Thursday , August 18 2022

NLC SAYS NO TO THE SALE OF NATIONAL INVESTMENT ASSETS

The Nigeria Labour Congress has slammed recent calls for the sale of some government assets and other sources to shore up reserves.

In a statement issued on Thursday, NLC President, Ayuba Wabba said the idea is unacceptable to the union.

Nigeria’s Senate President, Bukola Saraki urged Federal executives in the country to increase capital from the sale of government assets and other sources to shore up reserves.

While Africa’s Richest Man, Aliko Dangote also made the same recommendation during an interview.

“The recent call by Alhaji  Aliko Dangote for the sale of the national share holdings in the LNLG and the suggestion by the Senate President that the shares, along with other sovereign assets in the oil and aviation sectors,  should be sold as a way of steming the current economic recession are unacceptable to us at the Nigeria Labour Congress,” Wabba said.

“Investments in the LNLG and Joint Venture oil upstream operations are profitable and represent potential sources of revenue into the future.”

For example, it was the accrued dividend payments from LNLG shares that provided the resources for the first bail-out to states when many states could not pay salaries under this present regime.  It is on record that dividends, in excess of one billion dollars, have accrued annually to the national coffers from the gas company over the past twelve years.”

The NLC President added, “These calls are more worrisome when one considers the history of sovereign assets divestiture in the past.  Where are the proceeds from sales of the assets in the power sector for instance?  With the benefit of hindsight, it is obvious that these assets were distributed to favoured individuals and surrogates of the ruling elite without any appreciable benefits to Nigerians.”

“While we recongise that there is need to take urgent steps to stem the dwindling fortunes of the national economy, we are convinced that the proposals in question will further weaken the revenue capacity of government in the future and weaken the economic base of the nation.”

Nigeria is facing its worst economic crisis triggered by a slump in crude prices, its mainstay, which has hammered public finances and the naira and caused chronic dollar shortages.

The NBS said Nigeria’s Gross Domestic Product contracted by 2.06 per cent, marking the first major recession in 29 years for Africa’s largest economy.

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OUR REFINERIES ARE NOT FOR SALE

 

Analysts have long predicted that Nigeria’s economy was heading for a recession amid a shrinking naira and diminishing revenues occasioned by low crude prices.

Nigeria was last in a recession, for less than a year, in 1991, and experienced a prolonged one that started in 1982 and lasted until 1984.

Wabba said, “There are lessons to be learnt from some other OPEC countries which invested their oil revenues heavily in the acquisition of sovereign assets, both domestically and internationally.  Such countries today are deriving a steady stream of earnings from those assets and are, therefore, less vulnerable to the fiscal crisis occasioned by failing oil revenues.”

“Inter-generational considerations require that we build on these existing investments by identifying other profitable endeavours to invest in.  What we need is to leverage on the stream of potential earnings from these investments in seeking to turn around the economy.”

“We, therefore, call on Nigerians to resist these new schemings by those waiting and wishing to lap up these lucrative national assets.  We need to preserve these assets for our children and future generations,” he said.

“On our part, we are ready, in partnership with other progressive and nationalist forces in our country, to resist the further attempt to plunder our common patrimony.”

 

Analysts have long predicted that Nigeria’s economy was heading for a recession amid a shrinking naira and diminishing revenues occasioned by low crude prices.

Nigeria was last in a recession, for less than a year, in 1991, and experienced a prolonged one that started in 1982 and lasted until 1984.

Wabba said, “There are lessons to be learnt from some other OPEC countries which invested their oil revenues heavily in the acquisition of sovereign assets, both domestically and internationally.  Such countries today are deriving a steady stream of earnings from those assets and are, therefore, less vulnerable to the fiscal crisis occasioned by failing oil revenues.”

“Inter-generational considerations require that we build on these existing investments by identifying other profitable endeavours to invest in.  What we need is to leverage on the stream of potential earnings from these investments in seeking to turn around the economy.”

“We, therefore, call on Nigerians to resist these new schemings by those waiting and wishing to lap up these lucrative national assets.  We need to preserve these assets for our children and future generations,” he said.

“On our part, we are ready, in partnership with other progressive and nationalist forces in our country, to resist the further attempt to plunder our common patrimony.”

 

Analysts have long predicted that Nigeria’s economy was heading for a recession amid a shrinking naira and diminishing revenues occasioned by low crude prices.

Nigeria was last in a recession, for less than a year, in 1991, and experienced a prolonged one that started in 1982 and lasted until 1984.

Wabba said, “There are lessons to be learnt from some other OPEC countries which invested their oil revenues heavily in the acquisition of sovereign assets, both domestically and internationally.  Such countries today are deriving a steady stream of earnings from those assets and are, therefore, less vulnerable to the fiscal crisis occasioned by failing oil revenues.”

 

“Inter-generational considerations require that we build on these existing investments by identifying other profitable endeavours to invest in.  What we need is to leverage on the stream of potential earnings from these investments in seeking to turn around the economy.”

“We, therefore, call on Nigerians to resist these new schemings by those waiting and wishing to lap up these lucrative national assets.  We need to preserve these assets for our children and future generations,” he said.

“On our part, we are ready, in partnership with other progressive and nationalist forces in our country, to resist the further attempt to plunder our common patrimony.”

 

“Inter-generational considerations require that we build on these existing investments by identifying other profitable endeavours to invest in.  What we need is to leverage on the stream of potential earnings from these investments in seeking to turn around the economy.”

“We, therefore, call on Nigerians to resist these new schemings by those waiting and wishing to lap up these lucrative national assets.  We need to preserve these assets for our children and future generations,” he said.

“On our part, we are ready, in partnership with other progressive and nationalist forces in our country, to resist the further attempt to plunder our common patrimony.”

“Inter-generational considerations require that we build on these existing investments by identifying other profitable endeavours to invest in.  What we need is to leverage on the stream of potential earnings from these investments in seeking to turn around the economy.”

“We, therefore, call on Nigerians to resist these new schemings by those waiting and wishing to lap up these lucrative national assets.  We need to preserve these assets for our children and future generations,” he said.

“On our part, we are ready, in partnership with other progressive and nationalist forces in our country, to resist the further attempt to plunder our common patrimony.”

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