Finance minister confirms plans to sell govt properties to fund 2021 budget


After concluding plans to borrow from dormant accounts and unclaimed dividends, the federal government will be selling some government-owned properties as well as non-oil assets to fund the 2021 budget.

The Minister of Finance, Zainab Ahmed, disclosed this during the budget presentation ceremony which was done virtually on Tuesday, January 12.

According to the minister's budget presentation titled ‘Public Presentation of 2021 FGN Approved Budget – Breakdown and Highlights’ which has been shared online, the revenue generated from the sale of these assets will be used to fund the deficit of the budget.

The document however did not state the assets to be sold, neither did it state the expected revenue from the sales

The document however did not state the assets to be sold, neither did it state the expected revenue from the sales

In November 2020, the Bureau of Public Enterprise in a document presented to the Senate committee on Privatization disclosed that the Federal government plans to sell the Integrated Power Plants in Geregu, Omotosho, and Calabar at N434 billion in 2021.

The document presented indicated plans by the Federal government to also concession the National Arts Theatre, Tafawa Balewa Square, and all the River Basin Development Authorities at N836 million while the National Stadium in Lagos, the Moshood Abiola Stadium, Abuja, and two others were pegged for concessioning at N100 million.

President Buhari had on December 31, 2020, signed the N13.58 trillion budget for 2021.

The President had recently signed into law the Finance Act 2020 which allow the federal government access to unclaimed dividends and bank account balances of Nigerians unattended to for at least six years.

The funds will available as special credit to the federal government through the Unclaimed Funds Trust Fund.

According to the Finance Act 2020, the trust fund will be a sub-fund of the Crisis Intervention Fund.

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