A document from the Ministry of Budget and National Planning has revealed plans by the Federal Government to sell some assets over the next four years to generate as much as $16.4 billion to help reduce the deficit in the 2017 budget.

According to the document obtained by Bloomberg, the sales will assist in tackling inefficiencies and reduce corruption in public enterprises.

Although the document outlines the country’s plans for economic recovery from 2017 to 2020, it did not highlight the assets that the country may sell.

The West African country’s economy was estimated to have contracted by 1.5% in 2016, partly due to the decline in the price and output of oil which is Nigeria’s biggest export and revenue generator.

President Muhammadu Buhari (photo) this year proposed a 20% increase in the budget to boost the economy and help increase the GDP by an average of 4.7%per annum over four years, expected to reach 7% in 2020.

The government is also aiming for an oil production of 2.5 million bpd by 2020 to boost revenues.

Anita Fatunji