Archive Senate Rejects Sales Of National Assets

Senate Rejects Sales Of National Assets

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With the urgent call by the foremost African Billionaire, Aliko Dangote to sell the  of national assets to ease the economic recession in the country, the Senate has  opposed the planned  to sell the assets to.

Also, the news has been rife with a list of assets which are already in the market for outright sale or privatisation.

However, while considering the recommendations of the senate ad-hoc committee the senators unanimously voted that the assets should not be sold.

The Deputy President of the Senate Ike Ekweremadu who moved the motion said that the Executive was free to decide to sell but that the Senate must be seen to take a position.

Although the recommendation of the committee did not directly oppose the assets sale, the senators moved and adopted an additional prayer opposing the sale of the assets.

The Red Chamber also recommended that the nation’s contract with its oil handlers: the Joint Venture Companies/Partners (JVCs) be reviewed in terms of cost of production and profit sharing.

However a prayer seeking review of the Treasury Single Account (TSA) policy of the Federal Government was opposed.

The upper legislative chamber also agreed to amend Section 162 of the Constitution to make it mandatory for the Federal Government to save money first before sharing with the states.

If the section is amended, states would no longer demand the federal government to share all revenue with it according to the sharing formula but will encourage saving.

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