The Arewa Consultative Forum (ACF), on Monday urged the Federal Government to drop the plan to sell-off major national assets to tackle the nation’s
economic recession.
The ACF said in a statement issued in Kaduna by Muhammad Ibrahim, its
National Publicity Secretary, that selling strategic, viable national
assets to take the economy out of recession was inappropriate.
National Publicity Secretary, that selling strategic, viable national
assets to take the economy out of recession was inappropriate.
ACF also condemned the call by some prominent politicians and businessmen
on the Federal Government to consider selling the national assets to get
the country out of recession.
on the Federal Government to consider selling the national assets to get
the country out of recession.
“Past privatisation exercise did not yield the desired result in terms of
judicious use of proceeds by the government or management practices of the
assets by the new owners.
judicious use of proceeds by the government or management practices of the
assets by the new owners.
“ACF considers it unwise for the Federal Government to contemplate selling
off major national assets like the Oil refineries, Federal Airports, NLNG.
off major national assets like the Oil refineries, Federal Airports, NLNG.
“They can be used as security against needed funds to boost the economy. “
According to the forum, the amount to be realised is not worth the
exercise, adding that the recession is temporary.
exercise, adding that the recession is temporary.
ACF noted that national assets; including the Nigeria Airways, National
Shipping Line, Ajaokuta Steel Company, NITEL, NEPA, sold to selected
Nigerians and their foreign collaborators had not added value to the
economy.
Shipping Line, Ajaokuta Steel Company, NITEL, NEPA, sold to selected
Nigerians and their foreign collaborators had not added value to the
economy.
It added that most of the sold assets ended up comatose, adding that “the
ones that survived, their service delivery cannot be said to be better.”
ones that survived, their service delivery cannot be said to be better.”
The ACF said the government should consider the advice of the Revenue
Mobilization Allocation and Fiscal Commission. The News Agency of Nigeria
(NAN) recalls that the commission had said that “Nigeria’s assets like the
NLNG and other strategic national resources should not be sold to meet
short term financial obligation.
Mobilization Allocation and Fiscal Commission. The News Agency of Nigeria
(NAN) recalls that the commission had said that “Nigeria’s assets like the
NLNG and other strategic national resources should not be sold to meet
short term financial obligation.
“ ACF suggested that unnecessary allowances of public officers and
overhead cost that formed over 40 per cent of the annual national budget
should be converted to capital allocation to boost the economy.
overhead cost that formed over 40 per cent of the annual national budget
should be converted to capital allocation to boost the economy.
“This is the time for national sacrifice in order to bequeath an enduring
legacy to the next generation. Positive change usually comes with painful
necessary sacrifice.
legacy to the next generation. Positive change usually comes with painful
necessary sacrifice.
“ACF, however, supports some of the measures proposed by the National
Economic Council but seriously objects to the selling of strategic
national assets just to get out of a temporary economic recession.
Economic Council but seriously objects to the selling of strategic
national assets just to get out of a temporary economic recession.
“ACF calls upon our prominent businessmen and women to invest their
resources in the oil and gas industry, building of airports that will
compete favourably with the public ones.
resources in the oil and gas industry, building of airports that will
compete favourably with the public ones.
“This will equally boost the economy through employment and infrastructure
development.
development.
‘’Let us put on our thinking cap and do the needful, rather than taking
short term measures,“ ACF added in the statement.
short term measures,“ ACF added in the statement.
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