Fri. Mar 22nd, 2019

FG To Sell 10 State-owned Companies To Fund 2018 Budget

A director at the Bureau of Public Entreprises (BPE), Joe Anichebe says the federal government will sell 10 state-owned companies for sale in the fourth quarter of 2018.

According to the director, the sales will raise N289 billion for the funding of the 2018 budget.

Anichebe said preparations are in the final stages for the sales of the companies, which range from aviation to insurance.

Bloomberg reports that the first set of companies to be sold are Nicon Insurance Ltd. and Skyway Aviation Handling Co., which the director said will be sold “this month or early next month” through an initial public offering.

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The N9.1 trillion 2019 budget was signed into law in June with a

Ita Enang, senior special assistant to the president on national assembly matters, had said the greater part of the 2018 budget will be funded by loans.

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