The
government has found means of reducing the massive pressure on the
national budget through the sale of some national assets.
The Federal Government plans to generate up to $16.4 billion
through asset sales in the next four years to reduce the burden on the
nation’s budget.
A document obtained by Bloomberg from the Ministry of National
Planning, which outlines the country’s plans for economic recovery from
2017 to 2020, revealed that the sales was to help tackle inefficiencies
and stem “corruption in public enterprises”, though assets to be sold were, however, not named.
It was gathered that President Muhammadu Buhari will introduce the
proposal later this month. Nigeria estimates its economy contracted 1.5
percent in 2016, partly because of a decline in the price and output of
oil, the country’s biggest export and revenue generator.
The Federal Government proposed a 20 percent increase in this
year’s budget to stimulate the economy and help gross domestic product
expand by an average of 4.7 percent annually over four years and reach 7
percent in 2020.
Pabina Yinkere, Head of Research at Vetiva Capital Management Ltd., told Bloomberg: “They could look at reducing government stakes in oil joint ventures from around 55 percent to 40 percent or 45 percent.
‘’That alone can generate over $10 billion. Non-oil assets like
concession of airports are a more difficult sale because they would
involve a lot of transactions.”
The government targets oil production of 2.5 million barrels a day
by 2020 to boost export earnings, it said in the document. Output
declined to an almost three-decade low of 1.4 million barrels per day in
August after militants in the Niger Delta bombed pipelines to demand
more benefits from the resource.
Overall, the Federal Government is said to have developed 59
strategies for implementation to achieve the strategic objectives of the
Economic Recovery Growth Plan that will be launched in the next few
weeks.
The document, which is awaiting Federal Executive Council’s
endorsement, has twelve strategies that have been prioritised based on
their importance to the success of the government recovery plan.
Those working on the document said the plan would accelerate
non-oil revenue generation through expanding the tax base, blocking
leakages in tax avoidance and non-payment.
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