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Government realises N669bn from privatization

30 June 2014, 20:19

Abuja - The Director-General, Bureau of Public Enterprise (BPE), Benjamin Dikki, said the federal government realised N669 billion from privatisation of its enterprises from 1999 to date.

Dikki made this known while delivering a lecture on “Federal Government’s Privatisation and Economic Reform Programme” at a forum organised by Just Friends Club of Nigeria in Abuja.

He said that the amount was proceeds from 122 enterprises privatised from 1999 to 2012 and revenue generated from the privatisation of the power sector in 2013.

He disclosed that $2.5 billion (about 417.5 billion) was realised from payments made by “preferred bidders of 15 out of the 18 successor companies of Power Holding Company of Nigeria (PHCN)”.

He said that N251.5 billion was realised as gross proceeds from the privatisation of the 122 enterprises, adding that N147 billion was remitted to the Privatisation Proceeds Account at the Central Bank of Nigeria as net profit.

Dikki added that N384 billion was spent on settling labour liabilities in the power sector before the companies were handed over to the new investors on November 1, 2013.

He stated that 66 percent of the privatised enterprises were performing well while 34 percent was not doing well.

He said that the process of unbundling the Kaduna Electricity Distribution Company and Afam Generation Company, which was unsuccessful during the first sale, was currently nearing completion.

The director-general said that although BPE was known mainly for its privatisation activities, it had begun the handling of reforms in different sectors of the economy.

He cited the reform in the telecommunication sector, which he said had created lots of jobs and generated huge revenue for the government, as one of the reforms it handled.

Dikki said that BPE was currently pushing for the passage of seven bills which would open up the Nigerian economy “for healthy businesses to strive”.

On its initiatives, he expressed the hope that refineries would be privatised pending the passage of the Petroleum Industry Bill.

"The government is intent on privatising the refineries because of the impact it will have in growing the Nigerian economy, he said.

-    NAN

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