Labour kicks as Saraki joins call for sale of oil assets
The President of the Senate, Bukola Saraki, on Tuesday itemised measures he said the Executive must take to take Nigeria out of recession.
The measures include the partial sale of the Nigeria LNG Limited and the reduction of government shares in upstream oil joint venture operations.
He also recommended the sale of government’s stakes in financial institutions like the Africa Finance Corporation and the privatisation and concession of major/regional airports and refineries to private operators.
Saraki made the suggestions in his address of welcome, which he read to his colleagues at the resumption of plenary.
According to him, the current economic recession transcends political parties, as well as religious and socio-cultural divides.
The Senate president noted that the economic problem facing the nation was a collective problem and should be treated as such.
He stressed that the Executive must begin to take steps to show not only Nigerians but the international community as well as local and foreign investors that the nation was ready to reform and do business.
Saraki said, “The Executive must immediately put in place a leadership-level engagement platform with the private sector. This must be one that is pro-business and shows unequivocally that the government is ready to partner the private sector towards economic revival. This is a critical signpost towards market confidence, which is a key ingredient to help us revamp the economy out of recession.
“The Executive must raise capital from asset sales and other sources to shore up the foreign reserves. This will calm investors, discourage currency speculation and stabilise the economy.
“The measures should include part sale of the NLNG Limited; reduction of government’s shares in upstream oil joint venture operations; sale of government’s stake in financial institutions e.g. Africa Finance Corporation; and the privatisation and concession of major/regional airports and refineries.”
The Senate President also insisted that the Executive should consider tweaking the pension funds policy within international best practice safeguards to accommodate investment in infrastructure and mortgages.
He stated, “The Executive and CBN must agree on a policy of monetary easing to stimulate the economy and harmonise monetary and fiscal policies until economic recovery is attained. We must ensure that local government borrowing does not crowd out credit for the private sector.
“The Executive must re-tool its export promotion policy scheme with export incentives such as the resumption of the Export Expansion Grant; and introduce export-financing initiatives. The Executive is urged to engage in meaningful dialogue with those aggrieved 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 and offer ideas on approaches that will deliver quick win-win in order to move the region and the economy forward.
“The Executive must as a deliberate response consider immediate release of funds to ensure the implementation of the budget for the near short term to inject money into the economy.”
However, the Nigeria Labour Congress and the Trade Union Congress faulted the call by Saraki and other prominent Nigerians for the sale of some national assets.
The General-Secretary, NLC, Dr. Peter Ozo-Eson, and President, TUC, Mr. Bala Kaigama, stated this in separate telephone interviews with our correspondents on Tuesday, while reacting to the call.
Ozo-Eson and Kaigama said that those in the forefront of the move to sell the national assets were being motivated by a desire to acquire them.
Ozo-Eson advised the key players in the President Muhammadu Buhari administration to avoid taking advantage of the economic situation to loot the remaining national assets in the country.
He insisted that acquisition of national assets by those in power was partly responsible for the current economic situation in the country.
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