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Published On: Tue, Sep 25th, 2018

2018 budget: FG to sell 10 state-owned companies to raise funds

The Federal Government may put up 10 state-owned companies for sale in the fourth quarter of 2018 to raise N289 billion for the funding of the 2018 budget, Joe Anichebe, a director at the Bureau of Public Entreprises (BPE), has disclosed.

Anichebe said preparations are in the final stages for the sales of the companies, which range from aviation to insurance.

Bloomberg reports that the first set of companies to be sold are Nicon Insurance Ltd. and Skyway Aviation Handling Co., which the director said will be sold “this month or early next month” through an initial public offering.

Ita Enang, senior special assistant to the president on national assembly matters, had said the greater part of the 2018 budget will be funded by loans.

“Mr President assented to the budget. The time we are now, we are working on the implementation of the budget. We are working on steps to raise fund for the budget. You know that the greater part of the budget is going to be funded by loans, because it is a deficit budget. And so we are working on modalities to make appropriate request before the legislature,” the adviser said.

“Some of the ministries have already advertised and commenced the procurement process pending which of the projects will finally come out of the budget and how much they will come out even the budget was finally approved.”

According to the Cable, the Central Bank of Nigeria recently paid N12.4 billion (pictured) for a 21% stake in the Nigeria Security Printing and Minting Company (NSPMC).

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