From the headlines and news of major local and international news sources, Breaking presents the Breaking Radio from Lagos; Nigeria’s mega city.
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Fowler to hunt 10m Nigerians for taxes by December.
Despite hard times 2016, govt made over N2.3 trillion from taxes.
Rome‘s Mayor refuses to host 2024 Olympics.
The Army is helping our stay at home cause – IPOB, MASSOB.
Police teargas rallies supporting El Zakzaky.
Nigerian Senate hears how MTN allegedly laundered $12 billion.
Nigeria cries out to UN – Help us, we can do no more over Chibok Girls.
REUTERS EXCLUSIVE-Nigeria hunts down 700,000 firms in tax crackdown to offset oil slump
* Tax chief expects to find 10 million new taxpayers
* Tax revenues needed as oil income drops
* Government sets tough tax collection targets
ABUJA, September 22 (Reuters) – Nigeria has hunted down 700,000 firms that have never paid taxes as the country seeks new revenue sources to offset low oil prices that have pushed Africa’s biggest economy into its first recession in more than 20 years, its tax chief said.
Tunde Fowler, executive chairman of the Federal Inland Revenue Service (FIRS), said in a rare interview that he also expected 10 million individuals to be discovered by December and made to pay taxes for the first time.
The OPEC member slid into recession in the second quarter and militant attacks on oil facilities in its Niger Delta region have cut crude production, which provides 70 percent of government revenues, by around a third.
Planned loan deals with foreign lenders have yet to materialise, prompting the leader of the Senate to speak of an “economic emergency”.
The government, struggling to fund a record 6.06 trillion naira ($18.6 billion) 2016 budget that aims to stimulate growth by tripling capital expenditure, set FIRS a target of raising 4.95 trillion naira in taxes, up from 3.73 trillion last year.
Persuading Nigerians to pay tax is no easy task. FIRS does not appear to be on track to meet its target for tax collection so far this year, but experts believe it can do better in future.
“We collected a little over 2.3 trillion, so far – from January to 31 August. It is almost at par with last year but take into consideration that the economy is going through a little slowdown,” said Fowler.
He said revenue from value-added tax (VAT) had increased by 25 percent year-on-year and corporate income tax held steady over the same period but petroleum profit tax was expected to have halved, mainly due to low oil prices.
Fowler, appointed last year after a stint as tax chief in Lagos where monthly tax revenues surged by 70 percent in the four years to December 2012, said FIRS expects to generate 5.2 trillion naira in 2017.
The tax chief said a new unit created at the start of the year had deployed inspectors armed with laptops to update databases, registering businesses and individuals who are then tracked to check whether they have paid taxes — business executives say they get “aggressive” visits from tax inspectors.
“We have been able to add about 700,000 companies and we expect to add about 10 million individuals across the nation (by December),” said Fowler, adding that this would bring the total of registered individuals to 20 million.
John Ashbourne, Africa analyst at Capital Economics, said Fowler’s target of doubling the number of tax payers was “ambitious” and would be hard to achieve in a country where “paperwork is often lacking”.
But he said the projections for 2017 were “quite achievable”. “Revenue will almost certainly be much, much higher next year, but this is primarily due to the devaluation of the naira, which has boosted the local-terms value of each oil barrel that is exported,” he said.
Even a doubling of the number of individuals paying taxes in Africa’s most populous nation of 180 million inhabitants, where 80 percent of the workforce is employed in the informal sector, leaves FIRS with an uphill struggle.
“From our estimates, we expect that we have 60 million individuals who should pay some form or level of tax,” said Fowler.
He said tougher enforcement would be combined with a planned waiver on interest and penalties covering the period from 2012 to 2015 under which people and businesses would only be asked to pay the principal amount of tax liabilities due.
“We will give them a 45-day window to come forward and register and that will make them eligible for that waiver,” said Fowler of the proposal, which was submitted to the finance minister this week to check she was in agreement even though FIRS has the legal authority to enforce the change.
“A lot of people who are not in the tax net are a bit jittery or afraid to come and register thinking that we might go back two or three years and the amounts might be considerable,” he said.
But he warned that those who failed to register for the scheme — which he said could be rolled out as soon as October 3 — would face stiff penalties.
People or businesses that did not come forward voluntarily would be asked to pay back taxes plus interest and penalties, he said.
“We will also consider criminal prosecution of chief executive officers or board members,” Fowler said.
He was cautious on the idea of an increase in Nigeria’s VAT rate which, at 5 percent, is among the lowest in the world.
International Monetary Fund chief Christine Lagarde suggested a rate hike while visiting Nigeria in January and Vice President Yemi Osinbajo later said the government was considering tax regime changes to raise funds.
Fowler said it was part of the government’s remit to “take a decision” on VAT but he thought “the economy is not ready for a VAT increase right now”.
“The level of compliance was too low so that if we increased the rate of VAT it would be a punishment and unfair on those who are collecting and remitting VAT,” he said. ($1 = 325.7500 naira)
Here are Breaking Radio’s Newspaper Headlines in Brief
Any Protest Over Unpaid Salaries Will be Ruthlessly Crushed – Kano State Government
Borno Governor relocates to town liberated from Boko Haram
DO OR DIE POLITICS | Blood Flows as APC Factions Clash
I Will Appear Before House Committee on Ethics if Hearing is Public – Jibrin
NIGERIA: Guinness Unit Reveals Diageo Loan; Reports First FY Loss In 30 Years
NHRC releases report on Army/Shiite clash, indicts El-Zakzaky, others
AIRPORT COUNTERPART FUNDING, APC Spreading Falsehood – PDP
Arrest Patience Jonathan, We will Bomb NNPC HQ – Group threatens EFCC
Suspects arrested in murder of Nigerian priest Catholic
APC crisis worsens as members exchange bullets in Asaba
The world is ignoring a humanitarian crisis in Nigeria
Protesters Hold Rally in Abuja in Support of Nigerian Cleric
TEHRAN (FNA)- Supporters of the Islamic Movement of Nigeria (IMN) on Thursday flooded the streets of the capital city of Nigeria, Abuja.
The protesters demanded the immediate release of their leader, Sheik Ibraheem El-Zakzaky, who has been held out of touch by the Nigerian army since last year December, The Vanguard reported.
The group earlier expressed fear that El-Zakzaky might die due to his bad health. Many people were feared dead after a bloody clash between Nigerian soldiers and the members of IMN in Zaria, Kaduna state on December 13, 2015.
The army claimed that it had responded to Zakzaky’s followers’ attempt to kill the Nigeria’s Chief of Army Staff, Tukur Buratai. But this claim has been strongly denied by them and several human rights organizations who argue that the attack was pre-planned.
Here are Breaking Radio’s Newspaper Headlines in Brief
Nigeria ready to negotiate kidnapped schoolgirls’ release
ICPC Arraign 2 Civil Servants Over N14.8m Job Scam
Niger Delta Avengers commander, lieutenants surrender in Imo
Chibok Girls: PMB Invites UN As Negotiator
NDLEA Nabs 2 With Cocaine Stuffed In Intestine At MMIA
Buhari wades into Ondo APC crisis
50 Examples Of The ‘CHANGE’ We Need
Chibok girls: Buhari invites UN to act as mediator in talks with Boko Haram
Benue: N7bn contract scam rocks Ortom’s government
NDLEA arrests truck conveying three tonnes of drugs in Yola
Only PDP has solution to Nigeria’s problems – Party chieftain, Kabir Usman
Economic recession: We need progressive policies – Emir Sanusi
Kano directs Police to deal with civil servants who protest
Nigerian startup ToLet.com.ng Raises $1.2 million from Frontier Digital Ventures Africa
Ex-governor Ngilari remanded for alleged N167m fraud
Nigeria owed $12.7 bln in undeclared oil exports: court document
$15m scandal: EFCC freezes Patience Jonathan’s personal account
Buhari welcomes more investment, business partners at ongoing UN meeting Africa
Edo, Kaduna, Lagos named most indebted states in Nigeria
Why I Will Not Appear Before Speaker Dogara’s Ethics Committee – Rep AbdulMumin Jinrin
Why Rome’s mayor says no to the Olympics
Mayor Virginia Raggi joins a number of cities declining a chance to host the prestigious event due to high costs and debt loads for host cities.
Italy’s Olympic Committee (CONI) will likely abandon its bid to host the 2024 summer Olympics in Rome, after Rome Mayor Virginia Raggi refused to give her blessing to the games.
Roman officials such as Ms. Raggi are concerned enough about the construction costs – and debt – that winning such a bid would spur that Rome has joined the growing list of cities opting out of hosting the games.
“In light of the data we have, these Olympics are not sustainable,” said Raggi. “They will bring only debt.”
Last week, CONI president Giovanni Malagò said that the committee would not pursue an Olympic hosting bid without Raggi’s permission – permission that the mayor emphatically refused to give.
“We are effectively asking the people of Rome and of Italy to shoulder the debts (accrued by hosting the Games). We just don’t support it,” the mayor said in a press conference. “Sport was an integral part of our electoral campaign, but we don’t want it to be used as a pretext to a building spree around the city.”
Instead, Raggi’s new administration is focused on paying off existing debts and handling the city’s ongoing budgetary issues.
Rome is not alone. The Olympics are becoming increasingly unappealing as debts and budget deficits pile up in host cities. The most recent summer games, hosted in Rio de Janiero, reportedly lost the city $4 billion.
Decades ago, the 1976 games left Montreal with unused facilities and $2 million in debt. Chicago pumped $100 million into a bid for the 2016 Summer Olympics, eventually losing to Rio.
There are now just three contenders for the opportunity to host the 2024 Olympics: Los Angeles, Paris, and Budapest. Los Angeles and Paris have both previously hosted Olympic games, although Paris has not hosted the Summer Olympics since 1924. Budapest is considered the long shot to host.
From Hamburg to Madrid to Boston, cities are saying no to the Olympics. In Hamburg, a public referendum narrowly denied the city a chance to host, with 52 percent of voters weighing in with a “no.”
Last summer, The Christian Science Monitor’s Henry Gass reported on the trend toward decreasing interest in hosting the costly games:
Boston is also part of a broader problem facing the Olympic movement: More and more cities are saying ‘no thank you’ to the prospect of hosting a multibillion dollar, two-week sports carnival. The bidding for the 2022 Winter Olympics has progressed so poorly that only Beijing and Almaty, Kazakhstan, have not withdrawn.
The takeaway there, too, is that without significant outreach to the public, an Olympic bid can be seen not only as a hassle but a gigantic waste of money – particularly in the West.
Boston’s own bid failed after a dearth of public support and suspicion of city leaders who supported the games.
“Boston, Hamburg, and Madrid all had strong reasons to oppose hosting the Games. As Rome’s mayor I believe this bid is unsustainable,” said Raggi. “We don’t need more white elephants. We need to restore the existing facilities, make the entry prices affordable to our citizens.”
From The Christian Science Monitor
Here are Breaking Radio’s Newspaper Headlines in Brief
Nigeria: 17 Die As Bus Plunges Into Kaduna River
Militants say NNPC headquarters would be blown up if EFCC arrests Patience Jonathan
Benin Traditional Council announces October 20 as new date for Oba’s coronation
Breaking: Shi’ites protest in Abuja, demand release of El-Zakzaky
Faith leaders gather in Abuja to map family health policies
Re: Edo Ellection: Soldiers Dss Molest And Arrest 10 Journalists In Edo
Boko Haram: We fear more suicide attacks, says villagers
NDLEA arrests two drug traffickers at Lagos airport
Nigeria asks UN to negotiate release of kidnapped Chibok girls as it can do no more
Nigeria: Proposed FG Summit On Niger Delta, Good Omen On Our Economy – Ekpebide
Tinubu says education, good governance key to economic growth
Drama as Anglican Church Bishops flee Anambra over IPOB’s sit-at-home threat
A five-day meeting of the Bishops of the Church of Nigeria, Anglican Communion, in Awka, Anambra State was hurriedly called off on Wednesday, as the clergymen hurriedly left the state following the threat issued by the Indigenous People of Biafra, IPOB.
IPOB had on Sunday warned residents in the South-East to stay in doors on September 23 as a mark of solidarity as it carries out a worldwide rally to protest the continuous incarceration of its leader, Nnamdi Kanu.
The pro-Biafra group had threatened that markets, banks and other institutions should be shut down, while movement restricted.
The 170 Bishops who were attending the meeting, for fear of been trapped abruptly ended the conference which was scheduled to end on Friday.
Earlier in the conference, the Primate of the Anglican Communion, Most Reverend Nicolas Okoh, had expressed fear that the clergymen could be trapped in the state should the conference continues as scheduled.
Okoh had appealed to the state Governor, Chief Willie Obiano, to prevail on the secessionist group to shelve their scheduled protest because it would affect their activities and movement.
“We are not against whatever their agitations are, but we ask them to wait until we leave Awka on Friday.
“If they go on to carry out that protest, we may be trapped in Anambra as the Niger Bridge is the only exit from Anambra State.
“So, help us beg them to allow us to go,” the Primate enjoined Obiano.
From the Daily Post
The Movement for the Actualization of the Sovereign state of Biafra, MASSOB, has declared that there will be no protest, street march across the South East tomorrow.
MASSOB made the statement while reacting to the order by the Indigenous People of Biafra, IPOB, saying all residents of the South East geo-political zone should stay-in-doors during tomorrow’s protest against the incarceration of Nnamdi Kanu.
IPOB had on Sunday disclosed that it would carry out a worldwide rally to protest the continuous incarceration of Kanu by the Federal Government on September 23.
However, leader of MASSOB, Uchenna Madu, in a statement on Thursday said no pro-Biafra group will molest or intimidate residents.
The statement reads in part, “MASSOB, IPOB and other pro Biafra groups will not molest, compel or intimidate anybody to observe the stay at home exercise as all our members shall stay indoors, there shall be no physical demonstration, street march, procession or any other public functions tomorrow in Biafra land.
“The heavy presence of armed Nigeria Army, Mobile police, SSS operatives, Navy, Civil Defence in major cities of Biafra land since yesterday are all signs of Military jittery, fear and cowardice, it is mesmerization of President Buhari’s Soldiers.
“The security panic, the presence of Soldiers has created in Biafra land will assist immensely and positively on the people to comply to our demands. The Nigeria security agents are complementing and justifying the Biafra struggle.
Meanwhile Sahara Reporters says
Niger Delta Militants Insist On Soyinka As Their Rep, Warn Buhari Against Negotiating With “Vultures”
The NDA insisted that the government should instead enter into dialogue with a team co-led by Nobel laureate Wole Soyinka and Anthony Ani.
Here are Breaking Radio’s Newspaper Headlines in Brief
Osinbajo, governors meet in Aso Rock
Buhari invites UN to mediate with Boko Haram to free Chibok girls
MTN moved over $12bn out of Nigeria – Dino Melaye
Women, blaming hard times, jailed 10 months for receiving stolen rice, beans
Recession: Adeosun, Emefiele, contradict selves, raising questions on Buhari’s strategy
2 Women Jailed 10 Months For Receiving Stolen Rice, Beans
Economic Recession: CAN declares 3 days fasting, prayers for Nigeria
Should FG sell national oil assets?
Cameroon’s group weddings for refugees offer an unexpected benefit for women
Nigeria: Delta Militants Vow to Bomb Oil Offices if Patience Jonathan Arrested
Nigeria: EPA – Nigeria to Incur Revenue Loss of $1.3 Trillion – MAN
Tough time: Don urges Nigerians to shun suicide tendencies
Disclaimer: Purported Recruitment Exercise Into The Nigeria Customs Service Is Scam
Boom or bust? Nigeria’s infrastructure dilemma
3 Kwara Pilgrims Still Undergoing Interrogation In Saudi Over Drugs – Amirul Hajj
How MTN moved over $12bn out of Nigeria – Dino Melaye
Nigerian radio station battles extremism – Q & A with Faruk Dalhatu, head of Radio Dandal Kura
Eland “evaluating portfolio” amid Nigeria pipeline attacks
Nigerian military ambush rallies supporting IMN leader
Tens of thousands of supporters of the sheikh took part in the procession in the capital today but countless others were stopped by armed forces at the entrance of the capital as they arrived in buses.
While the exact number of those stopped and detained by the army in Abuja is unclear, it is believed to be in the hundreds. Latest reports from the Free Zakzaky Movement indicate that they are being held in military barracks in the city.
Within 30 minutes of the procession starting, soldiers flanked by police fired tear gas grenades into the crowds, apparently to stop them proceeding to the Central Secretariat area where government buildings are located. When the tear gas failed to stop the procession continuing, the army started to physically stop people in the procession. It is believed that at this stage a number of people were arrested, though this is yet to be confirmed. There are reports of injuries but their extent and number is not yet known. Reports are still coming in about the extent and nature of the police and army action.
Today’s demonstration is the latest initiative in an ongoing campaign to secure the release of Sheikh Zakzaky as concerns mount over his health after more than nine months in custody without charge along with his wife Zeenah. Both suffered gunshot wounds after a savage military assault against the Islamic Movement of Nigeria (IMN) last December. Sheikh Zakzaky has already lost the use of an arm and one of his eyes and there is a real risk he could lose his sight completely if he doesn’t receive the necessary medical treatment. Despite repeated requests by the Sheikh’s legal team, Nigeria’s domestic intelligence agency (DSS) which is holding the sheikh, has refused to let him have access to doctors.
IHRC chair Massoud Shadjareh said: “The attack today represents yet another unjustified attack on the IMN and its supporters. It is a flagrant violation of the right to free assembly and free speech. These transgressions are only possible because the government has created a climate in which atrocities against the IMN can go unpunished. We call on the government to release immediately all of today’s detainees along with the Sheikh, Zeenah Zakzaky and the supporters of the IMN held since December.”
Mehr News Agency
Here are Breaking Radio’s Newsaper Headlines in Brief
Nigeria wants to help solve its cash crunch with new taxes on mobile internet, calls and pay TV
Recession: Osinbajo, Governors, Others In Crucial Meeting
Edo Poll: We arrested hoodlums with incriminating INEC materials not journalists – Nigerian Army
Domesticate ‘Change Begins With Me’ campaign in schools, FG advised
RMAFC against Dangote’s proposal to sell NLNG, others
The Next Big Idea May Be Growing Far From Silicon Valley
NLC accuses FG of evading talk on minimum wage
Nigerian govt evading minimum wage talks — NLC
Nigeria threatens to shut down substandard genetically modified crops’ trial sites
Onu says Nigeria to sign up to International Energy Charter
Nigeria: Let’s Also Address Fallouts of Recession
Nigeria: Recession – SANS, Others Split Over Emergency Powers to Deal With
Nigerian president asks UN to help recover schoolgirls kidnapped by Boko Haram
Recession: Proposed sales of Nigeria’s national assets most dangerous – Senator Omo-Agege
Fg Delaying Minimum Wage Talks – Nlc
Egyptian MP supports ban of niqab, describing it as ‘Jewish practice’
Nigeria: PDP Faults Govt’s Claim On $100 Million Airport Terminals Counterpart-Funding
Nigeria: Cardiologists Seek Review of NHIs Act to Accommodate Heart Treatment
Drama as Anglican Church Bishops flee Anambra over IPOB’s sit-at-home threat
Buhari fuelling agitation for Biafra – Prophet Nwoko
Ogun Young Intellectuals want ‘#ChangeBeginsWithMe’ Campaign domesticated in schools
‘Nigeria needs $15bn for the economy’
Nigerian Senate hears how MTN allegedly laundered $12 billion
The Nigerian Senate has heard how South African telecom giant, MTN, allegedly laundered billions of dollars over a number of years, failing to pay necessary tax in the country.
Dino Melaye, representing Kogi West, raised the matter on Thursday. He accused MTN of removing $12 billion from Nigeria illegally.
Members of the upper chamber were clearly angered when the revelations were made on the floor that the company connived with four commercial banks and a serving minister to ferret out money from Nigeria.
Mr. Melaye, representing Kogi West, said on Thursday in Abuja at the senate that MTN, has been involved in gross money laundering.
Mr. Melaye said, “Between 2006 and 2016, the MTN, in collaboration with four commercial banks and with the help of a serving Minister, has moved over $12bn out of this country”.
He made the revelation under order 42 of the Senate rule and said it was particularly painful that the company was involved in illegal money movement at a time Nigeria was in economic mess.
“All hands must be on deck to recover every loot in the country. We are in a precarious situation and now is the time to recover every stolen money in the country,” he said.
The Senate president, Bukola Saraki, approved Mr. Melaye’s request that the matter be formally tabled with necessary prayers on Tuesday, an indication the senate is likely to launch full investigation into the scam.
The Senate is hearing the case nearly a year after a PREMIUM TIMES’ investigation exposed how MTN for several years, sidestepped Nigerian laws to ship billions of dollars abroad — in so doing, paid less tax in Nigeria.
The 11-month-long investigation showed that the company had been running circles around Nigerian revenue authorities using a complex but noxious tax avoidance scheme called Transfer Pricing.
MTN Nigeria, PREMIUM TIMES established, had been making payments to two overseas companies – MTN Dubai and MTN International in Mauritius – both located in tax havens.
In 2013 for example, MTN set aside N11.398 Billion from MTN Nigeria to pay to MTN Dubai. A similar transfer of N11.789 Billion was made by MTN Ghana to the same MTN Dubai, making it a total of N23.187 Billion that was shipped to the Dubai offshore account.
In a rare disclosure in 2013, MTN admitted it made unauthorized payments of N37.6 Billion to MTN Dubai between 2010 and 2013. The transfers were then “on-paid” to Mauritius, a shell company with zero number of staff and which physical presence in the capital Port Louis is nothing more than a post office letter box.
The disclosure amounted to a confession, given that MTN made the dodgy transfers without seeking approval from the National Office for Technology Acquisition and Promotion (NOTAP), the body mandated to oversight such transfers.
On the basis of an earlier management fees agreement that was technically quashed by NOTAP and on the basis of MTN’s reported revenues, it is estimated that N90.2 Billion could have been transferred out of Nigeria in management fees alone since the company was founded in 2002.
MTN, which was recently fined by the Nigerian government for failing to disconnect unregistered subscribers, has a substantial network of subsidiaries in offshore tax havens, including the British Virgin Islands, Dubai and Mauritius.
Until 2010, MTN Nigeria had an agreement with MTN Dubai to pay 1.75% of revenues to the company for management, and royalties for the use of the MTN trademark.
Nigeria requires that management fees paid by multinationals are approved by the National Office for Technology Acquisition and Promotion (NOTAP). The fee payments had been reversed following a failure to come to a new agreement on management fees with Nigerian regulators.
MTN’s previous agreement with NOTAP expired in 2010. Notwithstanding, MTN continued to make payments overseas.
At the time, MTN told PREMIUM TIMES that it continued to make payments because it expected NOTAP to approve a new deal and backdate it to the date of the expiry of the previous deal.
PREMIUM TIMES made sustained but unsuccessful efforts to get NOTAP and the Federal Inland Revenue Service (FIRS) to comment on the MTN practices in Nigeria.
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Senator Adeola warns against economic depression
Man, 23, remanded for defiling 5-year-old girl
Abuja Businessman Goes Stark Naked to Protest Debt Owed by Nicholas Ukachukwu
Recession: Ban On Rice Importation Has Fueled Hunger – Senator Isah Misau
Lagos, Edo, tops most indebted states list in Nigeria
Woman pours hot water on 14-year-old niece over pot of soup
President Buhari sued over ministerial slot
Nigeria Police teargas protesting Shiites demanding release of leader El-Zakzaky
Nigerian govt, states share N2.53 trillion in 7 months – NAN
Muslims In Egypt Want To Ban Burqas: Face Veil Not Part Of Islam, Lawmaker Says
Lagos Judge sentences 2 to death for armed robbery
UNICEF funds toilets in Jigawa to stop open defecation
Former Adamawa governor, Ngilari, gets 100 million bail
Nigeria: Kano Private Polytechnic to Award Diplomas in Medical Sciences
Any country that is fantastically corrupt will enter recession – Reps member
Proposed sale of national assets barbaric, unprofessional, evil – Don
A lecturer at Obafemi Awolowo University, Ile-Ife, Dr Lawrence Aderotimi has said that the proposed sale of the nation’s assets is “barbaric, unprofessional and evil.” He therefore urged the Federal Government to seek alternative solution to the current recession rather than focusing on the sale of Nigeria’s assets.
Aderotimi made the appeal during an interview with the Newsmen on Thursday in Abuja on the current economic situation of the country.
According to him, “the act is unprofessional, if the Federal Government will descend so low to sell the jewel of the strongest nation in the Africa continent.’’
Aderotimi said that the government could take the option of borrowing from the international organisations rather than selling the assets of Nigerians and those yet unborn.
He said that selling these assets would be termed “barbaric, unprofessional and evil’’.
“Government at this critical state of recession should look beyond selling off the assets of the nation. The government can look for other alternative solutions.
“ It will not be wise to start selling our assets considering what happened after the sale of NITEL, NEPA and some other businesses.
“These assets have created and generated revenue for the sustainability of the economy for a long time and selling them will not be a good idea.
“ Therefore, Nigeria’s assets like NLNG and others should not be sold just because the country wants to meet her short-term financial obligation.
Aderotimi explained that the Federal Government should think of the adverse effect of the sale of these assets on the generality of Nigerians.
He said that it would lead to unemployment and poverty, considering the fact that those employees in these organisations would be laid off.
According to him, over the years, privatisation of business enterprises has failed as the act usually brings about the enslavement of Nigerians.
The political scientist was of the opinion that the Federal Government should use the monies recovered from looters and from the Integrated Payroll and Personnel Information System to fund the economy.
He, however, advised that rather than selling off these assets, the government and the wealthy class should come together to find ways to deliver the country from the present state of recession.
“This is a call that Nigerians should stand by, we must see to it that Nigeria is not mortgaged so that the unborn generation will enjoy the wealth of this nation,’’ he said.
Recall that a statement recently credited to Mr Aliko Dangote, a business mogul on the sale of Nigerian Liquefied Natural Gas (NLNG) and other government assets has been generating controversy.
Here are Breaking Radio’s Newspaper Headlines
Girl, 12, dies after falling into pit latrine
Boko Haram Rages in Nigeria, but the World’s Eyes Are Elsewhere
Stop defamatory publications, Sir Emeka Offor’s family warns Sahara Reporters, others
Africa: ‘Nigeria Has Second Largest Number of Paediatric Surgeons in Africa’
Economic Recession: Massive Withdrawal Of Students Hits Nigeria’s Private Schools
COHRD calls for immediate reinstatement of students rusticated by UNILAG, other institutions
Nigerian president asks for UN help to free abducted Chibok girls
Recession: Investors are afraid of Buhari, withholding their money – Ben Bruce
Revocation: Maitama Land Owners Sue Fct Minister, Others
Plea to UN to mediate over Chibok girls
UPDATE 1 – Nigeria’s Forcados oil exports to restart, October list published
Proposed sale of national assets barbaric, unprofessional, evil; Don
Edo poll: Army denies alleged assault of journalists
My husband sent me packing for refusing to abort 6-month pregnancy; Wife tells Court
Katsina State Governor Buys 3000 Coffins, detains Blogger who criticized Policy
Nigeria’s Forcados to resume exports end Sept, October programme issued
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