The presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, will partially privatise the Nigerian National Petroleum Corporation (NNPC) if he is elected president in the 2019 general election.
In his policy document, which has not been formally launched, the former vice-president states that he would sell all four national refineries, and cut corporate income tax to be one of the lowest in Africa.
He also plans to create three million jobs per year and raise Nigeria’s gross domestic product (GDP) by almost 90 percent to US$900 billion by 2025.
The document was put together with a major delivery timeline of 2019 to 2025. The document read:
“The State’s critical policy priority is to build a broad based, dynamic and competitive economy with a GDP of US$900 billion by 2025.
“Working towards achieving the LOWEST corporate income tax rate in Africa; Strengthening the credit guarantee initiatives of Infra-Credit by substantially increasing its capital base; Lower transaction costs: capital gains taxes etc”.
He proposed to raise foreign direct investment (FDI) to 2.5 percent of GDP.
According to the document, he would build 5,000 kilometres of roads, and 5,000 kilometres of modern railway.
The former vice president’s policy focus is centered on four cardinal points: jobs, infrastructure, poverty eradication, and human capital development.
According to the policy document he would seek to “improve spending efficiency of the federal government and drastically reduce the share of recurrent revenue in the budget from 70% to 35% by 2025”.
The document states that he would implement the petroleum industry bill, ensure Nigeria refines over one million barrels of oil per day, and generate 20,000 megawatts of power by 2025.
Another highlight is his commitment to lift 50 million Nigerians out of poverty, by 2025, through the implementation of various policies. He said that:
“Poverty does not simply have one solution; rather it requires the concerted application of many solutions.
“Nigeria has vast natural resources, but our challenge remains harnessing these resources for the greatest good”.