Reps Call For Privatization Of Remaining Public Enterprises To Save Cost

The House of Representatives on Wednesday urged the Federal Government to cut down on waste and prevent the collapse of more public enterprises by privatizing all the remaining ones.

The House also resolved to constitute an Ad-hoc Committee to investigate and determine such assets and report back to it within 8 weeks.

The resolutions followed the adoption of a motion brought by Hon. Mukhtar Ahmed, wherein he noted that Federal Government of Nigeria had embarked on privatization and commercialization of public enterprises to introduce private sector resources, discipline, create jobs and reduce the burden of funding public enterprises from the national treasury.

“Prior to and Post Privatization of some Federal Public enterprise, the Federal Government still shares in some of the Enterprises and are therefore entitled to dividends.

“Some of the assets, cash and residual shares in Privatized public companies like NlCON insurance, Nigerian Re—Insurance and Nicon Luxury Hotels are already taken over by AMCON over acquisition loans.,

“Concerned that Federal Government may not be able to recover those monies, dividends and assets except if they are not properly determined,” the motion stated.

It further argued that the call became necessary given that the Federal Government needs money to finance the budget.