₦airaland Forum

God Forbid Buhari wins election next year, Nigeria would be sold off before the end of his tenure.

Hehehehehe, sell assets acclaimed looters acquired for nigeria right. incompetency and Buhari govt is like zee world. extraordinary every day.

Instead of selling assets we can loan the president to China, then use the money to fund the budget.

Omeokachie:
Again!


Awon oniranu omo ako ti ile ta

Fraudulent government of rogues.

what's the opposite of anointing?

Mouth Gig:
GOD BLESS AND PROTECT BUHARI...

Amen

can they just please sell off the country cos its a failed nation. the country seems to be a liability to its citizens.

Just tell every Nigerian to borrow you guys N5k. I now it's going to happen few years from now. Mumu leaders

Kukuma sell the country to U.S and use the money for budget. Mumu government

LOL

And we had over $300M from Abacha loot they decided to share the money, we dont know how far they have gone with the sharing, we can see how cluess this Government is, how much was borrowed from China to bring 4 airport to standard, $500m + $100m from FGN, do you then see what $300M would have done in improving our Infrastructures, instead they shared 5k to the poor that will not last a day and the suffering continues. Na they want to sell Nigeria to service Nigeria.

Nigeria for sale

Hahahahahahahahahahahahahaha There are 3 people u can not advice 1. A girl who is in love, 2. A rich man and 3. APC supporters

richidinho:
All the listed assets were acquired by the corrupt sanni abacha & obj's govt

but today Mr. Integrity is planning to sell them off

so they didn't blame the past administration on this ？

[quote author=engineerboat post=72474369]FG can’t fund budget 2018 unless assets are sold, says Ministers


• Selling Of Assets Will Mitigate Loans Burden
• No, Its Assets-Stripping – Enwegbara
Huge cost of servicing new loans amid poor revenue informed the Federal Government’s decision to dispose of 10 state-owned assets to select investors and the public between now and year end, in order to fund the 2018 fiscal plan.This clarification was given by the Minister of Finance, Mrs. Zainab Ahmed, and her counterpart in the Budget and National Planning Ministry, Senator Udoma Udo Udoma, who also argued that borrowings and the assets sale not only constituted strategic actions to funding the 2018 budget, but were in the overall interest of the country.

In the sale of the 10 ailing key national assets, two of which must be sold this month (Nicon Insurance Limited and Skyway Aviation Handling Co), the government is expected to earn the sum of $797m, that is N289b. A Director at the Bureau of Public Enterprises (BPE), Joe Anichebe, who revealed government’s plan to sell the outfits, informed that the privatisation agency had pledged to raise N306b to help finance the planned spending.

Apart from the Ajaokuta Steel Complex, which the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele equally identified as one of the assets penciled for disposal, other firms that are up for sale are in the power, aviation and insurance sectors.Earlier in July this year, the Director General of the Bureau of Public Enterprises (BPE), Mr. Alex A. Okoh, also informed that some entities had been prepared for privatisation or for commercialisation.

He listed them as Afam Power Plant; concessioning of Terminal “B,” Warri Old Port; restructuring and recapitalisation of the Bank of Agriculture (BOA); partial commercialisation of the Nigerian Postal Services (NIPOST); and the restructuring/ commercialisation of six River Basin Development Authorities (RBDAs); partial commercialisation of three selected national parks and re-privatisation of Yola Disco etc.

In the 2018 Appropriation Act, the sum of N350b is expected from privatisation proceeds, and the BPE boss, Okoh had advised the Federal Government to reduce the propensity of loans accretion because of their high cost of service, and instead dispose of some obsolete assets to raise money for the funding of the yearly budgets.

The capital component for which vital assets are being sold to part finance, in addition to funds from borrowings in the local and international markets is N3. 133t, out of the N 9.12t the 2018 fiscal plan, which implementation began mid – June this year.Under the plan, nearly N2t is to be raised from borrowings from both the domestic and international markets to fund infrastructure captured in the spending plan for the year.

The Guardian recently learnt that the sum of N643b has so far been raised from the domestic market by the Debt Management Office (DMO) this year, and handed over to the Federal Government for that purpose. Speaking recently while on a familiarisation tour of revenue generating agencies, as well as, at the just concluded International Monetary Fund ( IMF)/World Bank Annual Meetings in Indonesia, Bali, Indonesia, Ahmed defended the approach adding that more funds outside government’s revenue was needed to make things happen because revenue has become inadequate.

Corroborating Ahmed, Udoma said: “The draft 2019-2021 Medium Term Fiscal Framework shows that Nigeria faces significant medium-term fiscal challenges, especially with respect to revenue generation. Thus, key reforms will be implemented with increased vigour to improve revenue collection and expenditure management. Achieving fiscal sustainability and macro-fiscal objectives of government will require bold, decisive and urgent action.”

One of those in support of the planned sale of government assets is a macro-economic policy analyst, Prof. Ken Ife, who equally sees the decision as sound and well-articulated policy under the government’s privatisation plan.

According to Ife: “The decision to privatise Ajaokuta Steel Complex is a wise decision because that complex remains one of the white elephant projects that we have in Nigeria. We need to look for a competent investor with a large war chest who can inject the needed funds to revatilise that complex so that it can play its role in the country, by providing the necessary steel derivatives for rail, auto, manufacturing, building and construction industries and the production of steel pipelines for the transportation of petroleum products thousands of kilometres away.

The advantage is enormous. You can’t beat it. All we ask is that government must this time around be cautious and careful in the selection to avoid a repeat of the situation that we are experiencing in the power privatisation programme, where DISCOsdiscos operators are still heavily dependent on government to supply them money, and are refusing to metre customers, preferring estimated bills, where they collect monies from customers indiscriminately.”

As far as development economist and public analyst, Mr. Odilim Enwegbara is concerned, what the government intends to do amounts to asset-stripping on the eve of the country’s general election, insisting that the government can still borrow more money both locally and internationally.

His words: “This administration cannot embark on a sale of a key strategic asset like Ajaokuta Complex when it has less than a year to end its tenure. It should wait until after election to do so, that is if it wins again. Besides, the executive lacks the power to sell such a critical national asset without the approval of the legislature, which I am aware, is making efforts to revitalise that complex.

“Again, another concern is that if the complex is sold under any name, it will be given away after government’s over $30b investment there. Let the government look for funds elsewhere to fund the budget because it cannot sell key national assets to fund one fiscal budget. What happened to the recovered loot that they got?”
.


I'm not surprised at this, bloody criminals called leaders. Instead of cutting down their fat allowances and mouth watering salaries they resort to selling public facilities to their fellow criminals. Very soon Nigeria will be sold off to these scoundrels.

after OBJ solved our Paris loan issue, how did we get to this point? Who cursed Nigeria my God?

Buhari should sell this Country asap.

Benekruku:
Nigerians should brace for tougher economic times ahead, the Minister of Finance, Ngozi Okonjo-Iweala, has said as crude oil prices slipped to a four year low on Wednesday.

New York Mercantile Exchange (NYMEX) December WTI oil futures sold at $75.20 per barrel on Wednesday, down $1.98, from $74.96 per barrel the previous day, the lowest level for a most-active contract since September 2010.

Though the price of sweet crude, the blend of oil export from Nigeria, rose marginally at the close of trading on Wednesday to $76.96 per barrel, it has already crashed below the $79 per barrel benchmark approved in the 2014 Appropriation Act, concerns are mounting that tough times are indeed ahead.

At the end of the Federation Accounts Allocation Committee (FAAC) meeting for September, Federal, States and Local Governments were only able to go home with N603.5 billion allocation after they resolved to borrow about $2.76 billion from the Excess Crude Revenue Account to augment shortfall in revenue generated during the period.

The Federal Government had attributed the declining revenues to the fall in prices at the international oil market.

After drawing from the ECA, Minister of State for Finance, Bashir Yuguda, said the balance in the account had dropped further from $4.1 billion to about $1.34 billion at the moment.

But Mrs. Okonjo-Iweala said in Lagos on Tuesday that the economic indicators show there are tougher times ahead.

Though she said the country’s External Reserves rose from $36.6billion at the end of June to $39.48billion by October 16, and the balance in the Sovereign Wealth Fund at $1.55billion, accruals from oil exports have been poor.

According to her, Nigeria would begin to feel the impact of the dropping oil prices at the international oil market, which commenced since the first half of the year.

“The country must brace up for tougher times ahead”, she said. “We need to review our expenditures and build economic buffers through budgets that would be based on modest oil prices.”

She underlined the importance of a sound macro-economic management to Nigeria at this time, particularly the need to plug all revenue leakages.

“We have not yet seen the impact of the falling oil prices in Nigeria. It will start this month. We have to drive the non-oil revenue base to be able to weather the storm that is coming,” the Minister said.

The minister said the fall in the prices of export commodities such as gold, iron ore and agricultural produce such as cocoa, cotton and coffee was bound to affect most African economies, which relied on commodity export for the sustenance of their economies.

i love dis ur info..my questn is dat can my presido understnd any tin lik dis when he sees it on his table

You are mad!!!!

When God wants to punish a nation, He gives them evil leaders

OLX sell it... Sell Aso Rock too bcus all d ones u had sold b4 we cant see d utilisation of d fund

I thought they were recovering millions of dollars and saving trillions plus remittance from sales of JAMB forms to poor Nigerians


If we sell this year to finance budget, what will we sell next year.

ikwutasco:
i love dis ur info..my questn is dat can my presido understnd any tin lik dis when he sees it on his table

The president and his economic team are quite aware and trying all best to steer Nigeria on course

The damage PDP has done to Nigeria cant be cured at a go!

This people have looted the future of Nigeria and to get out the mess, Nigerians must be willing to sacrifice. The end of this leadership will go into history as the best as we would be on a Auto pilot was we can fall once again on track which we getting close too

And some lots planning to return to a party that ruined. Campaigning for Atiku who made no iota of change for 8years as the vice president

If Nigeria must move away from Buhari, Atiku is a reverse to where we coming from

We must learn to forge ahead. Their pain is inability to have unlimited access to the treasury. Thats the subject matter of the hate

ITbomb:
I thought they were recovering millions of dollars and saving trillions plus remittance from sales of JAMB forms to poor Nigerians


If we sell this year to finance budget, what will we sell next year.

they keep mentioning billions this billions that,we recovered this and that,we borrowed so so billions.....we are in October and they are giving excuses,they are all mad!!!

Richdad50:
One of the easiest ways to know a financially drowning man is that he sells and sells everything he has.
I remember a young boy back in the university who always and certainly will sell his appliances days b4 exams. Why? School fees.
Buhari and APC has plunged this nation into a mess. It will take an economical stute Man to relieve us from this catastrophy.
Atiku might just be the man long prophesized.

Lesson: To enter One chance is not a bad thing but to enter another One chance in the same car and color is a very bad thing

Atiku you say? Your problem is the inability to utilize your long term memory, unless you're still a child then I will pardon you.

This is the same "Messiah mistake" people made with Buhari barely 4 years ago, now this.

With his track record of human rights abuse and economic under performance you Nigerians still allowed him become President, only to act surprised that the economy took a nosedive.

The curse is too strong

Read your lesson again and tell me Nigeria did not just do a very bad thing in 2015, but has positioned her a.hole for another round next year.

Rubbish

Benekruku:
The president and his economic team are quite aware and trying all best to steer Nigeria on course

The damage PDP has done to Nigeria cant be cured at a go!

This people have looted the future of Nigeria and to get out the mess, Nigerians must be willing to sacrifice. The end of this leadership will go into history as the best as we would be on a Auto pilot was we can fall once again on track which we getting close too

And some lots planning to return to a party that ruined. Campaigning for Atiku who made no iota of change for 8years as the vice president

If Nigeria must move away from Buhari, Atiku is a reverse to where we coming from

We must learn to forge ahead. Their pain is inability to have unlimited access to the treasury. Thats the subject matter of the hate

Does the people who looted you are talking about include people like Gandollars
People like Maina
People like grasscutter?

Hmmm