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    MarketForces Africa » MarketForces News » Reps to Investigate Privatisation, Concession of FG Silos

    Reps to Investigate Privatisation, Concession of FG Silos

    Julius AlagbeBy Julius AlagbeFebruary 21, 2024 News No Comments2 Mins Read
    Reps to Investigate Privatisation, Concession of FG Silos
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    Reps to Investigate Privatisation, Concession of FG Silos

    The House of Representatives has resolved to investigate the privatisation and concession of Federal Government silos across the country.

    The resolution followed the adoption of a motion by Rep. Inuwa Garba (APC-Gombe) during plenary in Abuja.

    In his motion, he said that the Federal Government had concessioned 22 out of its 33 Silo complexes across the country to the private sector.

    He said that there was a need to scrutinize the circumstances surrounding the privatisation or concession of those silos for grain storage in the country.

    Garba said that there was a need to investigate the entire process, including the criteria used for the selection of private entities.

    The legislator added that this was due to the vital role the silos played in ensuring food security and access to affordable grains across the country.

    He also said that transparency in the bidding process must be proven to ensure accountability in public administration and uphold the principles of fairness and equity.

    Adopting the motion, the House urged the Federal Government to, as a matter of priority, consider subsidizing agriculture to revitalize the economy and improve food security in Nigeria.

    The House mandated the Committee on Agricultural Production and Services, Privatisation and Commercialization, Public Assets, to investigate the privatisation and concession of 22 out of 33 government silos.

    The House also resolved that other critical national assets of the government negotiated without due process must be probed and investigated.

    It urged the committee to report back within four weeks for further legislative action.

    Meanwhile, Garba, while explaining the motion at a news conference, said it was wrong for the government to have privatized or concessioned the silos.

    “I feel it is very wrong to privatize the silos that are meant for the government to have food security by having food storage in order to support and alleviate the sufferings of Nigerians.” #Reps to Investigate Privatisation, Concession of FG Silos

    BUA, FBNH Selloffs Drag NGX Lower By N729bn

    FG House of Reps
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    Julius Alagbe
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    Julius Alagbe is a senior financial journalist and Editor at MarketForces Africa with nearly two decades of experience in finance, accounting, and economics reporting.He is one of Nigeria's most prolific financial market reporters, covering capital markets, monetary policy, corporate earnings, banking, telecoms, and macroeconomic developments across Africa.Julius has built a strong footprint reporting on Nigeria's leading corporates and financial services sector, including coverage of the Nigerian Exchange Group, Central Bank of Nigeria monetary operations, MTN Nigeria, GTCO, and major investment banking transactions.He regularly monitors the CBN’s open market operations, interbank FX markets, and equity market movements, providing readers with real-time intelligence on Nigeria’s financial landscape.His reporting draws on direct access to institutional research from firms including Moody’s Ratings, CardinalStone Securities, Fitch, and other leading African investment houses.Julius brings analytical depth and editorial rigour to every story, making complex financial data accessible to professionals, investors, and policymakers across Africa.Julius Alagbe is based in Lagos, Nigeria.

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