FG Plans To Sell Tafawa Balewa Square To Fund 2023 Budget Deficit

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In the midst of Nigeria’s fiscal disaster, the Federal Government of Nigeria is reportedly compiling a list of assets that will be sold or ‘concessioned’ to fund the N10.7 trillion budget deficit in 2023.

The government is considering selling or concessioning the Tafawa Balewa Square (TBS) in Lagos, as well as all of the National Integrated Power Projects in Olorunsogo, Calabar II, Benin (located at Ihorbor), Omotosho II, and Geregu II plants, according to Ministry of Finance, Budget, and National Planning sources.

The government also intends to sell or lease all hydropower plants in the country, including the Oyan, Lower Usuma, Katsina-Ala, and Giri plants.

More than 25 of these projects will be turned into active assets that will generate revenue for the federal government in some way.

Some will be offered to investors in exchange for equity, while others will be completely sold to reduce waste.

The government is also interested in revenue from the free zones of Calabar and Kano, as well as the Abuja Water Board, the Aluminium Smelter Company of Nigeria, the National Film Corporation, the National Theatre, and the Lagos International Trade Fair.

The Bureau of Public Enterprises confirmed that the list of assets to be concessioned was being compiled.

According to Uzoma Chidi Ibeh, the BPE’s Head of Public Communications, there is currently no bidder for the assets.

“The list is being assembled. “We don’t have a bidder yet, but we have a list of all the assets,” he told Punch.

He stated that the government’s interest was to have genuine investors rather than firms that would steal the nation’s assets.

The government is also interested in revenue from the free zones of Calabar and Kano, as well as the Abuja Water Board, the Aluminium Smelter Company of Nigeria, the National Film Corporation, the National Theatre, and the Lagos International Trade Fair.

“Capability is more important. “We don’t want someone who will be stealing national assets,” he said, noting that the goal of the effort was to fund the fiscal year 2023 budget.

 


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Gbenga Elebiyo

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