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A Senior Advocate of Nigeria, Dr. Olisa Agbakoba, has expressed his belief that the Petroleum Industry Act is focused on sharing money and contracts rather than the development of the country.
He has also called on politicians and other stakeholders to identify a successfully commercialised or privatised government entity in Nigeria.
Agbakoba alleged that privatised Nigerian-owned entities primarily benefit a select few individuals rather than the entire Nigerian population.
During an appearance on Arise TV's Morning Show, he emphasised that the PIA was designed for revenue sharing to benefit a small group of individuals.
Agbakoba questioned the effectiveness of the PIA by pointing to the ongoing fuel scarcity and emphasized that commercialisation does not necessarily lead to efficiency.
He cited examples of China and Saudi Arabia, where state capitalism is practiced instead of commercialisation.
He also retracted his previous belief that commercialisation and privatisation are vehicles for development, particularly in the Nigerian context.
He challenged anyone to demonstrate a successful privatised entity since 2000, stating that state enterprises have been privatised for the benefit of private individuals rather than the Nigerian people.
Agbakoba expressed concern about the widespread poverty in the country and questioned how Section 64 of the PIA appropriates federal revenue.
