#NNPCAuditReport

Crude oil is Nigeria’s most important non-renewable energy source, accounting for around 90% of export earnings, yet for decades, the industry has been troubled by bad leadership, corruption and environmental degradation.
#NNPCAuditReport

To give an idea of the NNPC’s lack of transparency, they only published the group’s audited financial statements for the first time in its 43 years of operation in 2020. 
😪😪😪😪😪
#NNPCAuditReport

NNPC released its audited financial statements for 2018, noting that its refineries recorded losses of N154 billion!! Just Imagine how much we've been losing since!!!
#NNPCAuditReport

The government-run NNPC has proved to be inefficient and riddled with corruption. A commercialized NNPC with more committed employees would mean better accountability and transparency in its operations.
#NNPCAuditReport

The possible introduction of more shareholders would strengthen the amount of funding available to the NNPC and further shift the burden of being the sole-financier away from the government.
#NNPCAuditReport

Th biggest among the NNPC’s problems is corruption. A number of investigative reports have explained how subsidy payments, domestic crude allocation, revenue retention practices, and oil-for-product swap agreements are smeared with corruption. #NNPCAuditReport

The National Assembly has initiated countless probes and new management seeking transparency has been introduced by the President, however, it just seems like the rot has eaten too deep into the system.
#NNPCAuditReport

The constant performance of the corporation with several corruption allegations, inefficiency, and unclarity is indeed worrisome. It is time to have the NNPC turn over a new leaf and operate on a commercial basis. #NNPCAuditReport

This would afford the government the ability to deploy funds into other segments of the economy and have the NNPC focus on being a commercially viable entity.
#NNPCAuditReport

The delay of the PIB is very disturbing as it has the potential for curbing Nigeria’s hedonistic oil industry, to become more inclusive and accountable. #NNPCAuditReport

Continuing to delay the passage of the PIB not only robs the country of this important opportunity, it would ensure that the bleeding continues.
@DrAhmadLawan @femigbaja @nassnigeria #NNPCAuditReport