Federal government to sell key national asset in financing of budget

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.

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3 Comments

  1. Nice one

  2. nice one

  3. OK

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