Recession: FG To Sell 5trillion Asset


The Federal Government is expected to sell $16.4 bn (N 5 trillion at N305 to the dollar ) asset n the next four years to reduce the burden on the public budget.

This was disclosed in a document prepared by the Ministry of Budget and National Planning and obtained by Bloomberg, which outlines the country’s plans for economic recovery from 2017 to 2020.

According to the document, sales will help to tackle inefficiencies and stem “corruption in public enterprises.”

While the document did not state the assets to be sold, the presidency is expected to introduce the proposal on an unspecified date this month.

The unending economic recession has however forced the government to consider the sale of some critical national assets to raise money to finance critical infrastructure in order to reflate the economy.

The sale of national assets was said to be one of the recommendations of the Minister of Budget and National Planning, Senator Udo Udoma, during the NEC meeting.

The same sentiment was echoed by the Emir of Kano, Alhaji Muhammadu Sanusi; and Africa’ s richest person and President of the Dangote Group, Aliko Dangote.

This is, therefore, being opposed by the o organized labour, comprising the Nigeria Labour Congress, Trade Union Congress of Nigeria and the Nigeria Union of Petroleum and Natural Gas Workers, warning the Federal Government to reject the recommendations to sell the country’s assets.

The groups described the advice given by the Senate President, Sanusi and Dangote as selfish and not in the national interest, vowing to resist any further sale or concession of national assets under the guise of fighting economic recession.