Recession: Ekweremadu, Akume, kick against assets sale

The Nigerian Senate

Some senators on Wednesday kicked against the call by some Nigerians for the sale of the nation’s assets as a means of surviving the current economic recession.

The senators, who spoke on the floor of the senate during a debate on the state of the economy, also called for constitutional amendment to stop sharing of all revenue accruable to the federation account.

Business mogul, Aliko Dangote, had called for the sale of the assets.

Senate President Bukola Saraki also made the call in his welcome address at the resumption of legislative activities by the Senate on Tuesday.

However, the deputy Senate President, Ike Ekwerenmadu, and George Akume, cautioned against the sale of the assets during the debate.

According to them, no country resorts to selling its assets as a way out of economic recession.

Mr. Ekwerenmadu said: “UAE does not even allow you close to oil wells let alone selling them.

“For a country like Saudi Arabia, its budget each year is run by investments from oil revenue.

“Other countries are investing; I am sure we will not be fair to the next generation if we sell off our assets.

“If we must sell, we have to sell the non-performing assets so that people can turn them around and create employment.”

He said the recession had buttressed the importance of savings, and called for amendment of the revenue sharing formula between the federal and state governments to encourage savings.

“We need to amend Section 162 especially from 3,4,5,6 where each money in the federation account is made to be shared,” he said.

Commenting, Mr. Akume advised Nigerians to refrain from calling for assets sale.

He said that the country should focus on recovering stolen funds.

“If we want to sell our oil assets at this time when the price of oil crashed, how much are we going to realise?

“We are making a mistake here; what we are doing is to ensure that those who are within the bracket of the stolen dollars will still come to buy,’’ he said.

Mr. Akume said the country should rather focus on industrialisation through agriculture.

The senator also called for the review of the revenue sharing formula to encourage savings, saying states should not insist on sharing revenue.

Mr. Shehu Sani (APC Kaduna Central) also urged the review of the revenue sharing formula.

He said that sharing all revenues contributed to Nigeria’s economic crisis.

“The situation whereby states come to Abuja every month to collect cheques and then go back to execute capital and recurrent expenditure has made impossible any initiative to boost our economy,” he said.

Mr. Sani called on state governments to look into ways to improve their internally generated revenue rather than relying on the federal allocation.

(NAN)

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.


  • Economist Millenium

    President Buhari wants to take the lazy option. He has no plan on how to get Nigeria out of economic recession.

    There’s simply no sense in selling revenue generating assets for temporary reprieve only to be broke soon.

    Both the Liquefied Natural Gas and the NNPC are two key revenue generating assets after Customs tax.

    It is very daft of Aliko Dangote to suggest selling such assets when he has not suggested selling off the

    machines inside the Dangote Flour Mills and noodles sections, to pay his local debts to commercial banks.

    • Es3

      Of course, it has always been the easy way out for the ‘dead brains” through the ages!

      APC, CHAINS!!!!!!!!!!

    • dele20

      Stop deceiving yourself, PMB is really working great, very soon, he will deliver

  • amusbay

    these are the good people ,that are working toward Nigeria develomental process,selling our asset to who, how much, why, who will manage it?. Governors should desist from resting on sharing money from ABUJA.

  • Ace777

    @amusbay:disqus

    Look, look, look!!!

    All these things i am reading here tell me one thing. Nigerians want to take their country back.
    They don’t have faith in President Buhari. Nigerians don’t think that President Buhari has the
    knowledge or even ability to solve this economic recession issue with 17.6% inflation on top.

    All the things President Buhari has been hinting he wants to do have been roundly rejected
    by Nigerians, without any exception. That means the Buhari government is not making sense.
    Not that the government made any sense before O, but it’s only become more obvious now.

  • FreeNigeria

    Look at them, Dangoate and Sarathieve, why don’t you both just sell the whole Nigeria, then buy it too.

  • Chukwuka Okoroafor

    Well maybe selling assets doesn’t happen but countries do cut the size of their government and bureaucracy. Nigeria really should look in to doing so. Buhari has done some of this to his credit but more should be done.

  • agbobu

    DO YOU MEAN RE-JIG OR YOU SHOULD ASK YOUR PDP GANG OF VERY MASSIVE
    LOOTERS TO RETURN ALL THE MONEY AND WEALTH THEY VERY SHAMELESSLY AND
    VERY RECKLESSLY LOOTED. YOUR GROUP IS PART OF THE PROBLEM AND SO YOU
    CAN NEVER BE PART OF THE SOLUTION. YESTERDAY IT WAS SARAKI WHO WANTS
    NIGERIA TO SELL HER OIL ASSETS, SO THAT YOU CAN SQANDER THE MONEY ON
    YOURSELVES, BY PAYING YOURSELVES VERY OBSCENE SALARIES AND WAGES AND AT
    THE SAME TIME CLAIMING VERY REDICULOUS ALLOWANCES AND BENEFITS. I
    CAN NOT BELIEVE THAT WHAT I AM READING IS WHAT I AM HEARING. SARAKI HAVE
    YOU ASKED YOURSELF, IF THE SEVICESES YOU RENDER TO US, MERIT THE VERY
    FABULOUS MONEY WE PAY TO YOU IN RETURN? WHETHER WE ARE CHASING BAD
    MONEY WITH GOOD MONEY? SARAKI WHY NOT RECOMMEND THAT NIGERIA, CAN BE
    BETTER OFF WITH ONLY ONE NATIONAL ASSEMBLY AND THEIR SALARIES AND WAGES
    DRASTICALLY REDUCED. SARAKI WHY NOT ADVICE THAT THE VERY HUGE NUMBERS OF
    ASSISTANTS TO MEMBERS OF THE NATIONAL ASSEMBLY BE DRASTICALLY REDUCED.
    SARAKI WHY NOT SAY THAT IF THERE IS GOING TO BE A SECOND CHAMBER, THAT
    THEY MUST BE ON PART TIME BASES AND ONLY DISTINGUISHED PERSONALITIES,
    WHO HAVE SERVED NIGERIA VERY CREDITABELY IN THE PAST WITH VERY
    DISTINGUISED RECORDS SHOULD CONSTITUTE THAT SECOND CHAMBER. SARAKI WHY
    NOT SAY THAT ANY PERSON FOUND GUILTY OF OFFICIAL CORRUPTION, SHOULD BE
    EXCUTED OR AT THE VERY LEAST, SENTENCED TO LIFE IMPRISON AFTER VERY
    THROUGH, VERY DILIGENT, VERY FAIR AND VERY VERIFIABLE LEGAL PROCESS,
    SARAKI WHY NOT SAY THAT THE MEMBERS OF THE STATE ASSEMBLIES AND LOCAL
    GOVERNMENTS SHOULD BE REDUCED AND TO BE ON PART TIME BASISES EXCEPT THE
    PRINCIPAL OFFICERS. SARAKI WHY NOT TELL NIGERIANS THAT THE PECENTAGE OF
    OUR REVERNE WE SPEND ON RECURRENT EXPENDITURE ABOUT 84% OF OUR ANNUAL
    REVENUE IS TOO MUCH, INSANE AND NOT SUSTAINABLE. SARAKI WHY NOT TELL US
    THAT A COUNTRY WITH A MONO OR ONE PRODUCT ECONOMY IS PURE AND UTTER
    MADNESS. THE LISTS GO ON AND ON. UNTILL NIGERIA AND THOSE LIKE YOU IN
    OFFICE ADDRESS THESE FUNDAMENTALS, NIGERIA WILL NOT MAKE ANY PROGRESS
    AND DESERVES TO MAKE NO PROGRESS

  • ayobamiba

    Honestly, I am very very sorrowful reading this news,how can any sensible human being be contemplating selling off Nigerian oil assets simply because oil is selling at $50 dollars per barrel. Was oil made to be sold only at $100 ,if buhari is anything near integrity and sincerity, the first thing he should have done is to operate a lean government by cutting down on all government overheads and recurrent expenditures. Let buhari propose a bill to reduce ministries to maximum 18 and appoint only 18 ministers with every zone producing 3. Again let government reduce their work force to the barest minimum by digitalizing and computerizing all offices ,departments and businesses of government. If government can reduce the monthly salary structure of FG by half ,through downsizing and weeding off of non essential staffs,then buhari must prune down his size office and reduce the advisers and special assistants to not more than 15, then reduce NASS to one house ,Nigeria would be on a good road to recovery. If buhari can’t manage this economy, let him take babangidas example and step aside and wait for that time when oil price will go back to $120 before he will recon test for the presidency. Only a prodigal son shall contemplate selling his fathers assets because of bad market ,no reasonable and sensible human being will ever think of such.buhari have shown that he lacks the capacities to steer Nigeria to safety,so I suggest that he step said for a better person to try.

  • Iweka Okparaocha

    This is the way to turn Nigeria Islamic Nation by selling it’s oil assets and everybody with it (even all Christians) now definitely it is a plan, the hidden agenda of President Buhari and northern region is coming out openly under the sun. This is a conspiracy theory by the President Buhari, Senate President, Saraki, and Dangote. Remember Dangote’s wealth as the richest African man is part of more Northern Arm Generals investment saving and share holders Government money stolen from oil in South East and South-South. And now instead of restructuring, Dangote and Co. want’s to buy the whole Nigeria to shot us up. I believe the Northerners (lslam) is indirectly calling and preparing for war not peace. I say buyer be beware because the oil belong to the land of the Biafrans and we should start by selling the gold mines in the North and River Benue

    • loveNigeria

      you guys should just keep quite with this so call “oil money”, once someone is rich now its oil money. Keep quite and stop attacking Northerner and Islam, I think some people are sick and got psychiatric problem and don’t want anything Northerner or Islam. These two entities has come to stay, so please have a way to accept and live with it, or go roast. What is special about South east, ok let me tell you…most of your millionaires got there riches in Lagos, so would Yoruba say, its Yoruba money. God bless Nigeria

  • Spoken word

    if Saraki suggests anything i definitely know it would not be good for tbe common man

  • Sword of Damocles

    I have a burning question(not spear) for DSP Ekweremadu. Has the honorable Senator received a reply to the “public” letter he sent to the governments of the USA, UK, and other western governments? You were so generous to share the development when it occurred, so do tell/share. Godspeed, Your Honorable, or is it excellency?(i get it confused)

    • Odarije

      You shall remain confused forever,IJN. Ekwetemadu remains the best performing, deeply intelligent and highly consummate Senator in that upper chamber !

      • Sword of Damocles

        Really? then i have some prime beachfront real estate in Otuoke i would like to sell yo PS, if i lived to be 962 years old(Methuselah), I could never be as confused/befuddled & dimwitted as you appear to be.Does that run in the family? Poor wretched soul, what a pity.

  • loveNigeria

    Ike Ekweremandu, thanks for these comments and analysis. Imagine Saraki a medical doctor felt just because you lost your job, you go start selling your properties to survive, what if you get the job back or another job, meanwhile you have sold your car, house and more…..where do you start again. I think Saraki is a dump, I thought he is intelligent but now I am disappointed in him. Imagined Saraki advising govt for sales of NLNG and Airports of all things, I did not blame him, he has millions of dollars stacked abroad and within, also he was born into and inherited wealth from his late father, sola saraki. Dangote want to buy Nigeria, no wayyyyyyyyyyyyyyy! Nigeria is not for sale.

    Baba Zahra, please do not take this advise ooooo…..na killer advise. God bless Nigeria

  • Realitytalk

    Don’t mind the rest of the house, you did well with your support. Government can’t sell everything