Wednesday, 21 September 2016

Nigeria must consider oil asset sales - Saraki

THE Senate yesterday asked the federal government to stop the blame game and get the nation’s economy out of recession, saying Nigerians were hungry. It also urged the government to raise capital from asset sales to shore up the nation’s foreign reserves and promised to receive any proposal from the executive arm, including Emergency Power

But in what looks like a discordant tune from the government agencies, The Revenue Mobilisation Allocation and Fiscal Commission disagreed with Senate on the sale of Nigeria Liquefied Natural Gas (NLNG) and other Federation Assets being proposed during an interview with a cable Television station, the CNBC Africa as a way of augmenting the current revenue shortfall as a result of economic recession.

In a press statement signed by the Commission’s Acting Chairman, Shettima Umar Abba Gana, RMAFC argued that it would be unwise for the Federal Government to dispose of its crown jewels that generate revenue and keep the Federation Account healthy over the long term. Citing the NEITI 2013 audit and financial report of Nigeria’s oil and gas industry, RMAFC disclosed that the sum of $12.9 billion was received by NNPC from the Nigeria Liquefied Natural Gas (NLNG) Company over an eight-year period which the Corporation did not remit to the Federation Account. The audit according to the Commission also revealed that Nigeria Liquefied Natural Gas (NLNG) Company paid the sum of $1.289 billion as dividends for 2013.

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Source: Vanguard Online News