Business 2018 Budget: FG Concludes Plans To Sell Key National Assets [See NAMES]

[ProfRem]

The Federal Government has concluded plans to sell key national assets in a bid to generate sufficient revenue to finance Nigeria’s annual budgets between 2018 and 2020.

Director General, Budget Office, Mr. Ben Akabueze, disclosed this yesterday in Abuja at a public hearing organised by the House of Representatives joint committees on finance, appropriation, loans, debts and aids and legislative budget and research on the 2018-2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

Akabueze gave the names of the key national assets as:

1. National Integrated Power Plant (NIPP) plants,

2. National Parks

3. National Arts Theatre and

4. Tafawa Balewa Square in Lagos are to be deployed as financing items for the 2018 budget.

5. The Niger Delta Power Holding Company (NDPHC) under the NIPP on behalf of the government would be sold.

Some of the NIPP expected to be sold include

i. . Alaoji Power Station in Abia State,

ii. 1074 Mega Watts (MW) capacity plant;

iii. 561MW capacity Calabar Power Station;

iv. the Egbema Power Station,

v. 338MW simple cycle gas turbine plant and Geregu II Power Station in Kogi State with 434 MW capacity.



Others include

vi. 450MW Ihovbor Power Station in Benin City;

vii. Olorunsogo Power Station,

viii336MW plant located at Olorunsogo;

ix. Olorunsogo II Power Station with combined cycle gas turbine of 675 MW capacity;

x. Omoku II Power Station in Omoku with 225 MW capacity.

Also to be sold are Omotosho II Power Station with 450 MW capacity and

Sapele Power Station with 450 MW capacity.

President Muhammadu Buhari had, in his budget presentation to the National Assembly, disclosed that the Federal Government is targeting N306 billion from proceeds of privatisation of some non-oil assets by the Bureau of Public Enterprises (BPE) to finance the budget deficit.

“We plan to finance the deficit partly by new borrowings estimated at N1.699 trillion. Fifty per cent of this borrowing will be sourced externally, whilst the balance will be sourced domestically.

The balance of the deficit of N306 billion is to be financed from proceeds of privatisation of some nonoil assets by the Bureau of Public Enterprises (BPE),” the president told the lawmakers.

 

[Wakanda]

Hmmm, naija and privatisation. where we not funding with with the 'recovered loots. Now its to auction our common wealth to looters to fund same budget, while re-looting the covered loots. This is plus foreign loans for same budget funding and the global price of crude oil has gone beyond the budget benchmark. @RemmyAlex this our budget funding, isnt it over funded(if theres any word like that)

 

[ProfRem]

Hmmm, naija and privatisation. where we not funding with with the 'recovered loots. Now its to auction our common wealth to looters to fund same budget, while re-looting the covered loots. This is plus foreign loans for same budget funding and the global price of crude oil has gone beyond the budget benchmark. @RemmyAlex this our budget funding, isnt it over funded(if theres any word like that)

it is not over funding, The proceed for the Sale will fund 2018 t 202o budget according to the government.