TODAY,WE PASSED A RESOLUTION AT THE SENATE ON THE NEED TO REVIEW THE PRIVATIZATION OF PUBLIC ENTERPRISES IN NIGERIA-SARAKI.

     This is because, we are concerned that while the objectives of privatization were noble, the exercise was not accompanied or preceded by an articulated and properly phased public sector reform. Additionally, the privatization of Nigeria’s collective public enterprises have been marred by administrative, regulatory and financial irregularities.

This is why, our resolution on this issues has:

Mandated our Committee on Privatization to have an interface with the National Council on Privatization and the Bureau of Public Enterprises to receive and examine a comprehensive report of current privatization status of Nigerian Public Enterprises;

Directed the Committee to conduct a public hearing to determine:

-The public enterprises privatized/commercialized;

-The current status of privatized enterprises;

-The extent of due process in the conduct of the privatization exercise;

-The enterprises whose privatization were reversed by the Federal Government;

-The extent of compliance with post-privatization conditions by core investors; and

-The impact of privatization/commercialization of public enterprises on the Nigerian economy.

We have also mandated the Committee to make appropriate recommendations that will ensure the functionality of the privatized/commercialized enterprises to realize the objectives of the exercise — which will reduce the impact of the current economic challenges.

I have particularly requested that during the course of this review, the Committee should look into the privatization of the power sector — which has been one of the fundamental problems that our nation and our people are facing.

-Dr. Abubakar Bukola Saraki (CON), President of the Senate