• Some national assets have been earmarked for sale to generate revenue to fund the 2023 budget and repay debt
  • Already 42 assets across the country have been put up for sale in different sectors
  • President Muhammdu Buhari presented the 2023 budget to the National Assembly on Friday

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The federal government had made it clear that it would sell or donate some national assets to raise funds to finance the 2023 budget deficit of N10.78 trillion.

The Punch reports that other ways the federal government is looking to raise revenue for the budget are through project-specific borrowing and lending.

President Muhammdu Buhari revealed the plan on Friday during the presentation of the 2023 Naira 20.51 trillion Appropriation Bill in the Senate and House of Representatives.

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Federal government seeks to sell national assets
President Muhammdu Buhari Presents National Budget Appropriation: Presidency
Source: Twitter

The budget includes 2.42 trillion naira of spending by public enterprises. It is also about N3 trillion higher than the 2022 budget.

National assets for sale in 2022

Earlier this year, the Bureau of Public Enterprises (BPE) announced the sale or concession of 42 assets across the country.

The Vanguard reports that some of the listed assets include the Aluminum Smelter Company of Nigeria (ALSCON) and Olorunsogo II Power Station, among 42 transactions to be undertaken this year.

The transactions are 11 in the energy sector, 10 in the industries and services sector, eight in the agriculture and natural services sector and 13 in the infrastructure and public-private partnerships sector ( IPPP).

Complete list

  • Plant Olorunsogo II (NIPP)
  • Calabar II Power Plant (NIPP)
  • Benin Power Plant (Ihovbor) II (NIPP)
  • Omotosho II Power Plant (NIPP)
  • Geregu II Power Plant (NIPP)
  • Afam Power and Afam Three Fast Power Ltd
  • Yola Electric Utility Company
  • Zungeru Hydroelectric Power Station
  • Nigerian Film Society
  • NITEL/MTEL In liquidation
  • Abuja Water Board (AWB); Abuja International Conference Center
  • Abuja Environmental Protection Board (AEPB)
  • Save Sugar Company (SSC) – Sale of FGN shares
  • Nigeria Hotel Ltd (in liquidation)
  • Partial commercialization of River Basin Management Authorities (ARDB).

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Concession

Those for the concession include the Tafawa Balewa Square Complex, (TBS) LAGOS; Lagos International Trade Fair Complex (LITFC), Lagos as well as the Calabar and Kano Free Zones.

Full commercialization of the Federal Housing Authority (FHA) and the Federal Mortgage Bank of Nigeria (FMBN) would be undertaken.

The federal government also planned to recapitalize the Bank of Agriculture (BOA); while pursuing the reform of the health and education sector.

New projects would include the Gimi Earth hydroelectric plant; Lower Usuma Hydroelectric Power Station; Oyan hydroelectric plant; Sale of remaining non-core assets of CNC.

Non-core assets approved for sale

  • Takeoff of the Nigerian Mining Investment Holding Company (NMIHC)
  • Royal Swazi Sugar Company (RSSC)
  • Sale of non-strategic assets of Delta Steel Company
  • Creation of support centers for passport applications
  • Markurdi Hydroelectric Power Station

Hydroelectric plant assets for the concession

  • Oguma Hydroelectric Power Station (700 mw)
  • Onitsha Hydroelectric Power Station (441 mw)
  • Dasin Hausa hydroelectric plant (138 MW)
  • Katsina-Ala Hydroelectric Power Station (109 mw)
  • Garin Dalli hydroelectric plant (92 mw)
  • Kiri hydroelectric plant (36 mw)
  • Asset Optimization – Creation of a National Asset Registry.

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Meanwhile, Legit.ng reported that Macau is the only country in the world without debt, according to the International Monetary Fund (IMF).

The world’s largest economies rank among the 20 countries with the highest external debts.

According to a report by the Daily Trust, these are the United States, Russia, the United Kingdom, France, Germany, Japan and China.

Source: Legit.ng

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