National Wire About Nigerians, Nigerian Business and Other Stories
The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has advised the Federal Government against advice from some Nigerians to sell the multi-billion dollar Nigeria Liquefied Natural Gas Limited (NLNG) to raise funds for the ailing economy.
While the Federal Government thinks through plans to raise between $10 and $15 billion (about N4.72 trillion) to boost the economy, prominent Nigerians have suggested the sale of some national assets to achieve the aim.
Meanwhile, Minister of Budget and National Planning, Udoma Udoma and Chairman, Dangote Group, Aliko Dangote have been named among such Nigerians in favour of sales of some national assets to help the economy.
However, Dangote in his proposal suggests the immediate sale of the NLNG and other assets that could raise the fund to be invested into the economy.
“The only way for us to get out of this recession is to make sure we move into action quickly; by diversifying the economy quickly.
“If I had challenges in my company, I would not hesitate to sell assets to remain afloat, to get to the better times. It doesn’t make any sense for me to keep any assets and then suffocate the whole organisation,” Dangote told CNBC Africa, adding that, “We have a lot of assets to sell. We can sell part of the joint ventures, or part of the shares. My suggestion before was that they should even sell 100 percent of NLNG. I don’t think government should be in any business of investing in sectors like LNG.”
Reacting to the proposals, Acting Chairman of RMAFC, Shettima Abagana said the Nigeria Liquefied Natural Gas and other federal assets should not be sold to meet the country’s financial obligations.
The Acting Chairman who reacted sharply to Dangote’s gesture that earlier advised the asset should be sold off to meet the current shortfall the economy is experiencing, in a release, said it would be unwise for the Federal Government to dispose of its crown jewels which are generating revenue.
“It is the considered view of the Commission that Nigeria’s assets like NLNG and other strategic national resources should not be sold to meet short-term financial obligation,” he said.
Story by Dayo Emmanuel
