Nigerian Labour Congress, NLC has described the recent call by some individuals for the sale of national assets as a strategy for curbing the current economic recession experienced in the country as unacceptable noting that the investments in the LNLG and Joint Venture oil upstream operations are profitable and represent potential sources of revenue into the future.
According to the NLC President, Comrade Ayuba Wabba in a statement stated that “the recent call by Alhaji Aliko Dangote for the sale of the national share holdings in the LNLG and the suggestion by the Senate President that the shares, along with other sovereign assets in the oil and aviation sectors, should be sold as a way of stemming the current economic recession are unacceptable to us at the Nigeria Labour Congress. Investments in the LNLG and Joint Venture oil upstream operations are profitable and represent potential sources of revenue into the future.”
He went further to explain that it was the accrued dividend payments from LNLG shares that provided the resources for the first bail-out to states when many states could not pay salaries under this present regime.
“It is on record that dividends, in excess of one billion dollars, have accrued annually to the national coffers from the gas company over the past twelve years.
“These calls are more worrisome when one considers the history of sovereign assets divestiture in the past. Where are the proceeds from sales of the assets in the power sector for instance? With the benefit of hindsight, it is obvious that these assets were distributed to favoured individuals and surrogates of the ruling elite without any appreciable benefits to Nigerians.
“While we recognize that there is need to take urgent steps to stem the dwindling fortunes of the national economy, we are convinced that the proposals in question will further weaken the revenue capacity of government in the future and weaken the economic base of the nation.” He said
Wabba urged the FG to learn from some of the OPEC countries invested their oil revenues heavily in the acquisition of sovereign assets, both domestically and internationally stressing that such countries today are deriving a steady stream of earnings from those assets and are, therefore, less vulnerable to the fiscal crisis occasioned by failing oil revenues.
“Inter-generational considerations require that we build on these existing investments by identifying other profitable endeavors to invest in. What we need is to leverage on the stream of potential earnings from these investments in seeking to turn around the economy. Wabba said
The leadership of the organized labour has therefore called on all Nigerians to join forces to resist any attempt by individual(s) to further rob the nation and the future generation.
“We, therefore, call on Nigerians to resist these new schemings by those waiting and wishing to lap up these lucrative national assets. We need to preserve these assets for our children and future generations.
On our part, we are ready, in partnership with other progressive and nationalist forces in our country, to resist the further attempt to plunder our common patrimony,” Wabba said.

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