BPE targets N266.8bn from asset sales to fund 2020 budget

The Director-General of the Bureau of Public Enterprises (BPE), Mr. Alex Okoh, Wednesday disclosed the Bureau’s resolve to raise N266.8 billion as net revenue from the sale and commercialisation of government assets to support the funding of the 2020 budget.

Mr. Okoh made this known in Abuja while unveiling the Bureau’s 2020 Work Plan, Revenue and Expenditure Projections.

He said the total gross revenue expected from the assets sales is N270.7 billion out of which N3.9 billion will be incurred during the process, leaving a net revenue of N268.8 billion.

About 20 transactions are planned for the year 2020 from which the N268.8 billion will be raised. The DG said the N266.8 billion that is projected to be raised will be used to fund the deficit in the 2020 national budget.

Some of the transactions carried into the 2020 that have been concluded according him, are the privatisation of the Yola Disco (N105 billion) and Afam Power Limited (N19 billion) making a total of N124 billion that will accrue to the federal government within the first quarter of the year.

Other transactions planned for 2020 include the Nigeria Integrated Power Project (NIPP), and sale of additional shares of Geregu to Amperion Power. Others are Partial Privatisation of Calabar and Kano Free Trade Zone, Bank of Agriculture, Lagos International Trade Fare Complex and Tafawa Balewa Square among numerous others.

He said the new transactions expected to be carried out this year include A.C.M of Nigeria Limited, Non-operational Power Plants, Nigerian Film Corporation and development of infrastructural facilities at the tertiary educational institutions.

Okoh also called on investors to follow due process in acquiring federal government assets, urging the investors to be ready to go through the lay down procedure and all federal government assets must be accounted for.

He gave the summary of transactions in all the five departments which are energy, development institutions and natural resources, I & PPP, Industries and communication and post transaction management.

According to Mr Okoh, twenty transactions were carried out in the year under review, total revenue proceeds is N270,790,591,293.00 while total expenditure was N266,852,072,505.00.

He expressed the hope that BPE would ensure all privatized firms performed optimally in service delivery to Nigerians, adding that 2020 transaction would boost government revenue, foreign direct investment and stimulate economic growth.

Matched content

Be the first to comment

Leave a Reply

Your email address will not be published.