Lagos Commerce Chamber Demands Details On N189bn National Asset Sales Revenue

The Lagos Chamber of Commerce & Industry (LCCI) has called on the federal government to provide a clear list of assets earmarked for sale, timelines, and details on the use of proceeds from the projected N189 billion revenues from national asset sales.

The president of LCCI, Engr. Leye Kupoluyi stated this at the event ‘On the State of the Economy’ organized by the Chamber held yesterday in Lagos.

Kupoluyi noted that “in the 2026 Appropriation Bill, the federal government projected N189 billion in revenue from asset sales and privatisation as part of a N25.27 trillion financing plan to bridge the fiscal gap.

“Although the specific assets were not listed, the proposed transactions span oil and gas, power, transport, industry, real estate, and other strategic sectors, aimed at monetising public holdings and reducing direct state involvement in commercial activities.”

He said, the Chamber acknowledges this approach as a means of easing fiscal pressure and improving efficiency, provided the process is transparent, competitively executed, and supported by strong governance frameworks.

He urged for the publication of a clear asset list, timelines, and use of proceeds, and recommend that the funds be reinvested in infrastructure, human capital, and productivity-enhancing projects.

He stated that privatisation should form part of a broader structural reform agenda, not merely a short-term financing measure, to ensure sustainable growth and long-term national value.

He also said that the federal government’s earmarking of N1.7 trillion in the 2026 budget reflects a formal acknowledgment of persistent payment delays to contractors, saying that “this provision aims to settle verified 2024 capital project liabilities and ease the financial distress faced by indigenous contractors.

“However, recurring backlogs highlight structural issues such as weak revenue performance and delayed capital releases. Sustained fiscal discipline and timely cash backing are critical to restoring contractor confidence and enabling infrastructure delivery.”

On boosting local production of LPG, Kupoluyi pointed out, “the fact that local refineries and gas processing plants supplied 87 per cent of Nigeria’s cooking gas (LPG) demand in 2025 represents one of the most consequential structural shifts in Nigeria’s downstream energy landscape in decades.

“This is not merely an incremental improvement; it is a decisive break from chronic import dependence and a clear signal that domestic energy industrialization is finally gaining scale, credibility, and momentum.”

Speaking on the new tax regime, he noted that “after due consideration of the implications of the new tax laws for businesses, hereby calls on companies to continue their operations and remain formal with the tax authorities as implementation commences.

“We see the process as an essential reform to update the fiscal framework, enhance competitiveness, and increase revenue. However, successful implementation requires clarity, transparency, collaboration, and business-focused execution to achieve economic benefits without stifling growth.”

Looking ahead into 2026, Kupoluyi said, “LCCI identifies agriculture and agro-processing, manufacturing, infrastructure, energy, and human capital development as key growth drivers in 2026.

“Unlocking these sectors will require decisive execution, scaling irrigation and agro-value chains, reducing power and logistics costs for manufacturers, accelerating infrastructure delivery through PPPs, sustaining oil and gas sector reforms, and aligning education and skills development with private-sector needs.”