Just Thinking: Selling National Assets or Borrowing.
The Senate of the Federal Republic of Nigeria, “in their wisdom” opposed the proposed sale of some national assets, to bail us out of the economic recession. Ironically, the same Senate has not curtailed it’s expenses. Charity begins at home. The present Senate is a drain pipe to the economy. One would have expected the Senate to drastically cut their expenditures.
Moving on. The next available option left to the federal government might be to borrow money from IMF/World Bank, Paris Club, London Club etc. Borrowing from these international institutions comes with a greater cost. I recall a seminar organised by World Bank in London some years back, where I asked them to stop lending money to Nigeria. Not sure they would consider my suggestion, but at least a suggestion was made.
Between borrowing with high compound interest rates and selling some of our national assets, which is preferable? The author would prefer the sell of some national assets, provided it’s done transparently and due process followed. Taking loans would be like mortgaging the future of our children and grand children.
The essence of having assets is to sell it, when you need cash, in order to enable you survive or to use it as collateral to borrow money. Borrowing from institutions mentioned above is simply not advisable.
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