Nigeria’s Senate President, Dr. Abubakar Bukola Saraki, has asked the Federal Government to sell the Nigeria Liquefied Natural Gas Limited, the country’s refineries and regional airports for Nigeria to break out of recession.
Saraki released the statement at the resumption of the Senate from eight weeks annual break.
Chairman of Dangote Group of Companies, Aliko Dangote, told CNBC over the weekend, that the only way Nigeria can get out of recession is to sell its share in Nigeria Liquefied Natural Gas and African Finance Cooperation.
“The Executive must raise capital from asset sales and other sources to shore up foreign reserves.
“This will calm investors, discourage currency speculation and stabilize the economy.
“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 the privatization and concession of major/regional airports and refineries,”he said.
According to Saraki, during the recess, he interacted with various groups in Kwara State who asked that everything should be done to put an end to the suffering of Nigerians.
Saraki, therefore, advised the Federal Government to, among other things, put in place a pro-business leadership-level engagement platform with the private sector to boost market confidence in the economy.
He also advised the government to raise money from sale of assets to shore up foreign reserves, calm investors and discourage currency speculation.
“The Federal Government should engage in meaningful dialogue with aggrieved militants in the Niger Delta and avoid an escalation of the conflict in the region.
“The National Assembly is very ready to play any role in the process.
“The Federal Government must consider tweaking the pension funds policy within international best practice safeguards to accommodate investment in infrastructure and mortgages.”
He also called on the lawmakers to pass relevant laws in the area of legislation.
He said: “We must ensure the passage of the Petroleum Industry Bill as soon as possible to stimulate new investment and boost oil revenue.
“As we all know, this bill is long in waiting and is very crucial for vital investment in the oil and gas sector.
“We will immediately begin the process of accelerating bills aimed at reforming the sub-sector for growth and accessibility. We must also explore the possibility of backing certain key government policies with legislation”, he said.