BPE to spend N100m on purchase of new vehicles, privatisation monitoring

The Bureau of Public Enterprises (BPE) will spend N100.2 million on post privatisation monitoring of all the privatised companies and purchase of new vehicles next year, the estimate of the 2021 budget has shown.

About 149 enterprises had been reformed, privatised or commercialised/concessioned by the agency since 1999.

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In the 2021 budget estimate of BPE, the agency would spend N50.538m on monitoring of these agencies scattered across the country.

The agency’s officials are to use this money on travelling to the locations where the privatised companies are, for feeding and for hotel accommodation.

Also, the BPE would purchase set of new vehicles at N49.749m on as contained in the 2021 budget estimate.

The Director-General of the BPE, Mr. Alex A. Okoh, had said earlier this year that the Bureau would carry out 19 new transactions in 2020.

According to Okoh, the Federal Government will net N266.7 billion from sale of the 19 government owned companies.

Though he said the total projected revenue from the companies’ sales was N270.6bn, N3.8bn is expected to be spent during the privatisation process.

Aside from the huge sum of revenue, the companies’ privatisation will also attract foreign direct investments (FDIs), increase export earnings, increase power supply, among other benefits, Okoh had said.

He listed the companies to include: Nigeria Independent Power Plant, Afam power and Afam three fast power limited, Yola DisCo, Aluminium Smelter Company of Nigeria (ALSCON), sale of properties of Nigerian Mining Corporation (NMC), Mineral House, Ikeja, Lagos, and sale of non-core assets of the Nigerian Coal Corporation.

Others, according to him, are: Dowell Schlumberger Nigeria Limited, A.C.M of Nigeria Limited, Bank of Agriculture (BOA), Nigeria Commodity Exchange (NCX) and Lagos International Trade Fair Complex.

He also listed River Basin Development Authorities, Tafawa Balewa Square (TBS), Lagos, Nigerian Film Corporation (NFC) and Nigerian Reinsurance Corporation.