Bauchi outlines the advantages of privatizing failing industries

Ibekimi Oriamaja Reports

The government of the state of Bauchi has stated that it will not renege on its decision to privatize its dying businesses, which it regarded as the proper course of action for reviving the state’s economy and preventing a complete collapse.

Mr. Ibrahim Kashim, Secretary to the State Administration (SSG), said during a news conference at Government House in Bauchi over the weekend that the state government would not be intimidated by the opposition All Progressive Congress (APCsly )’s attack on the ongoing privatization of the industries.

According to Kashim, the APC should criticize the federal government’s privatization of industries before challenging the state government’s privatization efforts. Former Bureau of Public Enterprises head Kashim refuted claims that the state government is using privatization as a cover to give public assets to the governor’s cronies and connections.

In his view, it was in the best interests of the state for the state government to pursue the privatization of the industries because they were in the last stages of collapse and using outdated machinery.

According to him, it is nothing new for the government to permit the private sector to take over companies in the event that it is unable to manage them effectively.

We have looked at the investors’ level of commitment and what they offered for the value stake in the proposed companies, so the government is confident in the arrangement’s economic benefits. As a result, we are appealing for the state’s residents’ understanding and support because Governor Bala Mohammed’s administration is committed to defending their interests in all policies and programs.

According to Kashim, the Bureau for Privatization and Economic Reforms was established to act as the policy- and decision-making body for the privatization and economic reform of state enterprises, transfer management of all such enterprises to the bureau in the first instance, and end line ministry interference in the management of state enterprises, ensuring transparency and preventing conflicts of interest in the affairs of ente

He listed a few of the bureau’s duties, such as advising the government on the capital restructuring requirements of the businesses that will be privatized in order to facilitate good management of the businesses, identifying the political, economic, and social goals of privatizing state enterprises, and recommending to the government the legal and regulatory framework for the assets of state businesses that will be privatized.

In an effort to boost economic activity in the state and create job opportunities, the following industries have been included for privatization: the Bauchi Meat Factory, the Bauchi Furniture Company, the Bauchi State Fertilizer and Blending Company, the Galambi Cattle Ranch, as well as the leasing of Zaranda Hotels, Wikki Hotels, and Tours.