Economists yesterday listed ways the Federal Government can raise up to $500 billion from liberalisation and privatisation of assets and sectors within five years.
The Chief Executive Officer (CEO), Economic Associates, Dr Ayo Teriba, made the recommendations in his lead paper presented at the first 2018 monthly seminar of the Ibadan School of Government and Public Policy (ISGPP), yesterday.
Speaking on the topic: “Transiting from Bust to Boom: Fiscal, Financial and Infrastructure Options,” Teriba noted that rather than borrowing to fund the budget and pay other debts, the Federal Government should simply liberalise certain sectors of the economy and privatise all infrastructure to raise up to $500 billion in five years. Teriba posited that liberalisation, breaking government monopoly by licensing new entrants have worked in the telecommunication sector which confirms that it can also work in aspects of rail and road transport, health, education and sports.
By liberalising some sectors, embracing joint ventures as done in the oil and gas sectors and partially or wholly privatising assets, government will realise the revenue needed to shore up foreign reserves, boost non-oil revenue, build more infrastructures and also widen access to finance for the Nigerian business people.
According to him, partial privatisation and joint ventures should also work for refineries, pipelines, power transmission and some aspects of rail, if embraced.