FG earns N1trn from privatisation – Osinbajo

The federal government has realised N1trillion from sales of government companies since the inception of the National Council on Privatisation and its precursor (Technical Committee on Privatisation and Commercialisation (TCPC), Vice President Yemi Osinbajo has said. Osinbajo disclosed this when he inaugurated the reconstituted  National Council on Privatisation (NCP)  in Abuja, the Bureau of Public […]

The federal government has realised N1trillion from sales of government companies since the inception of the National Council on Privatisation and its precursor (Technical Committee on Privatisation and Commercialisation (TCPC), Vice President Yemi Osinbajo has said.

Osinbajo disclosed this when he inaugurated the reconstituted  National Council on Privatisation (NCP)  in Abuja, the Bureau of Public Enterprises (BPE) said in a statement on Tuesday.

“Nigeria has realised about N1trillion in proceeds for the federal purse, arising from completed transactions and reforms that have contributed significantly to the country’s overall economic development”, the vice president was quoted as saying.

Analysts have anticipated that the many previously state owned enterprises privatised were supposed to expand the private sector, provide infrastructure and utilities more effectively, and attract investment.

Unfortunately, privatisation has not had the result of turning Nigera’s owned enterprises around. Several years after the breakup of the power authority and the eventual sale of the power firms, citizens and industries still don’t have a reliable power supply.

Although the country has an installed capacity of 12,522 MW, it is only able to generate around 4,000 MW, which is insufficient for the population of 200 million. Added to that are price hikes, a variety of tariffs and estimated billing.

The Vice president tasked members of the reconstituted National Council of Privatisation (NCP) to tackle new transactions and reform activities of the federal government as well as resolve some of the thorny economic issues that are critical to the country’s economic development.

The VP said, “The inauguration marks another milestone in our administration’s drive towards economic rejuvenation and liberalisation as the pathway to unleashing the immense potential of Nigeria’s economy.”

He listed the thorny economic issues as current and emerging challenges in the reform of the National Electric Power, continuation of the reform in the River Basin Development Authorities and National Parks sub-sector and reform of the transport sector.

While charging the members to conduct the reform programme in a transparent, sustainable, credible and widely accepted manner, Osinbajo who is also the NCP chairman noted that, “We are required to take appropriate steps to ensure that the interests of the various segments of our society, particularly the ordinary citizens, are protected in the implementation of the reform programme.”

Apart  from the vice president, who is the chairman, other statutory members of the reconstituted NCP are: the Vice Chairman and Minister of Finance, Budget and National Planning, Mrs (Dr) Zainab Shamsuna Ahmed, Minister of Trade, Industry and Investment, Otunba Richard Adeniyi Adebayo, Attorney-General of the Federation and Minister of Justice, Mallam Abubakar Malami (SAN), Secretary to the Government of the Federation (SGF), Mr Boss Gida Mustapha, Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, and Special Adviser to the President on Economic Matters, Dr Adeyemi Dipeolu.