FG set to sale national assets

The National Economic Council has endorsed the plan by Buhari’s government to sell part of national assets.

The governors and the vice president endorsed the way plan to steer the nation out of recession vice President Yemi Osinbajo and 36 state governors, have supported plans by the federal government to sell some national assets as part of efforts to address the ongoing economic recession in Nigeria. Laolu Akande, Osinbajo’s aide, revealed this in a statement, saying that the sale of national assets was one of the recommendations of the Minister of Budget and National Planning, Senator Udo Udoma (SAN), during the National Economic Council meeting on September 22.He noted that other recommendations comprised the diversification of the economy and the use of recovered loot.The statement reads: “As part of measures to revive the economy, the President’s Economic Management Team is working on plans to generate immediate larger injection of funds into the economy through assets sale, advance payment of licences renewal, infrastructural concession, use of recovered funds etc. to reduce funding gaps; and implementation of fiscal stimulus/budget priorities.”“The government also wants to fast-track procedures through legislation and implementation of Strategic Implementation Plan of the budget; and engage in the meaningful diversification of the economy and cut down importation.”Adeosun in her presentation during the meeting disclosed that the balance of the Excess Crude Account was $2.453bn as of September 20, 2016.On the budget loan support facility for the states the minister told the council that N50bn had so far been paid out to the state governments.“The delivery target is 400,000 to 500,000 housing units per annum. The ultimate aim of the programme is to channel funds from savers to borrowers so that builders have the required capital to construct and prospective buyerscan access credit to purchase,” Minister Adeosun said.The fund will attract low cost local and international capital, including from domestic pension and insurance funds, FG funding as well as contributions from state governments and other agencies.”The Governors of Kebbi state, Abubakar Bagudu; Oyo State, Abiola Ajimobi; and the deputy Governor of Ogun state, Yetunde Onanuga, told reporters after the four-hour meeting that the council members praised the economic management team and endorsed the plan to steer the country out of recession.Senate president Bukola Saraki has earlier recommended the sale of some national assets and the utilization of proceeds for infrastructure development.