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Business & Finance

Recession: Nigeria Must Consider Oil Asset Sales – Saraki

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President Muhamamdu Buhari-led Federal Government has concluded arrangements to sell the nation’s critical assets in order to raise $15 billion to rescue the country out of economic recession, New Telegraph gathered.

The Senate President, Dr. Bukola Saraki, yesterday, backed the business magnate, Aliko Dangote for the sale of government properties and other sources to shore up reserves in order to revive the economy.

Minister of Budget and National Planning, Senator Udoma Udo Udoma, disclosed this at a cabinet retreat hosted at the presidential villa, Abuja.

Photo source: Vanguard
Some of the assets being considered for sale according to New Telegraph investigation are

– Government shares in Joint Venture Companies (JVCs)

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– Shares in Nigeria Liquefied Natural Gas (NLNG)

Others include

– four refineries in Kaduna, Wari, and Port Harcourt

– Some aircraft in the presidential fleet.

Udoma in a document entitled “Turning a Crisis into an Opportunity: the Economy and the 2017 Budget,” explained that the sale of government assets, Advance Payment for License renewals, infrastructure concessioning and use of recovered funds from corrupt officials were part of strategies put in place by government to bridge the huge funding gap.

Recall that the Business magnate, Aliko Dangote, the Central Bank Governor, Godwin Emefiele and Senate president, Bukola Saraki had at different advised the sale of nation’s assets to revive the ailing economy.

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