The Lagos Chamber of Commerce and Industry (LCCI) has urged the federal government to ensure transparency and accountability in its proposed sale and privatisation of national assets outlined in the 2026 budget, while recommending that the proceeds be channelled into infrastructure development.
Engr. Leye Kupoluyi, President of the LCCI, made the call on Wednesday during a quarterly media briefing on the state of the economy in Lagos.
The 2026 Appropriation Bill projected revenue of N189 billion from the sale of national assets and a targeted privatisation programme, as part of a broader N25.27 trillion financing plan designed to bridge the fiscal deficit.
The proposed asset sales span multiple strategic sectors, including oil and gas, power, transport, industry, real estate, and other key areas, with the aim of monetising public holdings and reducing direct government involvement in commercial activities. However, the budget estimates did not specify the assets to be sold.
Kupoluyi acknowledged that asset sales and privatisation can be effective tools for easing fiscal pressure and improving efficiency, but he stressed that the process must be transparent, competitively executed, and backed by strong governance structures.
He urged the government to publish a detailed list of assets earmarked for sale, alongside timelines and a clear plan for the use of proceeds, to build public confidence and ensure accountability.
“LCCI acknowledges this approach as a means of easing fiscal pressure and improving efficiency, provided the process is transparent, competitively executed, and supported by strong governance frameworks,” he said. “We urge the publication of a clear asset list, timelines, and use of proceeds, and recommend that the funds be reinvested in infrastructure, human capital, and productivity-enhancing projects.”
Kupoluyi added that privatisation should be part of a broader structural reform agenda, not merely a short-term financing measure, to guarantee sustainable growth and long-term national value.
Budget Implementation Capacity Under Threat
The LCCI president also warned that Nigeria’s historically weak budget implementation capacity could face increased strain due to the simultaneous operation of multiple budget cycles. He noted that managing the 2024 budget and supplementary budget alongside the 2025 and 2026 budgets could complicate fiscal coordination and undermine transparency.
“This has important implications for fiscal coordination, transparency, and effective project execution,” Kupoluyi said, adding that overlapping budgets could hinder project delivery as government agencies contend with competing priorities and limited administrative capacity.
The chamber’s concerns highlight the need for stronger fiscal management and clearer governance frameworks to ensure that the 2026 budget achieves its objectives without compromising efficiency and accountability.