FG to sell 6 of its famous assets to tackle recession [LIST]

A report by News Telegraph suggests the federal government of Nigeria has concluded plans to sell the nation's critical assets in order to raise $15 billion to rescue the country out of economic recession.

The report quoted the minister of budget and national planning, Senator Udoma Udo Udoma, confirming the plan at a cabinet retreat hosted at the presidential villa, Abuja.

The federal government has been under pressure for a while to sell of some its assets to raise money to tackle Nigeria's financial crisis.

Three days ago, Africa's richest man, Alhaji Aliko Dangote, joined the calls as he advised the government to embark on a wave of asset selling to boost Nigeria's recession-hit economy.

This past weekend, Central Bank of Nigeria (CBN) governor, Godwin Emefiele, joined in the calls.

His words: “In the short run, we can sell assets. Before the government came on board, I had opined that there was need for the government to scale down or sell off some of its investments in oil and gas, particularly in the NNPC and NLNG as at that time when the price of oil was around $50-$55 per barrel.

“We actually commissioned some consultants that conducted the study and, at the end of that study, we were told that if we sold 10% to 15% of our holding in the oil and gas sector, we could realise up to $40 billion.”

Yesterday, September 20, Senate president Bukola Saraki, at the resumption of the red chamber's plenary, urged President Muhammadu Buhari to sell some important national assets as part of efforts to boost the country’s dwindling foreign reserves.

His words: “The executive must raise capital from asset sales and other sources to shore up foreign reserves. This will calm investors, discourage currency speculation and stabilise the economy.

“The measures should include part sale of NLNG Holdings; reduction of government’s share in upstream oil joint venture operations; sale of government stake in financial institutions e.g. Africa Finance Corporation; and the privatization and concession of major/regional airports and refineries.”

Legit.ng lists 6 key assets that are being considered for sale.

Read below:

1. Government shares in Joint Venture Companies (JVCs)

2. Government shares in Nigeria Liquefied Natural Gas (NLNG)

3. Some aircraft in the presidential fleet

4. Kaduna refinery

5. Warri refinery

6. Port Harcourt refinery

Source: Legit.ng