Nigeria Plans To Generate $16.4b Through Asset Sales

Minister for Budget and National Planning, Udoma Udo Udoma
Minister for Budget and National Planning, Udoma Udo Udoma

By Ogbolu George

A document obtained from the Ministry of Budget shows that the Federal Government plans to generate as much as $16.4 billion through asset sales in the next four years to reduce the burden on the public budget.

It was gathered that the sales will help to tackle inefficiencies and stem ”corruption in public enterprises.”

The documents, which did not state the assets to be sold, also outlines Nigeria’s plans for economic recovery from 2017 to 2020.

The country’s economy is in recession because of the collapse of global oil prices, which is Nigeria’s biggest export and revenue generator.

Constant bombing of pipelines by militants in the Niger-Delta has also reduced the amount of barrels of oil produced per-day in the region.

President Muhammadu Buhari, who is expected to introduce the proposal sometime this month, had proposed a 20 percent increase in this years budget to invigorate the economy.

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