Africa richest man, Aliko Dangote simple solution to Nigeria recession in an interview with CNBC, he advised President Buhari to embark on a wave of asset selling to boost the recession-hit economy.
“I think the real challenge for us is now for us to have the political will in terms of selling some assets such as the NLNG (Nigerian Liquefied and Natural Gas) among others” Dangote said.
“I think it’s an easier route to recession solution than the IMF (International Monetary Fund) or the World Bank to borrow money, because what you need to do is actually to beef up the reserves.”
Aliko Dangote made the statement before Nigeria’s credit rating was downgraded to B from B+ by S&P Global Ratings on Friday.
However, this is coming after the Senate President, Bukola Saraki recommended the sale of some national assets to get Nigeria out of its current recession. He said this during his welcome address to Senators at the resumption of plenary on Tuesday.
The RMAFC’s Acting Chairman, Alhaji Shettima Abba-Gana, was reacting to Alhaji Aliko Dangote and Nigerian Senate’s suggestion that Nigeria`s assets be sold off to augment the current revenue shortfall being experienced by the nation following the economic recession.
Abba-Gana, in a statement, said it would be unwise for the Federal Government to dispose of its crown jewels which were generating revenues and keeping the Federation Account healthy over a long term.
He cited the NEITI 2013 Audit and Financial Report of Nigeria’s oil and gas industry, adding that 12.9 billion dollars was received by the NNPC from NLNG over an eight-year period.
He added that the NNPC, however, did not remit the amount to the Federation Account, saying that the audit showed that NLNG paid 1.2 billion dollars as dividends for 2013.
He said, “It is the considered view of the commission that Nigeria’s assets like NLNG and other strategic national resources should not be sold to meet short-term financial obligation.”
He said that the amount needed from the sale of the assets could be borrowed from the International Monetary Fund.
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