As a result of the call to sell some of Nigeria’s national
assets by business mogul Alhaji Aliko Dangote, President Buhari’s government has
decided to dispose the federal government’s share in most of the asset which are
yet to be revealed.
Though well-meaning Nigerians from different part of the
country is strongly advising Buhari against making such decision as, it may
practically not be in the interest of the common man, President Buhari’s body
language so far seem to be adamant to such advices from other professionals and
seasoned economist.
Some have even said, if what they claimed with respect to
all the recovered loots, and savings from the TSA is true which runs into several
trillions, then there is absolutely no need to take such a risk that may
further impoverish the masses in favour of the elites.
So far, report reaching us has it that the Federal
Government has listed some conditions, that may lead to the disposal of such
national assets. One of such condition is the insertion of a clause which may
empower the government to re-buy the sold assets when the economy improves.
But the questions Nigerians are asking, is does anything
ever reverses to favour the masses? Because over so many decades, government
usually bring untold hardship true policies that do not favour the general
masses, which never reverses back to the status quo even when things get better
globally. Thus Nigerians have found it extremely difficult to trust the
government, more so, the current government which many say came into power with
numerous mouth-watering promises that they have failed to deliver, with one
excuse after the other, with the blame game being the hallmark of this current
regime.
According to a presidential source: “The Federal Government
has no plan to sell off its shares outright in the LNG, where it owns 49%
shares. The balance of 51% is owned by private foreign interests.
“The Federal Government doesn’t own the entire gas company
and will certainly not sell off its entire shares, but it’s open to the
possibility of selling down its 49% ownership by 5% or thereabout.”
With regard to repurchase clause, he said: “Just as in other
potential asset sales, there would be a repurchase option that guarantees the
Federal Government’s opportunity to buy back any such assets if circumstances
change anytime in the future.
“Some of the intended sales could be in form of time-bound
leases, advance renewal payments on leasing licences and concessioning which
would attract buoyant signature fees.
“If we even want to sell down certain assets, while our
target is to get foreign currency, specifically dollars, the option would also
be opened to Nigerians at some point to buy limited shares through the Nigeria
Stock Exchange.”
The presidential source further said that one of the
concession deal almost finished is the East-West lines of the Nigeria Railways,
with the General Electric-GE-being the concessionaire.
The source said the global giant would invest $2 billion in
the economy, including for the refurbishment of the single-gauge lane of the
lines that have been largely left idle for years.
“GE under the deal, is expected to hire back some of the
laid off staff of Nigeria Railways and also open a Transport University in
Nigeria while building/assembling train coaches in the country.
“Federal Government would also receive a signature fee in
foreign currency as it would in other assets that might be concessioned.
“The important thing to keep in mind is that the sales down
of some of the assets is an option to raise the much-needed dollars at a
critical time for the Nigerian economy”.
“Nigerians can be sure that there would be no shady deal,
considering the character of the Nigerian leadership at this time”, the source
said.
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