2018 FEDERAL BUDGET: Govt to sell 10 state-owned companies to fund
The Federal Government will sell 10 state-owned companies in the fourth quarter of this year to fund the 2018 budget, according to the Bureau of Public Enterprises (BPE).
Bloomberg reports that a BPE director, Joe Anichebe, said the sale is expected to help the government raise N289 billion.
According to Anichebe, preparations were in the final stages to begin the sale of the companies in industries, ranging from power through aviation to insurance.
“Two of them, Nicon Insurance Limited and Skyway Aviation Handling Company, will be sold this month or early next month through an initial public offering,” he said.
Recall that the Federal Government through the BPE had last week sold its 21 percent stake in the Nigeria Security Printing and Minting Company (NSPMC) to the Central Bank of Nigeria (CBN).
On June 20, President Muhammadu Buhari had signed 2018 Budget estimated at N9.12 trillion into law.
According to the Minister of Budget and National Planning, Sen. Udoma Udo Udoma, a total of N306 billion was expected from privatization proceeds and N5 billion from sale of other government property to part finance the N1.95 trillion deficit in the 2018 budget.
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