Wednesday, September 21, 2016

NLNG Sale: Nigerian Commission Advises Buhari Against Dangote's Solutions to Economic Recession

Nigerian billionaire and entrepreneur, Aliko Dangote earlier advised President Muhammadu Buhari to sell off the country's asset, NLNLG and others to boost the foreign serves of Nigeria and survive recession promptly.
Aliko Dangote
The Revenue Mobilisation Allocation and Fiscal Commission on Tuesday said that Nigerian Liquefied Natural Gas and other federation assets should not be sold to meet the country’s financial obligations.
This is also coming after the President of the Senate, Bukola Saraki recommended the sale of some national assets to get the country out of its current recession. He said this during his welcome address to Senators at the resumption of plenary on Tuesday.

The RMAFC’s Acting Chairman, Alhaji Shettima Abba-Gana, was reacting to Alhaji Aliko Dangote and Nigerian Senate's suggestion that the country`s assets be sold off to augment the current revenue shortfall being experienced by the nation following the economic recession.

Abba-Gana, in a statement, said it would be unwise for the Federal Government to dispose of its crown jewels which were generating revenues and keeping the Federation Account healthy over a long term.

He cited the NEITI 2013 Audit and Financial Report of Nigeria’s oil and gas industry, adding that 12.9 billion dollars was received by the NNPC from NLNG over an eight-year period.

He added that the NNPC, however, did not remit the amount to the Federation Account, saying that the audit showed that NLNG paid 1.2 billion dollars as dividends for 2013.

He said, “It is the considered view of the commission that Nigeria’s assets like NLNG and other strategic national resources should not be sold to meet short-term financial obligation.”

He said that the amount needed from the sale of the assets could be borrowed from the International Monetary Fund.

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