RateCaptain
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Rate Captain
No Result
View All Result
Home Markets

Privatized Businesses Bought From Government Are Declining – Fashola

Rate Captain by Rate Captain
October 25, 2021
in Markets
Reading Time: 2 mins read
A A
0
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The Minister for Works and Housing, Babatunde Raji Fashola (SAN), has said that most government-owned enterprises sold to private entities through the privatization policy have either failed to live up to expectations or disappeared entirely.

This is just as the Speaker of the House, Femi Gbajabiamila, and members of the House Committee on Privatization and Commercialization, as well as the Nigeria Labour Congress President (NLC), Mr Ayuba Wabba and other key stakeholders have blamed the failure of privatization and commercialization of public enterprises by the government on infrastructural decay in Nigeria.

These came to the fore on Monday during separate presentations at the hearing organized by the Hon. Ibrahim Makama Misau-led Committee on Privatization and Commercialization.

The hearing was on proposed legislation titled: ‘A Bill for an Act to Repeal the Public Enterprises Privatization and Commercialization 1999 Act, Cap P38 LFN 2004 and Enact the Public Assets Reform Bill 2021 For Improved Efficiency and Management of Public Assets in Nigeria and For Related Matters’

According to the Speaker, Hon. Femi Gbajabiamila who declared the hearing open “the change we need in public enterprises calls for a legal framework that would maximize the value of existing assets.”

Gbajabiamila who was represented by the House Leader Hon. Alhassan Ado Doguwa said that stakeholders at the public hearing are capable of bringing out the positive outcome in the public sector with respect to public assets.

Earlier in his remark, Chairman of the House Committee Hon. Ibrahim Misau said with a repeal of the Privatization and Commercialization Act 1999 that public deficit amounting to $1.3 million will be bridged with the enactment of a new law — the Public Assets Reform Bill.

The lawmaker noted that other countries are using public-private partnerships to deliver infrastructural projects to their citizens, saying that ministries, departments and agencies of government will have the opportunity to bridge the infrastructure gap in the country with speed.

Also in a presentation at the hearing, Minister of Works and Housing Mr Babatunde Fashola SAN said that once there is a private sector-driven economy, there is a need for strong regulation of private enterprises and activities.

He noted the key sectors of the economy such as banking, telecommunications and consumer goods production are in dire need of a strong legal and regulatory framework in Nigeria

“I am not against privatization but the role of government in privatization is just policy.

“I looked at the list of privatized entities and found out that most of them had disappeared. Where are the scanners after sixteen years of privatization,” he said?

Other critical stakeholders at the hearing such as the Nigeria Labour Congress NL, led by its President, Comrade Ayuba Wabba said privatization means taking resources from the poor fund government infrastructure.

 

 

AlsoRead

MTN Nigeria now more valuable than all Nigerian Banks combined

Ecobank Plc on the Path To Recovery as it Records Profit of N38 billion in Q1 2022

Twitter Investor is Suing Elon Musk, Here is Why

 

 

 

Previous Post

Germany Stock Were Higher at Close Of Trade On Monday

Next Post

Abuja, Delta and Bayelsa State Have The Highest Food Prices

Related News

MTNN Share Price gains 1.21% after CBN granted the final approval of its MoMo PSB

MTN Nigeria now more valuable than all Nigerian Banks combined

by Rate Captain
May 23, 2022
0

is now worth N5 trillion making it more valuable than all banks, insurance companies, and the entire financial services companies...

Ecobank Plc on the Path To Recovery as it Records Profit of N38 billion in Q1 2022

Ecobank Plc on the Path To Recovery as it Records Profit of N38 billion in Q1 2022

by Rate Captain
April 28, 2022
0

Ecobank P2lc has released its Q1 2022 financial result. The result revealed that the bank made a profit of N38.3...

Twitter Investor is Suing Elon Musk, Here is Why

by Rate Captain
April 13, 2022
0

A Twitter investor has filed a lawsuit against billionaire Elon Musk in federal court in Manhattan. The investor launched the...

Nigeria FX reserve surges by 0.08% despite Naira exchange rate stability in the parallel market

by Rate Captain
April 6, 2022
0

On Tuesday, 5th April 2022, the foreign reserves rose further by 0.08% from US$39.538billion recorded on the 1st April 2022...

Next Post

Abuja, Delta and Bayelsa State Have The Highest Food Prices

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

IMF Cautions Central African Republic against Adopting Bitcoin

5 cryptos that could strengthen your portfolio in June

May 25, 2022
CBN Advises Nigerian Commercial Banks to Pay more attention to financial transactions linked with Benin Republic

OFIs: CBN sets criteria for enrollment onto credit risk management system

May 25, 2022

Popular Story

  • European Commission Proposes a Halt in Ukrainian Export Duties

    ECB warns that unbacked crypto assets represent a risk to financial stability

    0 shares
    Share 0 Tweet 0
  • Brazil’s Largest Crypto Exchange Partners With Stellar To Work on a CBDC

    0 shares
    Share 0 Tweet 0
  • 5 cryptos that could strengthen your portfolio in June

    0 shares
    Share 0 Tweet 0
  • For $3 each, a man sells 933 selfies as NFTs, and the collection is now worth millions.

    0 shares
    Share 0 Tweet 0
  • Interpol, Kenya Government Probe Three Nigerian Fintech Tycoons over N128 Billion from Nigeria

    0 shares
    Share 0 Tweet 0
Rate Captain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.