President Muhammadu Buhari-led federal government is considering selling some of its stakes in oil joint ventures to raise about $3 billion (about N1 trillion) in order to reduce the deficit for 2018 budget, DailyTrust gathered.
According to the newspaper, the planned asset sales proposal is contained in the FG’s Economic Recovery and Growth Plan, released by the Ministry of Budget and National Planning.
It said that the government’s stakes in other oil and non-oil assets would be significantly reduced.
Recall that the debate on the sale of oil assets to fund the budget started in 2016 when eminent Nigerians such as the former governor of Central Bank of Nigeria (CBN) and now Emir of Kano, Muhammadu Sanusi II, the President of Dangote Group Alhaji Aliko Dangote, and the present governor of the CBN, Godwin Emefiele urged the government to consider disposing some stakes in the joint venture agreement or the oil refineries to raise fund for development.
The government jettisoned the suggestion due to the pressure from activists and some lawmakers. However, sources said the government is now considering the idea as the feasible option to reduce its financial burden.