SAN FRANCISCO, November 27, (THEWILL) – The Federal Government has concluded plans to sell the Tafawa Balewa Square (TBS) Lagos and the National Arts Theatre, also in Lagos, to generate sufficient revenue to finance the country’s annual budgets for the next three years (2018-2020).
This was disclosed by the Director General of Budget Office, Ben Akabueze, who told the House of Representatives Joint Committees on 2018-2020 Medium Term Expenditure Framework (MTEF)/ Fiscal Strategy Paper (FSP) about the plan.
He added that the Federal Government’s non-core assets from the mines and steel sector like houses and estates including some selected power plants under the National Integrated Power Projects (NIPP) are part of items slated for sale.
According to Akabueze, items for the 2018 budget would be financed from the revenue garnered from sales of the key government assets as well as national parks.
He stated that proceeds from the privatisation of the assets would be used to finance the budget deficit of N2.005 trillion, much of which will be financed through domestic and foreign borrowings.
He declared that the country was generating too little revenue, hence it was expedient to borrow saying that the reverse would be the case, if actually the assets were generating revenues.
“We are generating too little revenue, hence we are borrowing. If we generate enough, borrowing ratio will drop,” he said.
The Minister of State for Budget and Planning, Hajia Zaniab Ahmed; representative of the Governor of Central Bank, Adelabu R.A.; and Executive Chairman, Federal Inland Revenue Services (FIRS) Dr. Tunde Fowler made presentations during the session.
Also present were the Permanent Secretary, Ministry of Finance, Alhaji Mohammed Isa Dutse, who represented the Minister of Finance, Mrs. Kemi Adeosun; and the Comptroller-General of Customs, Col Hameed Ali who was represented by a Deputy Comptroller General of Customs, Alu S.R.
