NLC, Catholic Church, Civil Society Kick against Sale of National Assets, Set to Mobilise Nigerians to against Sale

NLC, Catholic Church, Civil Society Kick against Sale of National Assets, Set to Mobilise Nigerians to against Sale

The Nigerian Labour Congress (NLC), the Catholic Church and other Civil Society Organisations (CSOs) yesterday kicked against move by the federal  government to sell off national assets in an attempt  to address the prevailing economic recession in the country.

They also took a swipe at the Senate over calls by the Senate President, Bukola Saraki, urging the federal government to sell off major national assets including the Nigerian Liquefied Natural Gas  (NLNG) to cushion the effects of the recession.

The call has pitched the Senate President and his Deputy, Ike Ekweremadu, and other critical stakeholders who vehemently opposed the idea.

The NLC President, Ayuba Wabba, on Thursday in Abuja said such calls fell flat on the aspirations of Nigerians and smack of a calculated attempt to appease political cronies and business moguls closed to the government.

He said: "The recent call by Aliko Dangote for the sale of the national share holdings in the NLNG and the suggestions by the Senate President that the shares, along with other sovereign assets in the oil and aviation sectors, be sold to stem the current economic recession are unacceptable to NLC.

"Investments in the NLNG and Joint Venture oil upstream operations are profitable and represent potential sources of revenue in the future.

"For example, it was the accrued dividend payments from NLNG shares that provided the resources for the first bailout to states when many states could not pay salaries under this present regime.  It is on record that dividends, in excess of $1 billion have accrued annually to the national coffers from the gas company over the past 12 years.

“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?”

According to the Wabba, "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 recognise 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."

The NLC leader added that "there are lessons to be learnt from some other Organisation of Petroleum Exploring Countries (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 scheming by those waiting and wishing to lap up these lucrative national assets.  We need to preserve these assets for our children and future generations.

"On our part, we are ready, in partnership with other progressive and nationalist forces in our country, to resist any attempt to plunder our common patrimony."

Also, the Executive Director of Caritas International, an arm of the Catholic Secretariat of Nigeria  (CSN), Rev Fr Evaristus Bassey, said the clamour for the sale of national assets by some members of the executive, National Assembly and key private sector players was completely wrong and do not represent the aspirations of Nigerians in any form.

Bassey said: "We seem to disagree with such calls for the sale of national assets; we cannot accept such extremist capitalist views. We cannot subscribe to such views because you cannot sell national assets to private hands."

He contended that in most cases involving either privatisation or sale of national assets, "the process has often not been transparent, it’s like selling the national assets to a few hands.

"We have not developed to the extent where government will sell off national assets and interest to private individuals," Bassey observed.

Furthermore, Executive Director of African Centre for Leadership, Strategy and Development, Dr. Otive Igbuzor, also lambasted those calling for the sale of national assets.