Business

Nigerian Govt Eyes N493.4bn From National Assets’ Sale

The Nigerian Government is Planning to make about N493.4bn from the sale or concession of about 36 of its assets across the country.

The projected amount expected from the sale was contained in a document compiled by the Bureau of Public Enterprises (BPE).

Some of the assets up for sale, according to the BPE report, include the country’s refineries, the International Conference Centre in Abuja, Yola Electricity Distribution Company, Zungeru Hydro Power, Tafawa Belewa Square, among others.

The properties were classified under energy assets, industries and communication department, as well as development institutions and natural resources.

Others include infrastructure and public private partnership and post transaction management department.

The Minister of Finance, Zainab Ahmed had earlier hinted that Nigeria would sell some of its assets in order to raise funds to finance the 2021 budget. She said the Government would also engage in domestic and foreign borrowings to fund this year’s budget.

Nigerian Govt Eyes N493.4bn From National Assets’ Sale
Minister of Finance, Zainab Ahmed

The BPE document, which was submitted to the National Assembly, further revealed that the government would earn the highest sum of N484.476bn from the energy department.

Projected earnings from industries and communication department, development institutions and natural resources were N9.239bn and N51.112m respectively.

No revenue was projected from infrastructure and public private partnership, rather a total cost of N626.2m would be spent on this department.

For the post transaction management department of the BPE, the government’s projection was that it would earn N212.458m.

The amount to be earned from the country’s four refineries which were grouped under energy department and classified as core investor sale, was not stated in the document.

Similarly, the expected money to be earned from the Transmission Company of Nigeria (TCN) which was grouped under energy department and under concession, was not stated.

The Lagos International Trade Fair Complex, Tafawa Balewa Square, River Basin Development Authorities were grouped as assets for partial commercialisation and concession.

Also, the Abuja Environmental Protection Board, Abuja, the ICC, Nigerian Film Corporation, among others would be commercialised or given to concessionaires.

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