Senate opposes assets sale

The Senate on Tuesday opposed the planned sale of Nigeria’s assets to shore up the nation’s foreign reserves as a way out of the recession.

This is coming one week after the President of the Senate, Bukola Saraki and business mongul Aliko Dangote called for the sale of the nation’s assets.

Also, the news has been rife with a list of assets which are already in he market for outright sale or privatisation.

However, while considering the recommendations of the senate ad-hoc committee the senators unanimously voted that the assets should not be sold.

The Deputy President of the Senate Ike Ekweremadu who moved the motion said that the Executive was free to decide to sell but that the Senate must be seen to take a position.

Although the recommendation of the committee did not directly oppose the assets sale, the senators moved and adopted an additional prayer opposing the sale of the assets.

The Red Chamber also recommended that the nation’s contract with its oil handlers: the Joint Venture Companies/Partners (JVCs) be reviewed in terms of cost of production and profit sharing.

However a prayer seeking review of the Treasury Single Account (TSA) policy of the Federal Government was opposed.

The upper legislative chamber also agreed to amend Section 162 of the Constitution to make it mandatory for the Federal Government to save money first before sharing with the states.

If the section is amended, states would no longer demand the federal government to share all revenue with it according to the sharing formula but will encourage saving.

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