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The main purpose of his study was to determine the impact of privatization and commercialization of the public enterprise. The researcher has critically examined the privatization policy of the federal government with a view to assessing its congruence with the principles of distributive and social justice. The researcher has analyzed the problem from the support of social-economic mission of public enterprises.
The governing frame work of privatization and the level of explanation of the problems that threaten their real foundation is the basis of findings.
Consequently argued that the debilitating forces over organizational political environmental and structural which privatization is set to exacerbate such, worsen socio-economic inequalities in the country. And in view of the problems identified obstacle that deepened the failures of public enterprises in Nigeria which draws up roles towards the improvement and development of these infrastructure of power sector.
Privatization of public enterprises in Nigeria by successive governments
failed to meet the yearnings and aspirations of governed. Various measures and
criteria put in place to address the imbroglio ended in fiasco because it
aggravated rather than alleviate the problem bedeviling such enterprises.
Previous studies revealed that inefficiency, political patronage and poor
productivity still became the dominant characteristics of government privatized
enterprises. This paper observed that non involvement of experts and relevant
stakeholders remain the cankerworm to successful privatization process. It
recommended that experienced and professional bodies should be involved in
future participation of public enterprises in Nigeria.
A central issue in the economies of sub-Saharan African Countries in the post independence period was the market failure argument which signaled massive government intervention in the country. In Nigeria, government role was dominant in the economy as reflected by the adoption development planning and massive proliferation of public enterprises (PEs), to stimulate economy growth and structural transformation. Before the introduction of privatization policy in Nigeria, the public sector constitutes huge drain on government scarce resources and liability to the national economy. The PEs sector for example, depended
largely on government for funding through Annual Budgetary allocations, Grants, Subventions Subsidies. For example, the government invested colossal amount of resources to the tune of US S323 in 2001 which represents (0.68 per cent of Gross Domestic Product) to oil and telecommunications sectors. It was estimated that between 1999 to 2006 a total number of 116 PEs were privatized by the Federal Government. As such the government has been finding it very difficult to cope with the financial burden of sustaining PEs. Moreover , various criticism have been labeled against their operations; PEs proved to be wasteful in terms of resource utilization ,made significant demands on domestic and foreign credits , are economically inefficient , constitute a burden on the banking system and retarded the growth of the private sector in Nigeria . Other problems of PEs include; Mismanagement of resources , inefficiency , gross under capitalization resulting in heavy reliance on government for financial operation , misuse of monopoly power leading to corruption , bureaucratic/administrative bottlenecks in their relations with supervising ministries , ethnicity and nepotism among others .
This dismal economic performance of PEs created a crisis of confidence which aggravated Nigeria‘s economic crisis of the 1980s. These crises led to the dwindling domestic and foreign exchange revenue thereby creating serious fiscal crisis in the economy .These criticisms led to serious calls for reforms to reposition and restructure them for better performance through the privatization option. Privatization is a mechanism for improving the performance and efficiency of PEs. This will go a long way in ensuring efficient use of resources and lessening the dependence of PEs on government, thereby making resources available to other competing sectors of economy. It is against this background that this research is conducting the investigation on how is the impact of these
privatization and commercialization of the power sector amongst other public enterprises in Nigeria.
Privatization in Nigeria was formally introduced by the commercialization Decree of 1988as part of structural Adjustment Program (SAP) of the Ibrahim Babangida Badamasi administration (1985 -1993). As McGrew was argued, SAP is
a neo-liberal development strategy devised by international financial institutions to corporate national economics into the global market.
The vision of a “global market civilization “has been reinforced by the policies of the major institutions of the global economic government namely up to the mid 1990s., underlying them structural adjustment programs has been a new
–liberal development strategy –referred to as the washing of conscientious which prioritizes the opening up of national economics to global market forces and the requirement for limited government intervention in the management of economy.
One of the main objectives of SAP was to pursued deregulation and privatization leading to removal of subsidies, reduction of wage bills and the retrenchment of public sector ostensible to trim the state to size .The privatization and commercialization Decree of 1988 set up the Technical Committee on privatization and commercialization (TCPC) under the chairman of DR. Hamza Zayyad to privatize 111 public enterprises and commercialize 34 others. In 1993, TCPC concluded its assignment and submitted its report having privatized 88 out of the 111 enterprises listed to be in the Decree. Based on the recommendation of TCPC, the Federal Military Government promulgated the Bureau for public Enterprises Act in 1993 which repealed the 1998 Act and set up the Bureau of Public Enterprises (BPE) to implement the privatization program in
Nigeria. In 1999, the Federal Government enacted the Public Enterprise ( Privatization and Commercialization )Act 1999 which created the National Council on privatization under the chairmanship of the vice president .The functions of the council include the following:
Making policies on privatization and commercialization with the modalities for privatization and advising the government accordingly. Determining the privatization and timing of enterprises and approving the prices for shares and appointment of particular advisers, and ensuring that the commercialized public enterprises are managed in accordance with sound commercial principles and prudent financial practices.
Interfacing with the public enterprises, together with the supervising ministries, in order to ensure effective monitoring and safeguard of the managerial autonomy of the public enterprises.
The Act also established the Bureau of Public Enterprises (BPE) as the secretariat of the National Council on privatization. The functions of the bureau include;
1. Implementing the council’s policy on privatization and commercialization.
2. Preparing the council’s policy on privatization and commercialization,
3. Advising council on capital restructuring needs of the public enterprises to be privatized.
4. Ensuring the update of accounts of all commercialized enterprises for financial discipline.
5. Making recommendations to the council in the appointment of consultants, advisers and other professional bankers required for accounts houses,
stockbrokers, solicitors, trustees, accountants and other professionals
required for the purpose of either privatization ex
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