These are the 2 conditions under which FG will sell properties

monjola sotubo

September 27, 2016 2:04 PM

The FG said that it would sell the assets to raise much needed funds to end the recession.

Nigeria's Finance Minister Kemi Adeosun speaks at a news conference in Lagos, Nigeria, April 9, 2016. REUTERS/Akintunde Akinleye

The Federal Government has listed two conditions under which it will

The FG earlier said that it had no choice but to sell the assets in order raise much needed funds to end the current recession.

The two conditions are: 1. Insertion of a repurchasing clause in the assets sales agreements and 2. No outright sale of assets in question.

“The Federal Government has no plan to sell off its shares outright in the LNG, where it owns 49% shares. The balance 51% is owned by private foreign interests. The Federal Government doesn’t own the entire gas company and will certainly not sell off its entire shares, but it’s open to the possibility of selling down its 49% ownership by 5% or thereabout,” a Presidency source told The Nation.

“Just as in other potential asset sales, there would be a repurchase option that guarantees the Federal Government’s opportunity to buy back any such assets if circumstances change anytime in the future,” the source added.

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Meanwhile, Finance Minister, Kemi Adeosun has responded to critics of the assets sale saying that even Saudi Arabia is selling assets to raise funds.

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