The Tinubu administration has outlined plans to sell off certain national assets as part of strategies to generate N298.4 billion in revenue for the year 2024.
This revelation surfaced in a breakdown document accompanying the 2024 appropriation bill currently under consideration by the National Assembly.
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The Chairman of the Senate Committee on Appropriations, Solomon Adeola, made this information public, highlighting the items listed under “financing items” in the budget proposal.
The move aims to address the need for financing public debts and reduce the fiscal burden on the Federal Government.
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President Bola Tinubu had earlier submitted the 2024 budget, totaling N27.5 trillion, to the National Assembly.
The decision to explore asset sales as a revenue generation strategy underscores the administration’s commitment to fiscal responsibility and finding alternative sources of income.
However, concerns have been raised by financial expert and budget analyst, Oluseun Onigbinde, who expressed the opinion that a significant portion of projects in Nigeria are poorly executed, with a lifespan of less than two years.
This observation raises questions about the effective utilization of generated revenue and the overall impact on the country’s development projects.
As the National Assembly deliberates on the appropriation bill, discussions are expected to ensue regarding the implications and potential consequences of selling national assets.
The decision will likely be subject to scrutiny and analysis by various stakeholders, including lawmakers, economists, and the general public.
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