Written by Yinka Kolawole
The Lagos Chamber of Commerce and Industry (LCCI) has urged that the federal government’s proposed sale and privatization of national assets in the 2026 budget be transparent and accountable, and that the sale’s revenues be used for infrastructure development.
LCCI President, Engr. Yesterday, at a quarterly media briefing on the status of the economy in Lagos, Leye Kupoluyi made the call.
Recall that as part of a N25.27 trillion financing strategy to close the fiscal gap, the government estimated N189 billion in revenue from the sale of national assets and a targeted privatization exercise in the 2026 Appropriations Bill.
In order to monetize public holdings and lessen direct government engagement in commercial activity, the planned asset sales, which span oil and gas, power, transportation, industry, real estate, and other important sectors, are being considered. However, the budget forecasts did not include information about the particular assets that would be sold.
As long as the process is open, competitively carried out, and backed by robust governance frameworks, Kupoluyi recognized asset sales and privatization as a feasible alternative for reducing fiscal pressure and enhancing operational efficiency.
However, in order to boost public trust and accountability, he asked the government to release a detailed list of assets designated for sale, together with deadlines and the intended use of the profits.
As long as the procedure is transparent, competitively carried out, and backed by robust governance frameworks, LCCI recognizes this strategy as a way to reduce fiscal pressure and increase efficiency. In addition to recommending that the money be reinvested in programs that increase productivity, human capital, and infrastructure, we call for the release of a clear asset list, dates, and use of revenues.
“Above all, the chamber emphasizes that in order to ensure sustainable growth and long-term national value, privatization should be part of a broader structural reform agenda rather than just a short-term financing measure.”
The president of the LCCI has also expressed worries about Nigeria’s historically poor ability to implement budgets, cautioning that the concurrent operation of several budget cycles may put it under further stress.
He claims that overseeing the 2024 budget and supplemental budget in addition to the 2025 and 2026 budgets could make budgetary cooperation more difficult and compromise transparency.
He pointed out that as government organizations struggle with conflicting agendas and constrained administrative resources, overlapping budgets may also make it more difficult to carry out projects successfully.
Kupoluyi continued, “This has significant implications for fiscal coordination, transparency, and effective project execution.”
