Central Bank Of Nigeria Governor Wants Buhari To Sell Half Of Nigeria's Oil Equity To Raise Funds For Infrastructural Projects

Godwin Emefiele

The  Central Bank Governor, Godwin Emefiele, is advising the incoming government to sell nearly half of Nigeria's Joint Venture equity with national oil companies. This advise is the governor's only way Nigeria can raise the funds it's need for massive infrastructure projects.  He also project if the country could do the needful of selling the equity, the country in the long run can generate 14.9 trillion about three times the country's yearly budget.

Mr. Emefiele said. The Nigerian economy has faced continued pressure from spiralling debts, in the face of dwindling revenues resulting from falling global crude oil prices.Many of the 36 states of the federation are barely able to meet their obligations to contractors and workers from their monthly allocations from the federation account.Foreign reserves slumped to about $29.9 billion as at March ending.