Nigeria Puts TBS, National Theatre, Others For Sale

  • There are strong indications that the federal government has concluded plans to sell the Tafawa Balewa Square (TBS), the National Arts Theatre and some selected power plants under the National Integrated Power Projects (NIPP) to generate sufficient revenue to finance the country’s annual budgets for the next three years (2018-2020).
    This disclosure was made by the Director General of Budget Office, Ben Akabueze, while speaking with the House of Representatives Joint Committees on 2018-2020 Medium Term Expenditure Framework (MTEF)/ Fiscal Strategy Paper (FSP).
    He further said that the Federal Government’s non-core assets from the mines and steel sector like houses and estates 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 said 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, adding that the aspect had been factored into the 2018 budget.
    The country, he said, was generating too little revenue, hence it was expedient to borrow.
    The Director General of Budget Office added 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.
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