BEVERLY HILLS, September 21, (THEWILL) – Senate President, Bukola Saraki, has suggested the sale of some shares in the Nigerian Liquefied Natural Gas (NLNG) Limited as a way of ending the recession in the country.
Saraki, who promised that the Senate would work with the Executive to get the economy out of recession, also called for a reduction of government share in upstream oil joint venture operations; and sale of government stake in financial institutions (such as Africa Finance Corporation) and privatisation and concession of major/regional airports and refineries.
THEWILL recalls that Aliko Dangote had echoed such sentiments as he called for the sale of some national assests to ward off the recession.
Saraki, while welcoming Senators after its recess, said the Executive must raise capital from asset sales and other sources to shore up foreign reserves.
“This will calm investors, discourage currency speculation and stabilise the economy,” he said.
“The measures should include part sale of NLNG Holdings; reduction of government share in upstream oil joint venture operations; sale of government stake in financial institutions e.g. Africa Finance Corporation; and privatisation and concession of major/regional airports and refineries.
“Many times experts have quipped that Nigeria is finished, but we come back stronger. This occasion will not be any different. But it will not happen by a slogan! No, it will take positive leadership and unity.
“Never in our history has the need to show leadership and unity been more acute, more urgent than now. We cannot afford to play politics with our situation. As a parliament, we are in this together with the Executive and the Judiciary, we cannot afford to fail Nigerians.
“My expectation is that by the time we are done with our debate we should make key actionable recommendations to the Executive on what this chamber sees as the way forward in the immediate, mid-term and long-term solutions to this situation.
“And as representatives of our people we must follow up through regular oversight and pressure on the Executive to ensure that they deliver on our recommendations. On our path, however, we are ready to pass the legislative measures that will facilitate our quick exit from this recession.”
Story by David Oputah
