That Nigeria is in recession is no longer news. The government has been making efforts to turn things around and one of the latest strategies is the plan to sell-off some national assets to finance the deficit in the budget, the less attractive option is to take loan. This has generated lots of arguments among stakeholders in the country.
The countries revenue has continued to drop following the fall in oil price and worsened by the militancy in the Niger Delta.
Supporters of the sale of the assets argued that the sale was necessary to source for quick fund to strengthen the foreign reserve, implement the budget and take the country out of recession. They opined the sale will save the country from taking loan which might increase the debt burden of the country.
Government tried to back up its argument with the possibility for a buy back once the economy returns to normal but this has not been convincing enough for the naysayers.
Those speaking against the move argued that the sale will not favour the country and might not take the nation out recession but worsen the situation of things. They said similar policies in the past had resulted to acquisition of critical assets by rich politicians with questionable sources of wealth and loss of jobs of ordinary citizens.
They also drew attention to the possibility of the money realized being looted by the few in government which will take the country back to square one.
It is speculated that about 25% of the nation’s budget goes to the National Assembly as argued by the former Governor of the Central Bank of Nigeria (CBN) and now Emir of Kano, Sanusi Lamido, then of what benefit is the sale?
Organised labour unions: NLC, TUC, NUPENG and PENGASSAN have threatened to go on strike if government refuses to drop the idea.
As a Nigerian, what do you think is the way forward on this issue?