The National Economic Council, which comprises Vice-President Yemi Osinbajo and 36 state governors, has endorsed plans by the Federal Government to sell some national assets as part of efforts to address the current economic recession in the country.
The governors, at the meeting of the NEC yesterday in Abuja, gave backing to the Minister of Budget and National Planning Udoma Udo Udoma and his Ministry of Finance counterpart, Mrs. Kemi Adeosun for their policies, which they said are tailored to revive the economy.
Briefing State House correspondents after the closed-door meeting, the Deputy Governor of Ogun State, Yetunde Onanuga, said that the Central Bank would henceforth adopt best options to manage the situation.
Central Bank governor, Godwin Emefiele had recommended the sale of some national assets in order to save the country from economic recession.
Former CBN governor, Emir Sanusi had also urged the FG to sell some national/oil assets to private investors to alleviate the economic recession.
Africa’s richest man, Alhaji Aliko Dangote, has also joined the league of industrialists asking the government to embark on a wave of asset selling to boost Nigeria’s recession-hit economy.
Some of the assets recommended for sale are Government shares in Joint Venture Companies (JVCs), Government shares in Nigeria Liquefied Natural Gas (NLNG) ,Some aircraft in the presidential fleet, Kaduna refinery. Port Harcourt refi and Warri refinery.
The meeting also discussed government’s target of N1billion fund for Public Private Partnership (PPP) on housing development and mortgage provision. The money is expected to deliver family housing priced from as low as N2.5 million up to N18 million delivered in a ready-to-occupy condition with essential services (water and power connected).
The delivery target is 400,000 to 500,000 housing units per annum. Finance Minister,Adeosun reported to the council that N50 billion has so far been disbursed to state governments and that the project is ongoing.