The Nigerian Senate has on Tuesday rejected the proposed sale of national asset by the President Muhammadu Buhari led government.
MUST READ: National Asset: To Sell Or Not To Sell?
The decision was agreed on at the resumed plenary after extensive deliberation in Abuja.
It would be recalled, the Senate President, Dr. Bukola Saraki, had last week in his address to lawmakers suggested that the executive should raise capital from the sale of the nation’s assets and other sources to shore up reserves.
However, the federal lawmaker today passed a recommendation opposing the sale of government’s assets.
The lawmakers further ratified a recommendation that the National Assembly should amend Section 162 of the Constitution to give legal backing to the executive to save money for times of economic slump?
The proposed sale of the national by the Buhari administration has been met with a chorus of approval from a segment of the cognoscenti in the country, while many other prominent persons and unions have gone against it – arguing that previous sales barely helped the nation’s economy.
The government has suggested that if it eventually adopts the policy, it would insist on a re-purchase clause.
More details to be added as the story develops…