Chairman, presidential advisory committee on the economy Dr Doyin Salami has asked the federal government to sell off dead national assets worth about $900 billion to raise more revenues.
Dr Salami also projected that the base effect of the Nigerian economy would likely fade out in the third and fourth quarters of 2021, “Hence, growth will be lower.”
“To improve revenue, we must block leakages, unlock opportunities at state level, improve tax efficiency and coverage, sell off dead assets, which are estimated at US$900 billion,” Salami said yesterday at a high-level private sector dialogue with the conference of speakers of state legislature. The event was organised by the Nigerian Economic Summit Group (NESG) in Abuja.
Government is looking at disposing the various non-performing assets it has not been able to manage, in some cases, completely ran down. In a document that was submitted to the National Assembly by the executive earlier this year, the government indicated that it wants to sell the ‘dead’ assets to free up the space for private sector participation and generate revenue to fund the budget.
Some of the projects to be sold are Abuja Environmental Protection Board (AEPB), the Abuja International Conference Centre (ICC), some unnamed refineries, Abuja Water Board, Nigerian Film Corporation and Lagos International Trade Fair Complex.
Others include Restructuring of FMBN/FHA, Bank of Agriculture, Tafawa Balewa Square, Nigerian Hotels (in-liquidation), River Basin Development Authorities, Nigeria Commodity Exchange, Mineral House Lagos and Geregu Power (20 per cent Shareholding Sale).
Dr Salami said “social resilience has deteriorated further” with misery index at 51.2 per cent in May-2021 from 49.8 per cent in Jan-2021 and youth unemployment at 45 per cent.