The battle line tends to have been drawn, even as Nigerian leaders disagree over ways to set Nigeria on the right path again.
National assets On of the ways out of the present recession is to sell some of the nation’s asset which have become moribund, some experts claim, a notion which has stirred great debate. The debate whether to sell or to try restoring to perfect conditions, is the main bane of virtually of discourse this day, Friday, September 23. Almost all major dailies in Nigeria today, bear the debate of national assets sale, as their headlines.
Below are their takes on the issue. We begin with The Nation with the headline: “Governors, ministers back assets sale to fight recession”.
There was an insight yesterday into the Federal Government’s battle against the recession that has hit the economy. The government’s plan to exit the recession which got the backing of the National Economic Council (NEC) includes: assets sales; advance payment of licence renewals; infrastructure concessioning; and implementation of fiscal stimulus. The NEC is the highest economic decision body chaired by the vice president. Other members are governors and key ministers in charge of the economy and the Central Bank of Nigeria (CBN) governor. Some experts and leading politicians have suggested the sale of some assets, saying this will provide the cash to reflate the economy, reopen factories and put money in the people’s pockets.
Pushing this view are business giant Aliko Dangote, former Central Bank of Nigeria (CBN) Governor Muhammad Sanusi II, the Emir of Kano and Senate President Bukola Saraki, among others. But Labour has condemned the idea, saying it will make a few to amass the wealth of all and deepen the seeming despair in the land. Yesterday’s meeting, which started about 11.10am, was presided over by Vice President Yemi Osinbajo. No fewer than 23 governors attended it. They include Governors Ayo Fayose (Ekiti), Abubakar Atiku Bagudu (Kebbi), Ifeanyi Okowa (Delta), Abubakar Mohammed (Bauchi), Willy Obiano (Anambra), Ifeanyi Ugwuanyi (Enugu), Abdufatah Ahmed (Kwara), Yahaya Bello (Kogi), Nasir el-Rufai (Kaduna), Olusegun Mimiko (Ondo), Aminu Tambuwal (Sokoto), Abiola Ajimobi (Oyo) and Badaru Abubakar (Jigawa). Deputy governors of Rivers, Nasarawa, Katsina and Lagos represented their bosses. New Telegraph joins the dialogue with the headline: “NLC, TUC vow to resist sale of national assets”.
Nigeria’s labour movement has kicked against the planned sales of the share holdings in the Nigerian Liquefied Natural Gas (NLNG) and other national assets by the Federal Government as part of measures to exit from the current economic recession. The two key labour unions, Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC) yesterday vowed to resist any attempt by the Federal Government to sell the national assets. The Labour expressed reservations over the calls by business mogul, Alhaji Aliko Dangote, and Senate President, Dr Bukola Saraki, for the sale of national assets. Minister of Budget and National Planning, Senator Udoma Udo Udoma had, at a cabinet retreat hosted in Abuja last week, disclosed plan to sell government’s shares in Joint Ventures (JVCs) and the Nigeria Liquefied Natural Gas (NLNG) to raise $15 billion to rescue the country out of economic recession. The national assets to be sold include the four refineries in Kaduna, Warri and Port Harcourt, as well as some aircraft in the presidential fleet. Daily Trust picks up the arguement with the headline: “Recession: FG to sell assets”.
The National Economic Council has approved a federal government plan to sell some national assets and inject the proceeds into the economy. This drastic step is aimed at tackling the current economic recession, a statement from the office of the Vice President, Yemi Osinbajo, said yesterday.
There have been calls on the federal government to sell its assets as part of measures to take the economy out of recession. The Senate President Bukola Saraki and Africa’s richest man Aliko Dangote are the forefront of those making such calls. The Emir of Kano, Muhammad Sanusi II has also thrown his weight behind such suggestions. But the Revenue Mobilization Allocation and Fiscal Commission rejected the suggestion, saying doing so would be unwise. Some senators who spoke during a debate also faulted Saraki.
The Nigeria Labour Congress (NLC) has also kicked against the suggestion that the shares, along with other sovereign assets in the oil and aviation sectors, should be sold as a way of stemming the current economic recession. The NLC, yesterday in a statement, signed by its president, comrade Ayuba Wabba said that the calls are unacceptable to the Nigeria Labour Congress, saying the investments in the LNLG and Joint Venture oil upstream operations are profitable and represent potential sources of revenue into the future. The Punch joins in with the headline: “FH, governors okay sale of national assets”.
The Senior Special Assistant to the Vice-President on Media and Publicity, Mr. Laolu Akande, said in a statement that the sale of national assets was one of the recommendations of the Minister of Budget and National Planning, Senator Udo Udoma (SAN), during the National Economic Council meeting on Thursday. Other recommendations, he stated, included the diversification of the economy and the use of recovered loot. The statement added that as part of measures to revive the economy, “the President’s Economic Management Team is working on plans to generate immediate larger injection of funds into the economy through assets sale, advance payment of licences renewal, infrastructural concession, use of recovered funds etc. to reduce funding gaps; and implementation of fiscal stimulus/budget priorities.” The government also wants to “fast-track procedures through legislation and implementation of Strategic Implementation Plan of the budget; and engage in the meaningful diversification of the economy and cut down importation.”
In her presentation, the Minister of Finance, Kemi Adeosun, revealed that the balance of the Excess Crude Account was $2.453bn as of September 20, 2016. On the budget loan support facility for the states, Adeosun told the council that N50bn had so far been disbursed to the state governments. In the area of housing, the finance minister noted that there was a target of N1bn to operate a Public-Private Partnership (N500bn initial) to create a blended pool of long term funds to intervene in housing development finance and mortgage provision. She said the aim was to deliver family housing priced from as low as N2.5m up to N18m, delivered in a ‘‘ready-to-occupy’’ condition with essential services, including water and electricity. The Vanguard bears the headline: “Govs oppose Senators on Cabinet rejig”.
Governors, yesterday, disagreed with the leadership of the National Assembly over their call for the redeployment or outright removal of two ministers for their inability to effectively manage the economy, which had since slipped into recession. It will be recalled that many of the outspoken senators, fresh from their vacation, on Wednesday, had called for the outright sack or redeployment of the Minister of Budget and National Planning, Senator Udoma Udo Udoma, and his Finance counterpart, Mrs. Kemi Adeosun, who are saddled with the task of managing the ailing economy as a means of expediting its recovery from recession. The Independent bears the headline: “Reps Demand Emergency Joint Session With Buhari On Economy”.
There have been calls on the federal government to sell its assets as part of measures to take the economy out of recession.
The Senate President Bukola Saraki and Africa’s richest man Aliko Dangote are the forefront of those making such calls. The Emir of Kano, Muhammad Sanusi II has also thrown his weight behind such suggestions. But the Revenue Mobilization Allocation and Fiscal Commission rejected the suggestion, saying doing so would be unwise. Some senators who spoke during a debate also faulted Saraki.
The Nigeria Labour Congress (NLC) has also kicked against the suggestion that the shares, along with other sovereign assets in the oil and aviation sectors, should be sold as a way of stemming the current economic recession. The NLC, yesterday in a statement, signed by its president, comrade Ayuba Wabba said that the calls are unacceptable to the Nigeria Labour Congress, saying the investments in the LNLG and Joint Venture oil upstream operations are profitable and represent potential sources of revenue into the future. The Guardian bears the headline: “National Assembly Probes alleged $29b fraud cases”.
The National Assembly is set to probe two alleged fraud cases involving $29 billion. While the Senate yesterday resolved to investigate an alleged fraudulent movement of $12 billion from Nigeria by some key government officials in collaboration with a telecommunications outfit, the House of Representatives is probing over $17 billion allegedly stolen from undeclared crude oil and liquidity natural gas exports to global destinations.
The upper chamber gave approval to Senator Dino Melaye (APC, Kogi West) to put together a substantive motion and present it to the Senate for a more comprehensive debate on Tuesday as a step to conducting an investigation into the allegation. Leadership takes a new dimension to the economic debate: “Nickel Deposit Can Generate $400bn for Nigeria – Bwari”.
The federal government has revealed that Nigeria can generate $400 billion from nickel, a new mineral resource recently discovered in Kaduna state. Minister of State for Mines and Steel Development, Hon Abubakar Bawa Bwari, who disclosed this in an exclusive interview with Leadership, said the discovered nickel deposits run into over 1 million tonnes.
Speaking on the value of the discovered mineral, he pointed out that despite the collapse of global mineral and oil prices, nickel is still sold for as high as $10,000 dollars per tonne in the world market. The minister explained that the discovery was only a surface exploration and that full exploration had yet to be carried out in the area, adding that exploration and exploitation could reveal more deposits.
Leadership recalls that The Australian, a national newspaper published in Australia, had revealed that a private mining syndicate had made a potential world class and highly unusual nickel discovery in Nigeria. The newspaper reported that the private mining syndicate was headed by Hugh Morgan, a mining industry veteran. It noted that, “The discovery is unusual because nickel is found in small balls up to 3mm in diameter of a high purity in shallow soils in what could be the surface expression of a much bigger hard-rock nickel field.
“The nickel balls rumoured to grade better than 90 per cent nickel and thought to be a world first given their widespread distribution, offer the potential for early cash-flow from a simple and low-cost screening operation to fund a full assessment of the find that has exploration circles buzzing.” “The discovery of this particular nickel is unique, in the sense that while most nickel discoveries have 53-58% purity, the one discovered around Kafanchan in Kaduna state has 98% purity, it is world class and has high commercial value,” said Bwari.
Below are their takes on the issue. We begin with The Nation with the headline: “Governors, ministers back assets sale to fight recession”.
Pushing this view are business giant Aliko Dangote, former Central Bank of Nigeria (CBN) Governor Muhammad Sanusi II, the Emir of Kano and Senate President Bukola Saraki, among others. But Labour has condemned the idea, saying it will make a few to amass the wealth of all and deepen the seeming despair in the land. Yesterday’s meeting, which started about 11.10am, was presided over by Vice President Yemi Osinbajo. No fewer than 23 governors attended it. They include Governors Ayo Fayose (Ekiti), Abubakar Atiku Bagudu (Kebbi), Ifeanyi Okowa (Delta), Abubakar Mohammed (Bauchi), Willy Obiano (Anambra), Ifeanyi Ugwuanyi (Enugu), Abdufatah Ahmed (Kwara), Yahaya Bello (Kogi), Nasir el-Rufai (Kaduna), Olusegun Mimiko (Ondo), Aminu Tambuwal (Sokoto), Abiola Ajimobi (Oyo) and Badaru Abubakar (Jigawa). Deputy governors of Rivers, Nasarawa, Katsina and Lagos represented their bosses. New Telegraph joins the dialogue with the headline: “NLC, TUC vow to resist sale of national assets”.
The National Economic Council has approved a federal government plan to sell some national assets and inject the proceeds into the economy. This drastic step is aimed at tackling the current economic recession, a statement from the office of the Vice President, Yemi Osinbajo, said yesterday.
There have been calls on the federal government to sell its assets as part of measures to take the economy out of recession. The Senate President Bukola Saraki and Africa’s richest man Aliko Dangote are the forefront of those making such calls. The Emir of Kano, Muhammad Sanusi II has also thrown his weight behind such suggestions. But the Revenue Mobilization Allocation and Fiscal Commission rejected the suggestion, saying doing so would be unwise. Some senators who spoke during a debate also faulted Saraki.
The Nigeria Labour Congress (NLC) has also kicked against the suggestion that the shares, along with other sovereign assets in the oil and aviation sectors, should be sold as a way of stemming the current economic recession. The NLC, yesterday in a statement, signed by its president, comrade Ayuba Wabba said that the calls are unacceptable to the Nigeria Labour Congress, saying the investments in the LNLG and Joint Venture oil upstream operations are profitable and represent potential sources of revenue into the future. The Punch joins in with the headline: “FH, governors okay sale of national assets”.
In her presentation, the Minister of Finance, Kemi Adeosun, revealed that the balance of the Excess Crude Account was $2.453bn as of September 20, 2016. On the budget loan support facility for the states, Adeosun told the council that N50bn had so far been disbursed to the state governments. In the area of housing, the finance minister noted that there was a target of N1bn to operate a Public-Private Partnership (N500bn initial) to create a blended pool of long term funds to intervene in housing development finance and mortgage provision. She said the aim was to deliver family housing priced from as low as N2.5m up to N18m, delivered in a ‘‘ready-to-occupy’’ condition with essential services, including water and electricity. The Vanguard bears the headline: “Govs oppose Senators on Cabinet rejig”.
Governors, yesterday, disagreed with the leadership of the National Assembly over their call for the redeployment or outright removal of two ministers for their inability to effectively manage the economy, which had since slipped into recession. It will be recalled that many of the outspoken senators, fresh from their vacation, on Wednesday, had called for the outright sack or redeployment of the Minister of Budget and National Planning, Senator Udoma Udo Udoma, and his Finance counterpart, Mrs. Kemi Adeosun, who are saddled with the task of managing the ailing economy as a means of expediting its recovery from recession. The Independent bears the headline: “Reps Demand Emergency Joint Session With Buhari On Economy”.
The Senate President Bukola Saraki and Africa’s richest man Aliko Dangote are the forefront of those making such calls. The Emir of Kano, Muhammad Sanusi II has also thrown his weight behind such suggestions. But the Revenue Mobilization Allocation and Fiscal Commission rejected the suggestion, saying doing so would be unwise. Some senators who spoke during a debate also faulted Saraki.
The Nigeria Labour Congress (NLC) has also kicked against the suggestion that the shares, along with other sovereign assets in the oil and aviation sectors, should be sold as a way of stemming the current economic recession. The NLC, yesterday in a statement, signed by its president, comrade Ayuba Wabba said that the calls are unacceptable to the Nigeria Labour Congress, saying the investments in the LNLG and Joint Venture oil upstream operations are profitable and represent potential sources of revenue into the future. The Guardian bears the headline: “National Assembly Probes alleged $29b fraud cases”.
The upper chamber gave approval to Senator Dino Melaye (APC, Kogi West) to put together a substantive motion and present it to the Senate for a more comprehensive debate on Tuesday as a step to conducting an investigation into the allegation. Leadership takes a new dimension to the economic debate: “Nickel Deposit Can Generate $400bn for Nigeria – Bwari”.
Speaking on the value of the discovered mineral, he pointed out that despite the collapse of global mineral and oil prices, nickel is still sold for as high as $10,000 dollars per tonne in the world market. The minister explained that the discovery was only a surface exploration and that full exploration had yet to be carried out in the area, adding that exploration and exploitation could reveal more deposits.
Leadership recalls that The Australian, a national newspaper published in Australia, had revealed that a private mining syndicate had made a potential world class and highly unusual nickel discovery in Nigeria. The newspaper reported that the private mining syndicate was headed by Hugh Morgan, a mining industry veteran. It noted that, “The discovery is unusual because nickel is found in small balls up to 3mm in diameter of a high purity in shallow soils in what could be the surface expression of a much bigger hard-rock nickel field.
“The nickel balls rumoured to grade better than 90 per cent nickel and thought to be a world first given their widespread distribution, offer the potential for early cash-flow from a simple and low-cost screening operation to fund a full assessment of the find that has exploration circles buzzing.” “The discovery of this particular nickel is unique, in the sense that while most nickel discoveries have 53-58% purity, the one discovered around Kafanchan in Kaduna state has 98% purity, it is world class and has high commercial value,” said Bwari.
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