Atiku Abubakar. Photo: AFP

The Presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, has promised to sell the Nigerian National Petroleum Corporation (NNPC) and retain just 10 percent of the company for the Federal Government.

In an interview with The African Report, the former Vice President said the NNPC was supposed to have become more profitable by now.

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“The government should have a very minor shareholding. Nigeria is in dire need of funds to develop its infrastructure and other sectors of the economy.”

Atiku said Nigeria ought to have been producing far more than two million barrels of oil per day.

“Without a stable regulatory framework, the oil and gas companies will find it difficult to invest more in Nigeria.

“At the time, we pushed for the passage of the new law. We expected that Nigeria would be able to export up to four million barrels per day but here we are still at less than two million barrels per day,” he said.