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Nat Assets Sale: Senators Oppose Saraki

Published

9 years ago

September 23, 2016

Senators, yesterday, opposed their President, Dr Bukola Saraki, kicking against the call for the sale of some national assets.
Many of the senators, who contributed as the debate on the recession in the country continued in the upper chamber, blamed the elite, including some lawmakers, for the economic problems of the nation.
Some called for the restructuring of Nigeria’s federalism while others called for a review of some fiscal policies, including the Single Treasury Account (TSA).
Leading the debate, Deputy Leader of the Senate, Bala Na’Allah, called on the government to reconsider its policy on TSA and its policy on domiciliary accounts.
He admitted that the intention for making the policies may have been germane, they were unfortunately affecting the economy adversely.
He said that the TSA policy had stifled the banks and as such, money was no longer circulating in the economy through loans, mortgages and other means.
“The President has good intentions but we have a few people who are not thinking correctly.
“I recall that I complained when the CBN stopped operation of domiciliary accounts within and outside Nigeria.
“These two decisions must be revisited and redirected to ensure that there is a platform for redistribution of income.
“The two critical decisions of fighting corruption should be revisited,” he said.
Sen. Andy Ubah decried the call for sale of national assets, describing it as wrong.
“If we sell our assets now to recover from this recession, what would we sell in the future if we ever slipped into another recession?
“We must seek an alternative way of recovering from this recession but sale of our assets is not the way out,” Ubah said.
The Majority Whip, Sen. Olusola Adeyeye, insisted that the nation must be restructured along the line of true federalism.
According to him, the states cannot keep coming to the federal to collect money while ignoring available resources and potentials in their states.
“Many have asked that we must restructure and I agree that we must restructure.
“If we restructure properly at least there will be a few places where stealing will not be going on at the same time. There will be some modest of exception that we can say what have they done right.
“I want us to look at this current constitutional review, the various exclusive lists and the various concurrent lists; let us look at where we have over-burdened the Federal Government.
“If we must revitalise the economy, we must have jobs and projects going in every local government, every federal constituency and every senatorial district of this country.
“Let us begin to implement the zonal intervention projects,’’ he said, adding that the bitter truth was that people in government also contributed to the problems.
“If we will save Nigeria we must reduce the cost of governance. Nigeria’s estacode is the highest in the world; we must slash it to 50 per cent.
“Obafemi Awolowo campaigned in 1978 that he was going to slash it and it has now grown into five times what it was in those days; we must slash it.
“When you go to our airports and you park your car, you pay N300; that is 75 cents, but in all modern economies you pay per hour.
“If we are going to find money, we must become creative.
“All of you with houses in Asokoro, Maitama and Apo and you don’t pay tenement rate; all of us must pay,” he said.
On his part, Sen. Sunny Ugboji, supported the need to restructure Nigeria “to enable it to operate true federalism’’, saying that states could not continue to come to Abuja to share the national treasure without producing something.
He condemned all persons who kicked against the past administrations when they wanted to save money for the country.
“When the last administration wanted to save money, many of the people who kicked against it are now part of this present administration.
“We must restructure Nigeria: restructuring doesn’t mean disintegrating but just to help every state to tap their potentials and this will help Nigeria too.
“Naira should be allowed to float, floating the Naira would make it impossible for people to get waivers to buy dollar at 197 when it is higher in the open market,” Ugboji said.
Kicking against call for sale of the nation’s assets, he said that there was need to cure the systemic corruption in Nigeria.
He, however, warned that Nigerians must not be portrayed as thieves as corruption was not peculiar to the country.
“Those who are canvassing that we should sell our assets are getting it wrong; we have sold some of them yet we are still here,’’ the lawmaker said.
Other senators however supported the sale of moribund government assets.

Featured

Tinubu Hails NGX N100trn Milestones, Urges Nigerians To Invest Locally

Published

5 days ago

January 9, 2026

The Tide

President Bola Tinubu yesterday celebrated the Nigerian Exchange Group’s breakthrough into the N100tn market capitalisation threshold, saying Nigeria has moved from an ignored frontier market to a compelling investment destination.

Tinubu, in a statement signed by his Special Adviser on Information and Strategy, Bayo Onanuga, urged Nigerians to increase their investments in the domestic economy, expressing confidence that 2026 would deliver stronger returns as ongoing reforms take firmer root.

He noted that the NGX closed 2025 with a 51.19 per cent return, outperforming global indices such as the S&P 500 and FTSE 100, as well as several BRICS+ emerging markets, after recording 37.65 per cent in 2024.

“With the Nigerian Exchange crossing the historic N100tn market capitalisation mark, the country is witnessing the birth of a new economic reality and rejuvenation,” Tinubu said.

He attributed the stellar performance to Nigerian companies proving they can deliver strong investment returns across all sectors, from blue-chip industrials localising supply chains to banks demonstrating technological innovation.

The President added, “Year-to-date returns have significantly outpaced the S&P 500, the FTSE 100, and even many of our emerging-market peers in the BRICS+ group. Nigeria is no longer a frontier market to be ignored—it is now a compelling destination where value is being discovered.”

Tinubu disclosed that more indigenous energy firms, technology companies, telecoms operators and infrastructure firms are preparing to list on the exchange, a move he said would deepen market capitalisation and broaden economic participation.

He also cited what he described as a sustained decline in inflation over eight months—from 34.8 per cent in December 2024 to 14.45 per cent in November 2025—projecting that the rate would fall below 10 per cent before the end of 2026.

“Indeed, inflation is likely to fall below 10 per cent before the end of this year, leading to improved living standards and accelerated GDP growth. The year 2026 promises to be an epochal year for delivering prosperity to all Nigerians,” he said.

The President attributed the trend to monetary tightening, elimination of Ways and Means financing, and agricultural investments, which he said helped stabilise the naira and ease post-reform pressures.

Nigeria’s current account surplus reached $16bn in 2024, with the Central Bank projecting $18.81bn in 2026, reflecting a trade pattern shift toward exporting more and importing less locally-producible goods.

Non-oil exports jumped 48 per cent to N9.2tn by the third quarter of 2025, with African exports nearly doubling to N4.9tn. Manufacturing exports grew 67 per cent year-on-year in the second quarter.

Foreign reserves have crossed $45bn and are expected to breach $50 billion in the first quarter, giving the CBN ammunition to maintain currency stability and end the volatility that previously fuelled speculation, according to the President.

Tinubu also highlighted infrastructure expansion in rail networks, arterial roads, port revitalisation, and the Lagos-Calabar and Sokoto-Badagry superhighways, alongside improvements in healthcare facilities that are reducing medical tourism costs, and increased university research grants funded through the Nigeria Education Loan Fund.

“Our medicare facilities are improving, and medical tourism costs are declining. Our students benefit from the Nigeria Education Loan Fund, and universities are receiving increased research grants,” he said.

He described nation-building as a process requiring hard work, sacrifices, and citizen focus, pledging to continue working to build an egalitarian, transparent, and high-growth economy catalysed by historic tax and fiscal reforms that came into full implementation from January 1.

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RSG Kicks Off Armed Forces Remembrance Day ‘Morrow …Restates Commitment Towards Veterans’ Welfare

Published

5 days ago

January 9, 2026

The Tide

The Rivers State Government has reiterated its commitment towards the welfare of veterans, serving officers and widows of fallen officers in the State.

?The Secretary to the Rivers State Government, Dr. Benibo Anabraba, in a statement by ?Head, Information and Public Relations Unit, SSG’s ?Office, ?Juliana Masi, stated this during the Central Planning meeting of the 2026 Armed Forces Remembrance Day in Port Harcourt, yesterday.

?Anabraba thanked the Committee for their contributions to the success of the Emblem Appeal Fund Ceremony recently held in the State and called on them to double their efforts so that the State can record resounding success in the remaining activities.

?According to him, the remembrance day events will begin with Jumaàt Prayers on Friday, 9th January at the Rivers State Central Mosque, Port Harcourt Township, while a Humanitarian Outreach/Family and Community Day will be hosted on Saturday, 10th January, by the wife of the governor, Lady Valerie Siminalayi Fubara, for widows and veterans.

?”On Sunday, 11th January, an Interdenominational Church Thanksgiving Service will hold at St. Cyprian Anglican Church, Port Harcourt Township while the Grand-finale Wreath- Laying Ceremony will hold on Thursday, 15th January at the Isaac Boro Park Cenotaph, Port Harcourt”, he said.

?The SSG noted that one of the highlights of the events is the laying of wreaths by Governor Siminalayi Fubara and Heads of the Security Agencies.

Featured

Fubara Redeploys Green As Commissioner For Justice

Published

2 weeks ago

December 30, 2025

The Tide

The Governor of Rivers State, Sir Siminalayi Fubara, has approved a minor cabinet reshuffle in the State Executive Council.

Under the new disposition, Barrister Christopher Green, who until now served as Commissioner for Sports, has been redeployed to the Ministry of Justice as the Honourable Attorney General and Commissioner for Justice.

This is contained in an official statement signed by Dr. Honour Sirawoo, Permanent Secretary, Ministry of Information and Communications.

According to the statement, Barrister Green will also continue to coordinate the activities of the Ministry of Sports pending the appointment of a substantive Commissioner to oversee the ministry.

The redeployment, which takes immediate effect, was approved at the last State Executive Council meeting for the year 2025, underscoring the Governor’s commitment to strengthening governance, ensuring continuity in service delivery, and optimising the performance of key ministries within the state.