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Recession 'Why we need to sell off national assets' - FG

Government said execution of the key infrastructural projects mapped out to support the economic diversification agenda has become impossible.

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The Federal Government has said it has no choice than to sell some of the country's national assets to enable it fund the expenditure of government contained in the 2016 budget.

It said execution of the key infrastructural projects mapped out to support the economic diversification agenda has become impossible due to the unexpected shortfall in government revenue.

The Minister of Budget and National Planning, Senator Udo Udoma said this in a statement issued on Saturday, September 24, by his Media Adviser, Mr Akpandem James.

He explained that the government has lost almost half of its expected revenue this year, which prompted the Economic Management Team to urgently work out a fiscal stimulus plan.

This plan is to generate large funds to be injected into the economy.

The funds, according to him, will be injected through proceeds of asset sales, advance payment for license rounds, infrastructure concessioning, use of recovered funds, among others.

ALSO READ: CACOL condemns calls for FG to sell national assets

Udoma, however, noted that the fiscal stimulus plan, is to source immediate funds to reflate the economy, and not to sell off all major critical national assets.

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