Senate invites privatization agency over plans to dispose national assets

The Nigerian Senate has concluded necessary arrangements to summon the management of the Bureau of Public Enterprises (BPE) for a meeting over the plan of the Federal Government to sell or concession some national assets.

The Vice-Chairman, Senate Committee on Privatisation, Senator Adelere Oriolowo, in an interview with our correspondent, said the panel would soon meet with the BPE over the development.

Oriolowo said the management of the BPE was being summoned to provide further details on the planned concession or outright sale of federal assets, the proceeds of which would be used to fund the 2021 budget.

Some the assets up for sale or concession include the country’s refineries, International Conference Centre in Abuja, Yola Electricity Distribution Company, Zungeru Hydro Power and Tafawa Belewa Square in Lagos.

The assets and the projected amount expected from their sale or concession were contained in a document that was put together by the BPE.

Oriolowo said the Senate panel would demand details of the exercise and ensure that a thorough oversight was carried out in the best interest of Nigerians.

He said: “No company will be listed for concession or outright sale unless due process has been perfected by the executive arm of government and provided for in the 2021 Appropriation Act.

“I am very sure that the amount of money that the government plans to realise from the sales of the assets had been provided for in the budget. If it has been discussed at the budget level, the only time we will expect explanations again is when it is going for procurement bidding.

“At the point of bidding, we are going to be informed. No assets or any financial transactions of that nature would be done without due process. When we want to do the oversight functions, we would check all the records. At this stage, it is still a proposal.

“By the time the advertisement for tender comes out first, definitely we shall play our parts. The amount projected by the Federal Government to realise from the sale of assets is a benchmark price agreed upon by experts, specialists and evaluates. We are going to invite the BPE and raise the issue when we have our regular monthly meeting.

There is nothing to panic about.

“Before the executive could concession the listed assets, they would have observed some inefficiencies in the management of the assets.”

Agency report