The Federal Government is considering selling some of its stakes in oil joint ventures to raise about $3 billion (about N1 trillion) in order to reduce the deficit for 2018 budget, Daily Trust has reported.
The proposed 2018 budget of N8.6trillion has about N3.3trillion deficit, according to the details of the 2018-2020 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) seen by Daily Trust.
The asset sales proposal is contained in the FG’s Economic Recovery and Growth Plan, released by the Ministry of Budget and National Planning.
It said that the government’s stakes in other oil and non-oil assets would be significantly reduced.
The debate on the sale of oil assets to fund the budget started in 2016 when eminent Nigerians such as the former governor of Central Bank of Nigeria (CBN) and now Emir of Kano, Muhammadu Sanusi II, the President of Dangote Group Alhaji Aliko Dangote, and the present governor of the CBN, Godwin Emefiele urged the government to consider disposing some stakes in the joint venture agreement or the oil refineries to raise fund for development.
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FG to raise N1trillion from sale of oil assets
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