Why Nigeria wan sell dis public asset to fund 2023 budget

Nigeria goment say e dey plan to sell some of di electricity-generation companies for di kontri to pay for im 2023 budget.

Dis dey come afta goment big budget deficit and wit less dan six months before di President Muhammadu Buhari goment go leave office.

Goment say dem go sell di companies for di first quarter of 2023. Dem dey expect to open bids for dem dis month of December and dem go close am for di end of March 2023.

Last October, President Buhari bin present one $45bn (nearly 20 trillion naira) spending plan for 2023 – di last main budget wey im goment go do before di president complete im second four-year term for office for May 2023.

Dis budget no get any income wey back am, and di deficit or shortage wey e go leave na 4.8 per cent of di GDP.

Nigeria dey usually get money for im budget mainly from money wey e make from selling crude oil.

But di instability for dat sector, especially fluctuations for domestic productions and global prices, mean say goment dey forced to borrow or sell public assets to fund major part of di budget.

Di kontri spend about 70 percent of im budget to service salaries and allowances of civil servants plusgoment officials, while dem dey use only 30 percent for for capital expenditure – especially infrastructure development.

For di past seven years, di kontri debt don increase from $28 billion to $72 billion while inflation na about 20 percent.

One World Bank report wey dem release for October, say Nigeria economy go grow slowly for di new year.