Theme: Nigerian States: Multiple Centres of Prosperity
The following are highlights of the just concluded NEC Retreat:
1. Agreement reached for concerted and consistent efforts to diversify revenue sources
2. Expand compliance on VAT, adopting a gradual plan for rate increase
3. Increase expenditure through borrowing, which should be invested in infrastructure
4. Federal and State Governments to focus on fiscal responsibility as a critical element in macro-economic balance
5. Increase investment in infrastructure through public private partnership (PPP)
6.Develop financial inclusion strategies to cater for the poor and vulnerable population
7. Maintain a minimum level of capital expenditure of 30% in the budget
Thematic Areas
Agriculture
1. The Federal Government to re-position Bank of Agriculture to enhance its capacity to finance agriculture.
2. Funding for Agricultural sector is considered critical and sources of intervention funding from the Central Bank of Nigeria should be considered
3. A single digit interest rate for agricultural loans should be considered while duties and taxes for Agricultural products and equipment should be waived
4. Develop strategic partnerships between Federal and State government. Each State should make specific commitments to crops in which it has comparative advantage and request Federal Government intervention
5. National targets for self-sufficiency should be set for identified crops, which should be monitored. Tomato paste – 2016, Rice – 2018, Wheat – 2019
6. The Federal and State Governments should roll out agricultural extension services nationwide
7. The Commodity Exchanges should be established for price regulation and avoidance of losses due to lack of markets. The Abuja Commodity Exchange should be revitalised
8. The National Agricultural Land Development Authority (NALDA) should be re-established
9. Federal Government should develop an Agriculture Implementation plan whereby State Governments are encouraged to identify at least two crops in which they have comparative advantage
10. States should open up of rural/feeder roads to facilitate transportation of agricultural produce to be supported by the Federal Government
11.The Federal and State Governments should establish minimum price guarantee for farm produce
12.The Federal Government should provide immediate funding to upscale efforts of Agricultural Institutes of Research and Development across Nigeria
13. State Governments should also be encouraged to fund research and development in agriculture through technical colleges, universities and research institutions
Thematic Area – Solid Minerals
1. Ministry of Solid Minerals Development to complete and present the solid minerals development roadmap. This framework should address issues of illegal miner, licenses, taxes and royalties by 31st March 2016
2. Federal government to engage with state government on the roadmap and agree any amendment that may be required by 30th June 2016
3. Initiate relevant legislative changes that maybe necessitated by the agreed roadmap by 31stJuly 2016
4. Conclude the revalidation/
recertification of all mining leases by 30th September 2016
5. Agree with states and local government on respective responsibilitie
s for developing feeder roads and other critical infrastructure for solid minerals development
6. Federal Government and States to set deadlines to achieve self-sufficiency in Bitumen/Asphalt and tiles (to discourage/stop importation)
7. Make and communicate final decisions on operationalization of Ajaokuta steel plant by 30th June 2016
8. Establishment of joint committee to address issues of data on quantity and quality of minerals exploited and exported
9. Setting up of mining cadastral zonal offices for proximity to States for the purpose of issuing licenses and easy monitoring by States
10. Discourage use of wood for cooking by promoting use of coal briquettes
11. Guarantee access to finance solid minerals development via intervention funds and private sector capital
12. Block revenue leakages in the sector through effective monitoring of activities in the mining sector
13. Organise artisanal/small-scale miners as a mechanism for reducing illegal mining and Establish Mines Surveillance Taskforce by September 2016
Thematic Area – Investment, Industrialisation and Enabling Monetary policies
1.Ministry of Industry, Trade & Investment (MITI) to develop a matrix of actions to be taken by Federal and State Governments towards achieving the targeted improvements in Ease of Doing Business ranking by 30th April 2016
2. Present an incentive scheme for States taking actions towards improvement of the investment climate in their States including grants by 30th September 2016
3. Forge strong links between the Nigeria Investment Promotion Commission (NIPC) and the State Investment Promotion Agencies
4. States to collaborate more actively on regional basis on investments and industrialization
5. The Federal Government should work with the States and other stakeholders to create an enabling environment for trade and investment through the implementation of the Nigerian Industrial Revolution Plan (NIRP) to encourage industrialization
6. Make environment conducive for the Micro, Small & Medium Enterprises to create jobs for the unemployed and undertake deliberate policies to create access to funds
7. State and Federal Governments must emphasize the patronage of “Made in Nigeria” products. “Import competition” rather than “import substitution” should be emphasized
8. Governors to set up task forces to monitor implementation of trade/ investment policies and strengthen planning institutions by linking federal and sub-national planning; in this regard, a monthly meeting between the Minister of Budget & National Planning and State Commissioners for planning will be institutionalised
9. States to set up one-stop shop for investors where they do not currently exist to attract investment and improve on IGR Safeguard competitive market economy
10. Promote regional cooperation on investment and industrialisation
11. Implement institutional and structural reforms as a way of improving the efficacy of monetary policy including greater consultation with the National Economic Council
12. Predictability and consistency of the Central Bank of Nigeria’s communication to key stakeholders is required to manage expectations
13. The Central Bank of Nigeria should carry the States along in some of their reforms in areas of SMEs and Agricultural funding initiatives
14. Long-term development goals should anchor policy decisions
15. Effective regulation & supervision to improve confidence in the soundness and stability of the banking system
Thematic Area – Infrastructure and Services
1.Develop infrastructure delivery plan considering current financial capabilities driven principally by the goal of improvement of the quality of life for the populace
2.Develop financing model for infrastructure projects
3. Integrate training and job creation components in infrastructure projects
4. Implement empowerment and entrepreneurship policies to foster inclusive growth
Thematic Area – Investing in our people
1. Federal and State Governments to work collaboratively to ensure sustainability of the school feeding and other social protection programmes
2. Cooperation from the States’ Ministries of Education and State Universal Basic Education Board (SUBEBs) for the Teacher Corp program
3. Provide logistics support on the proposed upgrade of 75 existing National Directorate of Employment (NDE) facilities (across the various States) to Empowerment Centers
4. Cooperation and coordination with the States on their specific job creation efforts
5. State Government support on identified needs such as infrastructure and/or space for innovation hubs
6. State Government support for artisan training, scoping and support for existing artisan cultures, use of existing training facilities
7. Institutionalize a single register as a platform for targeting the authentic poorest and vulnerable for safety net programs; for government, donor agency, organizations or individuals
8. Creating a delivery mechanism that ensures efficient, consistent timely and direct payments in the remotest parts of the country
9. Boost productivity and financial inclusion for the poorest and most vulnerable
Thematic Area – Revenue Generation and Fiscal Stability
1. There is need for deliberate effort to generate relevant data on the respective economies of the states and the nation generally in order to drive revenue generation
2. FIRS and SIRS need to invest in relevant technology to support efforts to improve tax collection
3. There is a need to develop incentive schemes for federal and state revenue generating agencies
4. FIRS and SIRS need to actively collaborate on initiatives to improve tax collection, including joint audits of major corporate tax payers
5. All state governments are encouraged to establish efficiency units to review/enhance the quality of expenditure as well as plug revenue leakages
6. Focus on property and consumption taxes will help in improving revenues in a fair manner
7. Tax-payer education should be intensified to expand the tax base and avoid political back-lash from intensifying tax collection
8. State Government are encouraged to rationalise number of Ministers, Commissioners and Permanent Secretaries
9. Cost control measures should be identified and implemented on an ongoing basis; in this regard various examples from Nigeria and other countries are recommended
Thematic Area – Survival of States and Beyond
1. Strengthen States Peer Review Mechanism under auspices of the Governors Forum and the National Economic Council (NEC) to promote sharing of good practices between the Federal and States Governments
NEC RETREAT - IMPLEMENTATION STEERING COMMITTEE FORMED:
• To oversee the work of the implementation committee
• To provide appropriate steers to the Implementation Monitoring Committee to ensure that the resolutions agreed at the retreat are duly followed up
HE Prof. Yemi Osinbajo
Vice President and Chairman of NEC
Chairman
HE Abdulaziz Y. Abubakar
Chairman, Nigeria Governors Forum and Governor of Zamfara State
Member
HE Adams Oshiomhole
Governor of Edo State
Member
HE Abdulfatah Ahmed
Governor of Kwara State
Member
HE Rauf Aregbesola
Governor of Osun State
Member
HE David Umahi
Governor of Ebonyi State
Member
HE Badaru Abubakar
Governor of Jigawa State
Member
HE Mohammed Abubakar
Governor of Bauchi State
Member
Sen. Udoma Udo Udoma
Hon. Minister of Budget and National Planning
Member
Mrs. Kemi Adeosun
Hon. Minister of Finance
Member
Dr. Okechukwu Enelama
Hon. Minister of Industry, Trade and Investment
Member
Chief Audu Ogbe
Hon. Minister of Agriculture
Member
Dr. Kayode Fayemi
Hon. Minister of Solid Minerals
Member
Mr. Babatunde Fashola
Hon. Minister of Works, Power and Housing
Member
Mrs. Nana F Mede
Permanent Secretary, Ministry of Budget and National Planning
Secretary
NEC RETREAT - IMPLEMENTATION MONITORING COMMITTEE FORMED
• To follow up the implementation of the resolutions of the retreat
• To receive steers from the Steering Committee regarding the follow up of the implementation
• To provide progress reports to the Steering Committee on the implementation
NAME
DESIGNATION
ROLE
Mrs Zainab S. Ahmed
Hon. Minister of State, Budget and National Planning
Chairman
Mrs Yosola Akinbi
Senior Technical Adviser to the Vice President on the National Economic Council
Member
Mr. L.O.T. Shittu
DG, Nigeria Governors Forum
Member
Mr. David Olofu
Commissioner for Finance and Planning, Benue State
Member
Mr. Mohammed Kauji
Commissioner for Finance and Economic Planning, Borno State
Member
Dr. E.A. Onwiodokif
Comm. for Economic Planning, Akwa Ibom State
Member
Mrs. Aisha M. Bello
Comm. for Budget and Planning, Kano State
Member
Mrs. Aderenle Adesina
Commissioner for Budget and Planning, Ogun State
Member
Mr. Mark Okoye
Special Adviser, Economic Planning and Budget, Anambra State
Member
Mr. Tunde Lawal
Director, Macroeconomic Analysis Department, Fed. Min. BNP
Member
Mr. Kayode Obasa
Director, Economic Growth, FMBNP
Member
Mr. A.B. Saadu
Director, Special Duties
Member
Laolu Akande
Senior Special Assistant-Media & Publicity
In the Office of the Vice President
March 22, 2016


http://tapread.net/2016/03/22/national-economic-council-retreat-highlights/

God bless Nigeria

Good idea. And it took PMB a whole year come up with the direction.
Thank God we had this in the end, let's hope it materializes.
Buhari truly hit the ground flying

Fantastic on paper.

For those who have been asking for economic policy, we finally have it.

Highlights of the NEC Retreat, according to a communique issued at the end of the session, included agreement reached for concerted and consistent efforts to diversify revenue sources.
"Injection of 350bn naira into the economy mostly in infrastructure in the next quarter to stimulate job and employments"

“Expand compliance on VAT, adopting a gradual plan for rate increase. Increase expenditure through borrowing, which should be invested in infrastructure.

“Federal and state governments to focus on fiscal responsibility as a critical element in macro-economic balance. Increase investment in infrastructure through public private partnership (PPP). Develop financial inclusion strategies to cater for the poor and vulnerable population. Maintain a minimum level of capital expenditure of 30% in the budget.

On agriculture, the retreat resolved that the Federal Government should re-position the Bank of Agriculture to enhance its capacity to finance agriculture.

“Funding for agricultural sector is considered critical and sources of intervention funding from the Central Bank of Nigeria should be considered. A single digit interest rate for agricultural loans should be considered while duties and taxes for agricultural products and equipment should be waived.

“Develop strategic partnerships between Federal and state governments. Each state should make specific commitments to crops in which it has comparative advantage and request Federal Government intervention.

It was also resolved that national targets for self-sufficiency should be set for identified crops, which should be monitored including tomato paste – 2016, rice – 2018, and wheat – 2019.

“The Federal and State governments should roll out agricultural extension services nationwide. Commodity Exchanges should be established for price regulation and avoidance of losses due to lack of markets. The Abuja Commodity Exchange should be revitalised.

“The National Agricultural Land Development Authority (NALDA) should be re-established. The Federal Government should develop an Agriculture Implementation plan whereby state governments are encouraged to identify at least two crops in which they have comparative advantage

“States should open up rural/feeder roads to facilitate transportation of agricultural produce to be supported by the Federal Government

“The Federal and state governments should establish minimum price guarantee for farm produce.

“The Federal Government should provide immediate funding to upscale efforts of Agricultural Institutes of Research and Development across Nigeria.”

The retreat also resolved that state governments should also be encouraged to fund research and development in agriculture through technical colleges, universities and research institutions.

For solid minerals, the retreat resolved that the Ministry of Solid Minerals Development should complete and present the solid minerals development roadmap.

“This framework should address issues of illegal miner, licences, taxes and royalties by 31st March 2016. Federal Government to engage state government on the roadmap and agree any amendment that may be required by 30th June 2016

“Initiate relevant legislative changes that maybe necessitated by the agreed roadmap by 31stJuly 2016. Conclude the revalidation/recertification of all mining leases by 30th September 2016

“Agree with states and local government on respective responsibilities for developing feeder roads and other critical infrastructure for solid minerals development

“Federal Government and states to set deadlines to achieve self-sufficiency in bitumen/asphalt and tiles (to discourage/stop importation)

“Make and communicate final decisions on operationalisation of Ajaokuta Steel Plant by 30th June 2016. Establishment of joint committee to address issues of data on quantity and quality of minerals exploited and exported

Setting up of mining cadastral zonal offices for proximity to states for the purpose of issuing licenses and easy monitoring by states was also resolved by the retreat.

“Discourage use of wood for cooking by promoting use of coal briquettes. Guarantee access to finance solid minerals development via intervention funds and private sector capital.

“Block revenue leakages in the sector through effective monitoring of activities in the mining sector. Organise artisanal/small-scale miners as a mechanism for reducing illegal mining and Establish Mines Surveillance Taskforce by September 2016

On Investment, industrialisation and enabling monetary policies, it was resolved that the Ministry of Industry, Trade & Investment (MITI) to develop a matrix of actions to be taken by Federal and State Governments towards achieving the targeted improvements in Ease of Doing Business ranking by 30th April 2016.

“Present an incentive scheme for states taking actions towards improvement of the investment climate in their states, including grants, by 30th September 2016

“Forge strong links between the Nigeria Investment Promotion Commission (NIPC) and the State Investment Promotion Agencies. States to collaborate more actively on regional basis on investments and industrialization.

“The Federal Government should work with the states and other stakeholders to create an enabling environment for trade and investment through the implementation of the Nigerian Industrial Revolution Plan (NIRP) to encourage industrialisation.

“Make environment conducive for the Micro, Small & Medium Enterprises to create jobs for the unemployed and undertake deliberate policies to create access to funds.”

State and Federal governments have also been urged to emphasise the patronage of “Made in Nigeria” products.

“Import competition” rather than “import substitution” should be emphasised.

Governors are to set up task forces to monitor implementation of trade/ investment policies and strengthen planning institutions by linking federal and sub-national planning; in this regard, a monthly meeting between the Minister of Budget & National Planning and State Commissioners for planning will be institutionalised.

States are also to set up one-stop shop for investors where they do not exist to attract investment and improve on IGR.

“Promote regional cooperation on investment and industrialisation. Implement institutional and structural reforms as a way of improving the efficacy of monetary policy, including greater consultation with the National Economic Council.

It also harped on the need for predictability and consistency of the Central Bank of Nigeria’s communication to key stakeholders to manage expectations.

“The Central Bank of Nigeria should carry the states along in some of their reforms in areas of SMEs and agricultural funding initiatives. Long-term development goals should anchor policy decisions

“Effective regulation and supervision to improve confidence in the soundness and stability of the banking system.

For infrastructure and services, the retreat resolved development of infrastructure delivery plan, considering current financial capabilities driven principally by the goal of improvement of the quality of life for the populace

“Develop financing model for infrastructure projects. Integrate training and job creation components in infrastructure projects. Implement empowerment and entrepreneurship policies to foster inclusive growth.”

The Federal and State Governments are also to work collaboratively to ensure sustainability of the school feeding and other social protection programmes.

“Cooperation from the States’ Ministries of Education and State Universal Basic Education Board (SUBEBs) for the Teacher Corp programme.

“Provide logistics support on the proposed upgrade of 75 existing National Directorate of Employment (NDE) facilities (across the various states) to Empowerment Centres

“Cooperation and coordination with the states on their specific job creation efforts. State government support on identified needs such as infrastructure and/or space for innovation hubs.

“State government support for artisan training, scoping and support for existing artisan cultures, use of existing training facilities.

“Institutionalise a single register as a platform for targeting the authentic poorest and vulnerable for safety net programmes; for government, donor agency, organisations or individuals.

“Creating a delivery mechanism that ensures efficient, consistent timely and direct payments in the remotest parts of the country. Boost productivity and financial inclusion for the poorest and most vulnerable.”

The retreat raised two committees: The Implementation Steering Committee is headed by

Vice President Yemi Osinbajo, who is the chairman of NEC.

Other members of the committee are Abdulaziz Y. Abubakar, Chairman, Nigeria Governors Forum and Governor of Zamfara State, Adams Oshiomhole, Governor of Edo State, Abdulfatah Ahmed,

Governor of Kwara State, Rauf Aregbesola, Governor of Osun State, David Umahi, Governor of Ebonyi State.

Others are Badaru Abubakar, Governor of Jigawa State, Mohammed Abubakar, Governor of Bauchi State, Udoma Udo Udoma, Minister of Budget and National Planning, Kemi Adeosun, Minister of Finance, Okechukwu Enelama, Minister of Industry, Trade and Investment, Audu Ogbe, Minister of Agriculture, Kayode Fayemi, Minister of Solid Minerals, Babatunde Fashola, Minister of Works, Power and Housing, and Nana F Mede, Permanent Secretary, Ministry of Budget and National Planning, who will be secretary.

The Implementation Monitoring Committee chaired by Zainab S. Ahmed, Minister of State, Budget and National Planning. Members are Mrs. Yosola Akinbi, Senior Technical Adviser to the Vice President on the National Economic Council, Mr. L.O.T. Shittu, DG, Nigeria Governors Forum, Mr. David Olofu, Commissioner for Finance and Planning, Benue State, Mohammed Kauji, Commissioner for Finance and Economic Planning, Borno State, E.A. Onwiodokif, Commissioner for Economic Planning, Akwa Ibom State, Mrs. Aisha M. Bello, Commissioner for Budget and Planning, Kano State Mrs. Aderenle Adesina, Commissioner for Budget and Planning, Ogun State.

Others are Mark Okoye, Special Adviser, Economic Planning and Budget, Anambra State, Mr. Tunde Lawal, Director, Macroeconomic Analysis Department, Fed. Min. BNP, Kayode Obasa, Director, Economic Growth, FMBNP and A.B. Saadu, Director, Special Duties.

http://thenationonlineng.net/jobs-cash-coming-govt-plans-n350b-revival-pill/

Implementation has always been the problem. We are never lacking in brilliant ideas and policies.

What is Economic Policy?

An economic policy is a course of action that is intended to influence or control the behavior of the economy. Economic policies are typically implemented and administered by the government. Examples of economic policies include decisions made about government spending and taxation, about the redistribution of income from rich to poor, and about the supply of money. The effectiveness of economic policies can be assessed in one of two ways, known as positive and normative economics.

Positive and normative economics. Positive economics attempts to describe how the economy and economic policies work without resorting to value judgments about which results are best. The distinguishing feature of positive economic hypotheses is that they can be tested and either confirmed or rejected. For example, the hypothesis that “an increase in the supply of money leads to an increase in prices” belongs to the realm of positive economics because it can be tested by examining the data on the supply of money and the level of prices.

Normative economics involves the use of value judgments to assess the performance of the economy and economic policies. Consequently, normative economic hypotheses cannot be tested. For example, the hypothesis that “the inflation rate is too high” belongs to the realm of normative economics because it is based on a value judgment and therefore cannot be tested, confirmed, or refuted. Not surprisingly, most of the disagreements among economists concern normative economic hypotheses.

Goals of economic policy. The goals of economic policy consist of value judgments about what economic policy should strive to achieve and therefore fall under the heading of normative economics. While there is much disagreement about the appropriate goals of economic policy, several appear to have wide, although not universal, acceptance. These widely accepted goals include:

Economic growth: Economic growth means that the incomes of all consumers and firms (after accounting for inflation) are increasing over time.
Full employment: The goal of full employment is that every member of the labor force who wants to work is able to find work.
Price stability: The goal of price stability is to prevent increases in the general price level known as inflation, as well as decreases in the general price level known as deflation.

http://www.cliffsnotes.com/study-guides/economics/introduction/economic-policy

MabraO:
Wailer wey dey find economic policy/plan never see this one na oh
Na do dey tweet wetin no concern dem dem sabi

Useless idioots

yeah. we have it now.


Mynd44 move to front page

ACTION SPEAKS LOUDER THAN WORDS

lilprinze:
ACTION SPEAKS LOUDER THAN WORDS

The words are also important in guiding the actions.

rubbish

الحمد لله

Who will probe the source of the billions allegedly given to Amaechi for Rivers Rerun?

I hear.

Superstory

They just want to gather and eat rice and chicken on govt tab. Ask them at the end of this administration and they'll look for whom to blame.

Btw the billions of dollars approved to Oshiomole what has he done with it for his people.

Naso so grammar I de see. Let's pray dis is nt merely theoretical but also implemented. And also,hope APC would not deny it in d few months 2 come cos they can deny for Africa

iStandWithPresidentBuhari..

MabraO:
Wailer wey dey find economic policy/plan never see this one na oh
Na do dey tweet wetin no concern dem dem sabi

Useless idioots

its because of ****like you that politicians get away with their atrocities. Everything is sentimental for you. Instead of you to comment you're looking for wailers.

With the track record of this government so far, **** like you are supposed to take this with a pinch of salt and question the need for a retreat if all ministries and state governments kept to their manifesto promise. But here you are sounding like a ****

Implementation and monitoring is essential.

We don't need recommendations alone
President take note

Like GEJ said, Nothing good is PROBABLY coming out of Buhari's administration.. Enigwe yere ai aka (i talk am well? )

Nigerians want actions not recommendations

Hmmmm

People will see whatever they want to see.

tuale4u:
For those who have been asking for economic policy, we finally have it.

Took them nearly a year to come up with the policy, your guess is as good as mine on how long it would take for them to implement it.

United we stand, divided we fall
Both federal and state governments agreed to this...nobody should start sharing blames when its all been said and done

Until I see beta economy, i woudn't believe their effort.

Apc! Apc!! Apc!!!
How many times did u deceive nigerians? Becareful!

Quite these stories and get to work!

It's 2016 already and we are still planning how to get things done. I weep for Nigeria