Suspend Planned Sale of NLNG, Reps Tells Presidency

Enterprise Television- Suspend Planned Sale of NLNG, Reps Tells Presidency

The House of Representatives on Wednesday asked the Federal Government to append its planned sale of the Nigerian Liquefied Natural Gas Limited.

NLNG is described as one of the most successful and lucrative investments of the government, which should be left to run as a major public asset in the country. Nigeria has 45 per cent stake in the NLNG, which the government is proposing to divest.

Mr. Randolph Oruene-Brown, moved a motion which called the attention of lawmakers to the report of the 2016 ministerial retreat, where the government proposed to generate between $10bn and $15bn (about N4.7tn) to inject into the country’s economy.

He recalled that to achieve the objective, the government had announced that it would put up key assets for sale, including its stake in the NLNG.

Oruene-Brown said the house is aware that the Minister of Budget and National Planning, Udoma Udo Udoma, had previously stated that one of the ways to fund the plan would be through the sale of some national assets and the proceeds reinvested in the economy to raise the needed capital for infrastructural development.

He suggested that the government should borrow on long-term against the dividends in the NLNG, and convert its Joint Venture holdings in some multinational oil corporations into incorporated Joint Venture companies.

The lawmaker also suggested that the government could encourage wealthy Nigerians, who could afford to buy the NLNG, to invest directly in the economy.

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