Ekiti governor, Fayemi, canvasses immediate sale of NNPC

Nigeria needs to sell some of its assets, including its oil company, the Nigeria National Petroleum Corporation (NNPC), to enable efficient management and more revenues, Ekiti State Governor Kayode Fayemi canvassed on Tuesday.

Fayemi was speaking at the launch of the World Bank’s Nigeria Development Update (NDU) launched both virtually and physically in Abuja.

The World Bank report recommended that for Nigeria to wriggle out of its numerous challenges, critical reforms are needed to cut down high inflation levels and accelerate economic recovery.

During discussions on the report, Fayemi admitted the failure of governance to check anomalies in the system which have held down the country’s developmental quest, including petroleum subsidies which gulp as much as N100bn monthly and N1.2 trillion annually.