Hey there, middle schoolers! Today, we’re going to talk about something interesting happening in Nigeria. The government, led by President Bola Tinubu, has a plan to sell off some of the country’s assets. Why? Well, they want to make N298.4 billion in revenue in 2024. That’s a lot of money!
In a document called the 2024 appropriation bill, which is currently being reviewed by the National Assembly, the government shared their plan. The Chairman of the Senate Committee on Appropriations, Solomon Adeola, released a list of items called “financing items.” These are the things the government wants to sell to make money.
You might be wondering why the government wants to sell off assets. Well, there are a couple of reasons. First, they want to use the money to pay off public debts. You see, the government owes a lot of money to different people and organizations, and selling assets can help them get the cash they need to pay it back.
Second, by selling assets, the government can reduce the burden on the Federal Government (FG). This means they won’t have to rely as much on the money they collect from taxes and other sources to fund their projects and programs.
President Bola Tinubu submitted a budget of N27.5 trillion for the year 2024 to the National Assembly. This budget includes all the money the government plans to spend on different things like education, healthcare, infrastructure, and more. It’s a big budget!
Now, let’s hear from a financial expert and budget analyst named Oluseun Onigbinde. He has an interesting opinion. Oluseun believes that 70% of projects in Nigeria are poorly executed and don’t last beyond two years. That’s not good news! It means that even though the government has a lot of money to spend, they need to make sure it’s used wisely and that projects are completed properly.
So, there you have it, middle schoolers! The Nigerian government is planning to sell off some assets to make a lot of money. They want to use this money to pay off debts and reduce the burden on the Federal Government. It’s important for them to spend the money wisely and make sure projects are successful. Let’s see how it all turns out!