The National Economic Council, which comprises Vice-President Yemi Osinbajo and 36 state governors, has endorsed plans by the Federal Government to sell some national assets as part of efforts to address the current economic recession in the country.
The Senior Special Assistant to the Vice-President on Media and Publicity, Mr. Laolu Akande, said in a statement 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 Thursday.
Other recommendations, he stated, included the diversification of the economy and the use of recovered loot.
The statement added that 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."
In her presentation, the Minister of Finance, Kemi Adeosun, revealed 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, Adeosun told the council that N50bn had so far been disbursed to the state governments.
The Governors of Kebbi State, Abubakar Bagudu; Oyo State, Abiola Ajimobi; and the Deputy Governor of Ogun State, Yetunde Onanuga, told journalists after the four-hour meeting that the council members commended the Economic Management Team and supported the plan to steer the nation out of recession.
The Governors of Kebbi State, Abubakar Bagudu; Oyo State, Abiola Ajimobi; and the Deputy Governor of Ogun State, Yetunde Onanuga, told journalists after the four-hour meeting that the council members commended the Economic Management Team and supported the plan to steer the nation out of recession.
Bagudu added, "The National Economic Council met today (Thursday) at its sixth meeting of the year, which is the 70th National Executive Council meeting and the Ministers of Budget and National Planning and the Central Bank Governor all made presentations and the highlights of the presentation were the sad news that the economy was in recession largely due to the dependency on single commodity, which is crude oil, which prices we do not control.
"And in particular, it was noted that our economic managers, the National Economic Team, are responding in competition with economic managers elsewhere; so, it's not an easy task, it is a very difficult task and we crave the indulgence of our nation to give them a chance for the measures to take effect."
NLC, TUC, NUPENG oppose planned sales
As reported by TheNigerialawyer
NLC, TUC, NUPENG oppose planned sales
But organised labour has warned the Federal Government to reject the recommendations to sell the country's assets, specifically its shares in the Nigeria Liquefied Natural Gas Company Limited and the aviation industry.
The Nigeria Labour Congress, Trade Union Congress of Nigeria and the Nigeria Union of Petroleum and Natural Gas Workers, in separate statements on Thursday, described the advice given by the Senate President, Dr. Bukola Saraki, Emir of Kano, Alhaji Muhammadu Sanusi and Aliko Dangote as selfish and not in the national interest.
They pledged to resist any further sale or concession of national assets under the guise of fighting economic recession.
As reported by TheNigerialawyer