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Government & Politics

Recession: This Is What You Should Do Before Selling Off National Assets – Agbakoba Advises Buhari

Mr.-Olisa-Agbakoba
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Ex-president of the Nigerian Bar Association, NBA, Dr. Olisa Agbakoba, has dished out a piece of advice to President Muhammadu Buhari, not to hurriedly cave in to the call for his administration to sell-off some national assets due to the current economic recession the country is grappling with.

Recall that some eminent Nigerians like Africa’s richest man, Aliko Dangote among others had called on the Federal Government to sell off some national assets like the Nigerian Liquefied Natural Gas company, NLNG, and other dormant but huge capital-generating sectors in the country.

Dangote had advised the Federal Government to reinvest the proceeds into the country’s economy as a means of rescuing the nation out of the current recession.

But Agbakoba, in a statement he personally signed, urged the President to first create an inventory of financial requirements as well as an inventory of needs before selling-off some of the nation’s national assets.

According to Agbakoba, these inventories will provide a guide for the Federal Government before it embarks on selling off some of the assets.

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Agbakoba said, “I have followed with interest the debate on the propriety or otherwise of Federal Governments proposed sale of national assets to deal with the recession. I will not make any comment on the propriety of the proposed sale.

“However, I am of the view that the Federal Government needs to do two things: First, an Inventory of Financial Requirements – How much money do we need? Second, an Inventory of Need- Where do we put the money? Findings from these inventories will provide a guide for government.

“I will also recommend President Obama’s approach to the American Recession. President Buhari should propose to the National Assembly a Reinvestment and Recovery Bill and an Emergency Economic Stabilization Bill to stimulate the economy and bailout the ailing financial system.”


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