ADVERTISEMENT
The Sun Nigeria
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
The Sun Nigeria
No Result
View All Result
ADVERTISEMENT
Home Editorial

Don’t sell public assets

27th January 2021
in Editorial
0
Trouble for tax evaders as FG inaugurates Project Lighthouse committee
0
SHARES
172
VIEWS
Share on FacebookShare on Twitter

At the recent ministerial briefing on the 2021 federal budget, the Minister of Finance, Budget and National Planning, Zainab Ahmed, stated that the Federal Government would sell some government-owned assets to fund the 2021 budget. She said the assets would be sold to the private sector because they had become moribund and could no longer be managed by the Federal Government. However, she did not mention the assets slated to be sold. The plan came on the heels of binge borrowing from domestic and external markets. Already, the N13.58 trillion national budget has a deficit of N5.5trillion, representing about 67 per cent of the revenue estimates while N3.3trillion or 25 per cent is appropriated for debt servicing. 

There is no doubt that all of this has put pressure on government to raise additional funds to finance the budget, either through more borrowing or outright sale of some critical national assets. Earlier, the government has planned to borrow N850billion from unclaimed dividends and dormant account balances of individuals and corporate bodies under the Special Trust Fund. The move, the Finance Minister explained, followed the need for cheap funds to mitigate further economic crisis arising from the COVID-19 pandemic that has had a great toll on the economy and livelihoods.                      

State governments also made moves to borrow trillions of naira from pension fund, a plan that has been strongly opposed by stakeholders across the country. Besides, the plan to sell national assets to fund 2021 budget is reportedly anchored on the 2020 Finance Act (Amendment) Bill signed on December 31, 2020, by President Buhari. It provides, among other things, that the Debt Management Office (DMO) shall supervise the operations of the fund.                    

Expectedly, many Nigerians have slammed the government over the plan to sell critical national assets to fund the budget. We caution against it because there is no guarantee that the process will be transparent and the proceeds judiciously utilised for the purpose. Therefore, government should listen to Nigerians on the issue and stop forthwith the sale of the assets. Government should be creative and seek alternative means of generating more revenues other than the sale of important national assets. The government must not rely on idle funds and dormant accounts to fund the budget or execute some developmental projects.      

Doing so will be counter-productive. It should go back to the drawing board and think of pragmatic ways to generate more revenues. Moreover, the assets are our national heritage that should not be tampered with in the guise of raising revenue for the budget. Our experience with the privatisation of the defunct Nigerian Electric Power Authority (NEPA), Nigeria Ports Authority (NPA), Nigeria Telecommunications, among others, does not recommend further sale of our national assets. Instead of selling them, government must learn how to profitably manage the assets. Government should also think of how to tackle growing poverty and unemployment among Nigerians. It is sad that Nigeria is the poverty capital of the world, with an average of 19,000 people drifting below the Global Poverty Index (GPI) per day and home to the third largest unemployment rate, with about 105 million people unemployed. The situation is worsened by rising debt stock, insecurity, high cost of governance and corruption.                          

Let the cost of governance be drastically reduced. To this end, government must cut salaries and allowances of public officeholders, increase tax on luxury goods, as well as curb corruption in many government’s Ministries, Departments and Agencies. We also enjoin the government to seek help from experienced professionals in formulating policies and managing the economy. There is need to vigorously diversify the economy by investing in areas that are yet to be explored.              

While seeking alternative sources of revenue, the government should try to rebuild trust in the citizens.  In all, government should come up with effective measures to save the economy. In this respect, the National Assembly has a constitutional and oversight responsibility to protect valuable public property and ensure a responsible budget spending. It can do that now by reviewing and repriortising certain areas in the 2021 budget. 

Tags: Budget and National Planningminister of financezainab ahmed
Rapheal

Rapheal

Related Posts

We’re ready for election –INEC
Editorial

Delivering the best poll in 2023

5th August 2022
… We’ll accommodate banned Okada riders –TC chair
Editorial

Proposed nationwide ban on commercial motorcycles

4th August 2022
Suspected herders kill 2 NSCDC personnel, 3 others in Benue
Editorial

The plans to attack Lagos, others

3rd August 2022
Next Post
Higher philosophy of christian marriage (12)

Higher realities of spiritual life (3)

Reactions to my series on Atiku winning 2019 poll (3)

Security: Buhari, be careful with Ondo State & S-W in general

Just U Magazine honours Adewale Adebajo CEO, UT Financial Services Nigeria Ltd in Lagos.

Just U Magazine honours Adewale Adebajo CEO, UT Financial Services Nigeria Ltd in Lagos.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Highlights

We’ll systematically dismantle PDP in Enugu – Edeoga

Ex-IG, Tafa Balogun, dies at 74

Ekweremadu remains in custody as UK court adjourns hearing till Oct 31

Nigeria’s energy policy prioritises rapid integration of solar power –Buhari

Nigeria can’t progress without restructuring –Atiku

How to tackle terrorism, banditry – Osinbajo

Trending

2023: Atiku, Wike meet over party crisis
Politics

2023: Atiku, Wike meet over party crisis

5th August 2022
0

From Ndubuisi Orji, Abuja Peoples Democratic Party (PDP) president candidate, Atiku Abubakar, and the Rivers State Governor,...

End protest now, Tinubu tells youths

2023 and curse of phantom Bishops

5th August 2022
Wabara, Abaribe, youths, others reject zoning to Abia North, Central

Abia 2023: Okey faults Emenike’s statement on APP’s formation

5th August 2022
Edo guber: Labour Party, APC trade words

We’ll systematically dismantle PDP in Enugu – Edeoga

5th August 2022
Ex-IG, Tafa Balogun, dies at 74

Ex-IG, Tafa Balogun, dies at 74

5th August 2022
ADVERTISEMENT

Follow us on social media:

Latest News

  • 2023: Atiku, Wike meet over party crisis
  • 2023 and curse of phantom Bishops
  • Abia 2023: Okey faults Emenike’s statement on APP’s formation
  • We’ll systematically dismantle PDP in Enugu – Edeoga
  • Ex-IG, Tafa Balogun, dies at 74
  • Ekweremadu remains in custody as UK court adjourns hearing till Oct 31
  • Nigeria’s energy policy prioritises rapid integration of solar power –Buhari
  • Nigeria can’t progress without restructuring –Atiku
  • How to tackle terrorism, banditry – Osinbajo
  • Train attack: Negotiator faults govt approach in securing victims’ release
  • APC’ll conclude North-West reconciliation before campaign
  • On Omatseye’s ‘Obituary’
  • TETFund gives state institutions 3 weeks ultimatum to account for intervention funds
  • AfDB official attributes Nigeria’s stunted growth to bad governance, insecurity
  • Sanwo-Olu appoints 7 new advisers
  • Internal security and questions around capacity of Nigerian military
  • Moslem/Moslem ticket based on political strategy –Umenzekwe
  • Oyebanji lauds court verdict on Ekiti APC gubar primary
  • 3.6m indirect jobs created through $1.1bn externally funded projects –FG
  • SEC warns against unregistered investment crowdfunding platforms

Categories

  • Abuja Metro
  • Anambra Watch
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • Change of Name
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun

© 2019 The Sun Nigeria - Managed by Netsera.