ASSET SALES: LCCI demands transparency, investment of proceeds in infrastructure 

By Yinka Kolawole

The Lagos Chamber of Commerce and Industry (LCCI) has called for transparency and accountability in the proposed sale and privatisation of national assets by the federal government in the 2026 budget, while urging that the proceeds from the sale be invested in infrastructure development.

President of LCCI, Engr. Leye Kupoluyi, made the call yesterday in Lagos at a quarterly media briefing on the state of the economy.

Recall that the government projected revenue of N189 billion from the sale of national assets along with a targeted privatisation exercise in the 2026 Appropriation Bill, as part of a N25.27 trillion financing plan to bridge the fiscal gap.

The proposed asset sales, which cut across oil and gas, power, transport, industry, real estate and other strategic sectors, are aimed at monetising public holdings and reducing direct government involvement in commercial activities. However, details of the specific assets to be sold were not disclosed in the budget estimates.

Kupoluyi acknowledged that asset sales and privatisation as a viable option for easing fiscal pressure and improving operational efficiency, provided the process is transparent, competitively executed and supported by strong governance frameworks.

He, however, urged the government to publish a clear list of assets earmarked for sale, including timelines and the intended use of proceeds, to strengthen public confidence and accountability.

“LCCI acknowledges this approach as a means of easing fiscal pressure and improving efficiency, provided the process is transparent, competitively executed, and supported by strong governance frameworks. We urge the publication of a clear asset list, timelines, and use of proceeds, and recommend that the funds be reinvested in infrastructure, human capital, and productivity-enhancing projects.

”Above all, the chamber stresses that privatisation should form part of a broader structural reform agenda, not merely a short-term financing measure, to ensure sustainable growth and long-term national value.”

Meanwhile, the LCCI president has also raised concerns over Nigeria’s historically weak budget implementation capacity, warning that it could come under increased strain from the simultaneous operation of multiple budget cycles.

According to him, managing the 2024 budget and supplementary budget alongside the 2025 and 2026 budgets may complicate fiscal coordination and undermine transparency.

He noted that overlapping budgets could also hinder effective project execution, as government agencies grapple with competing priorities and limited administrative capacity.

“This has important implications for fiscal coordination, transparency, and effective project execution,” Kupoluyi added.

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