Nigeria to sell 36 properties to finance 2021 budget

The Nigerian government is planning to sell a number of properties to finance its 2021 national budget.

The government has categorized 36 properties into five departments. 

The Industries and communication department has 8 projects, Development institutions and Natural Resources departments have six projects, Energy has nine projects while the Development institutions and Natural Resources departments have six projects.

The projects are expected to be concessioned or sold between January 2021 and November 2022.

A number of properties have already been listed for sale or concession and they include the Abuja Environmental Protection Board (AEPB), the Abuja International Conference Centre (ICC), some unnamed refineries, the Transmission Company of Nigeria (TCN), Abuja Water Board, Nigerian Film Corporation, among others.

These transfers vary in terms of core investor sales, while some will be in the form of share sales. Some will undergo concession while others will be commercialized fully or partially.

Nigeria’s Bureau of Public Enterprise said the investor can be individuals, firms, Nigerians, or foreign nationals.

Nigeria’s 2021 budget has an approved statutory transfer of $1.3 billion and $8.65 billion as approved for debt services.

The West Africa country through its finance minister Zainab Ahmed said Nigeria intends to borrow $14.69 billion from both domestic and foreign resources. 

She said they will borrow money from the World Bank, Islamic Development Bank, and countries like Brazil.