Nigeria Govt Plans to Sell Its Assets to Finance 2021 Budget

The government is proposing to sell or concession 36 of its properties to raise funds, largely to finance the 2021 budget.  According to a government document, the 36 properties have been categorized into five government departments - Energy has nine projects, Industries and Communications has eight projects, while the Development institutions and Natural Resources departments have six projects. The Socio-Economic Rights and Accountability Project has written to the National Assembly asking it to stop the president from selling off national properties - an act which it said would amount to a fundamental breach of constitutional and fiduciary duties. It has instead, proposed a cut in the cost of governance in areas like lawmakers' salaries, constituency allowance, wardrobe allowance, recess allowance, and entertainment allowance - to help generate revenue. Nigeria is yet to see a recovery from the Covid-19 pandemic and the slump in the oil price, a commodity on which the country's economy rests. Nigeria's economy is facing its second recession in five years with significant negative consequences.