Energy

House of Representatives urges federal government to suspend sale of 49% NLNG shares

 

The House of Representatives yesterday called on the Federal Government to halted the sale of its 49 percent share capital at the Nigerian Liquified Natural Gas (NLNG).

Moving the motion, Rep. Brown said it would be absurd to sell the NLNG stake which stands as one of the most successful investments for Nigeria and is still functioning optimally.

He said proceeds from the NLNG bailed out Nigeria from the clutches of the recession in 2015.

“It is not in any conventional economic reality for any nation to resort to selling off its assets during challenging times, as this exhibits leadership laxity and policy myopia.”

According to the House, halting the sale of the share capital was in the interest of the nation.

The Federal Government had planned to sell its stake in the multi-billion dollar firm to resuscitate the Nigerian economy.

The proposal was as a result of the recommendation of a Ministerial Retreat in 2016 for an ambitious fiscal stimulus plan involving the generation and injection of massive foreign capital, estimated at between $10 and $15 billion (about N4 trillion) into the economy to help the recession recovery process.

 

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