News
Economist Calls For Privatisation Of TCN, Others
An economist and Chief Executive Officer (CEO), Economic Associates, Dr Ayo Teriba has called for the privatisation of the Transmission Company of Nigeria (TCN) and other Federal Government assets.
Head, Public Communications, Bureau of Public Enterprises (BPE), Amina Othman, said this in Abuja, yesterday.
According to Othman, Teriba said this while presenting a paper titled: ‘Macro-economic Role of Privatisation on the Nigerian Economy’ at a one-day orientation programme.
The event was organised in Abuja for members of the Stakeholders Engagement Committee (SEC) of the National Council on Privatisation (NCP).
He said privatisation was the answer to the country’s economic development because its budget and expenditure were shrinking.
“You don’t get saved by cyclical swings but by buffers,” warned Teriba.
Teriba said Nigeria should put in place buffers by privatising its assets to stimulate direct in-flow of foreign investment.
He, however, said a macro-economic approach to privatisation was ideal.
“Privatisation is the tool which most countries use to check their liquidity issue and beef up the economy and Nigeria can also do the same by privatising some of her key assets,” Teriba explained.
He also said that illiquidity was the country’s main challenge: “To solve Nigeria’s liquidity problem, she needs foreign exchange inflow. Nigeria’s annual export revenue has been halved.
“Nigeria’s problem is that other problems are symptoms of the (liquidity) problem and recession is reflecting liquidity shortage.”
He pointed out that privatisation was now the trend the world over; citing Saudi Arabia and India which plan to privatise some of their critical assets to raise funds to develop their countries.
“Saudi Arabia is exploiting this avenue to shore up its financial buffers with 200 billion dollars headroom.
“Nigeria can do much more than that, as we have much more non-financial buffers than Saudi Arabia,” he said.
He said the options to unlock Nigeria’s resources in a post-boom economy to included leasing the 238 aging and uneconomic prisons and the aging and uneconomic barracks across the country.
He said they could be leased to individuals to develop for economic value as was the case of India.
Teriba said the Nigerian economy had gone from boom to bust, thus, dealing with shortfalls in reserves and prices of oil, and that Nigeria needed to work out a methodology to deal with the shortfalls.
“Nigeria has a huge head room to go for equity and should think of getting her own money and not relying on others,” said Teriba.
Othman’s statement also said Teriba cited the example of how private investors were earning handsomely from the Nigeria Liquidified Natural Gas (NLNG) and offering good returns to the Federal Government.
The Chief of Army Staff (COAS), Lt.-Gen. Waidi Shaibu, has tasked troops of Operation SAVANNAH SHIELD to dominate the battlespace and intensify offensive operations against kidnappers, bandits and other criminal elements in the North Central region.
Shaibu gave the directive yesterday during his maiden operational visit to the Headquarters, Joint Task Force North Central (JTF-NC), at Sobi Barracks, Ilorin.
This is contained in a statement by the Acting Director, Army Public Relations, Col. Appolonia Anele, in Abuja, yesterday.
Shaibu said the Nigerian Army would remain resolute in its constitutional responsibility of safeguarding lives and property, stressing that troops must sustain pressure to decisively deny criminal elements freedom of action.
He assured personnel of continued deployment of combat enablers and operational resources to enhance clearance operations and dismantle criminal hideouts across Kwara and Niger states.
The COAS reaffirmed his commitment to troop welfare, noting that improved welfare remained critical to sustaining morale, operational effectiveness and combat readiness.
He urged the troops to remain disciplined, professional and loyal to the Constitution and the democratically elected government.
Earlier, the Theatre Commander, JTF-NC Operation SAVANNAH SHIELD, Maj.-Gen. Yakubu Yahaya, commended the COAS for his strategic leadership and support.
Yahaya assured that troops would remain committed and steadfast in restoring peace and stability in the region.
The Nigerian Navy says it is expanding training and infrastructure to address emerging security threats and strengthen operational efficiency across formations and units nationwide.
The Chief of Naval Staff, Vice Adm. Idi Abbas, spoke during the inauguration of projects at the Nigerian Navy Basic Training School (NNBTS) in Onne, Rivers as part of activities marking the Nigerian Navy’s 70th anniversary.
Abbas, represented by the Flag Officer Commanding, Naval Training Command (NAVTRAC), Rear Adm. Ebiobowei Zipele, said the projects reflected significant progress made by the navy since its establishment in 1956 from the British Royal Navy.
“Training and infrastructure have improved significantly to meet contemporary security challenges and fulfil the navy’s constitutional responsibilities.”
According to him, the anniversary provides the navy an opportunity to reflect on its achievements and contributions over the past seven decades.
Projects inaugurated included a remodelled female trainees’ hostel accommodating more than 500 occupants and an expanded golf course upgraded from one to nine holes.
Others were the NNBTS fuel dump, Chief Boatswain’s Mate House, renovated pharmacy department and a new theatre block at the Naval Medical Centre, Onne.
Abbas described the new theatre as a major milestone for the navy’s medical services.
“Previously, injured personnel requiring surgeries were referred outside the facility.
“With this theatre, surgeries can now be conducted within the base.’’
He added that a 30KVA inverter had also been installed to guarantee uninterrupted electricity supply at the training school.
The naval chief assured officers, ratings and trainees that the navy leadership remained committed to their welfare and wellbeing.
“These infrastructure upgrades show the commitment of the Chief of Naval Staff to addressing operational and welfare challenges promptly,” he said.
In addition, NAVTRAC distributed educational materials to pupils of Community Primary Schools One and Two, Ogale, in Ebubu-Eleme area of Rivers.
Items distributed included exercise books, school bags and other writing materials as part of the navy’s civil-military engagement initiative.
Zipele said the outreach was designed to strengthen relations between the navy and host communities while supporting children’s education.
“Education remains critical to national growth and youth empowerment. Some of these pupils may eventually serve in the Nigerian Navy,” he said.
He noted that the initiative demonstrated the navy’s commitment to educational development, peace, security and sustainable community relations.
Zipele urged the pupils to remain disciplined, focused and committed to their studies while embracing patriotism, integrity and hard work.
He thanked the Ebubu community for its continued support for the naval training command headquarters and the navy.
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