The Federal Ministry of Finance Incorporated (MOFI), the commercial arm of the finance ministry, has hinted it is working on raising about N100 trillion capital by unlocking liquidity from the federal government’s idle assets.
Speaking at its quarterly forum organised in collaboration
with the Infrastructure Concession Regulatory Commission (ICRC) in Abuja,
yesterday, the Managing Director of MOFI, Dr. Armstrong Takang, added that his
team would also mobilise and invest the amount raised in opportunities that are
strategic to the nation’s economic and social development plans.
He also said the proposed National Assets Registry, NAR, was
critical to re-setting the Nigerian economic narrative, as MOFI could leverage
its balance sheet, including newly enumerated assets, to secure funding and
guarantees from strategic partners.
According to him, the narrative on Nigeria’s economy which
emphasized the huge debt owed by the country without regard to the nation’s
assets was incomplete.
According to him, the nation has many assets spread across
the country and indeed across the globe with some of them totally abandoned and
that a NAR must be developed for the nation to know what it actually owns and
how best to put the asset to use in the interest of the Nigerian public.
“Knowing the assets will help us to know which of the assets
we can let g; which ones we can keep.
There are assets that are yielding zero interests, yet we are borrowing
at about 9 per cent interest. Many of
our properties abroad have been confiscated because they are not generating any
revenue to even pay for utilities or even security,” he added.
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