New privatisation law to bridge infrastructure deficit — Reps

The House of Representatives has said the enactment of the law on privatisation will raise funds to bridge the deficit in public infrastructure. Chairman of the Committee, Ibrahim Makama Misau (APC, Bauchi) at a public hearing on a bill to repeal the Privatization and Commercialization Act 1999, and the enactment of a new law on […]

The House of Representatives has said the enactment of the law on privatisation will raise funds to bridge the deficit in public infrastructure.

Chairman of the Committee, Ibrahim Makama Misau (APC, Bauchi) at a public hearing on a bill to repeal the Privatization and Commercialization Act 1999, and the enactment of a new law on Monday, said the ‘Public Assets Reform Bill 2021 for Improved Efficiency and Management of Public Assets in Nigeria and for Related Matters’ will enable Nigeria to get more value for its assets.

Director General (DG), Bureau of Public Enterprises (BPE), Alex Okoh, said Nigeria has valuable assets which when utilised through privatisation will bring financial stability in the system and drive development.

He said it will further increase government revenue, reduce deficit, increase savings, reduce debt burden and create more opportunities for Nigerians. 

The Minister of Works and Housing, Babatunde Raji Fashola, said most of the public owned companies privatized under the Privatization and Commercialization Act 1999 have disappeared or not functioning.

He urged the law makers to strengthen private enterprises and their activities to ensure a private sector driven economy. 

He said: “I am not against privatization but the role of government in privatization is just policy. I looked at the list of privatized entities and found out that most of them had disappeared”.

Nigeria Labour Congress (NLC) President, Comrade Ayuba Wabba faulted the privatisation process in Nigeria, saying it has taken resources from the poor to fund government infrastructure.

Speaker, House of Representatives Femi Gbajabiamila, who was represented by the House Leader, Alhassan Ado Doguwa (APC, Kano), said stakeholders must strive to contribute positively in the public sector with respect to public assets.