Expectedly, the Senate on Tuesday voted against the sale of the country’s assets in contrast to the proposition by the Senate President to the contrary. This followed the motion of the Senate Majority Leader, Ali Ndume, urging his colleagues to reject the proposal for the sale of the nation’s assets.
The Senate President had in his welcome speech to the senators from their two-month recess, stated that, “the Executive must raise capital from asset sale and other sources to shore up foreign reserves. This will calm investors, discourage currency speculation and stabilize the economy. The measures should include part sale of NLNG Holdings; reduction of government share in upstream oil joint venture operations; sale of government stake in financial institutions e.g. Africa Finance Corporation; and the privatization and concession of major/regional airports and refineries.”
Saraki campaign for sale of assets came as Presidency sources had said that President Muhammadu Buhari was not disposed to asset sale but to external borrowing to finance the 2106 budget, a move some argue would get the nation out of recession.
But taking the floor Tuesday, the Senate Leader said, “I move that the senate oppose the sale of national assets to shore up our reserves.” This prompted the Senate President to put the motion to a voice vote, and overwhelmingly “the ayes had it”.
The victory of the Senate majority who voted across party lines was seen as democracy in action and evidence of maturity of the 8th Senate for differing with its President.
