FG set to sell National Theatre, other key assets to fund budget

dimeji akinloye

November 28, 2017 7:39 PM

FG says the power generation plants constructed by the Niger Delta Power Holding Company (NDPHC) under the NIPP on behalf of the government will also be sold.

The Director-General of the Budget Office,

Akabueze disclosed this on Monday, November 27, at a public hearing organised by the House of Representatives joint committees on finance, appropriation, loans, debts and aids on the 2018-2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

According to him, some of the assets would be used to finance the 2018 budget.

Akabueze also told the Committee that the power generation plants constructed by the Niger Delta Power Holding Company (NDPHC) under the NIPP on behalf of the government will also be sold.

Some of the NIPP expected to be sold include Alaoji Power Station in Abia State, a 1074 Mega Watts (MW) capacity plant; the 561MW capacity Calabar Power Station; the Egbema Power Station, a 338MW simple cycle gas turbine plant and Geregu II Power Station in Kogi State with 434 MW capacity.

Also to be sold are, the 450MW Ihovbor Power Station in Benin City; Olorunsogo Power Station, a 336MW plant located at Olorunsogo; Olorunsogo II Power Station with combined cycle gas turbine of 675 MW capacity; the Omoku II Power Station in Omoku with 225 MW capacity. Also to be sold are Omotosho II Power Station with 450 MW capacity and Sapele Power Station with 450 MW capacity.

Other items to be sold are non-core assets from the mines and steel sector, houses, and estates.

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He said proceeds from privatisation of key government assets were factored in the 2018 budget, to finance especially the budget deficit of N2.005 trillion, much of which will be financed through domestic and foreign.

The Director-General also noted that the country is generating too little revenue, therefore it is crucial to borrow.

dimeji akinloye