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.

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.

sublimes:
Are you still campaigning?

sublimes:
Are you still campaigning?

MabraO:


Sorry post not meant for ur type
Go to bed now

tuale4u:



i am informing.

jcross19:
that's true sha, the present administration have forced some people to become fake bloggers with a fake news while our buffoon president keep on littering the net with selfies. Continue campaigning after 10 months nothing to show up,you are here posting campaign promises in order to justify the evil tactics and foolishness of this administration.







This administration should get to work!!!!! Have they forgotten that election is over 12months ago? Are you not tired of all these campaign?.

Naughtysite:
Chai APC.

One day, one lie.

Apart from the China deal, what has he gotten right ?

I can even pull up my comments and advices on this forum dated June 2015 advicing Mr President on taking a Chinese loan when he was still busy running around Obama and Cameron for selfies.

jcross19:
that's true sha, the present administration have forced some people to become fake bloggers with a fake news while our buffoon president keep on littering the net with selfies. Continue campaigning after 10 months nothing to show up,you are here posting campaign promises in order to justify the evil tactics and foolishness of this administration.



This administration should get to work!!!!! Have they forgotten that election is over 12months ago? Are you not tired of all these campaign?.

The minister of information and culture Alhaji Lai Mohammed said that the signing of the budget by President Muhammadu Buhari would reflate the economy and uplift millions of Nigerians out of abject poverty.

He said that the budget would focus on infrastructure development which would in turn create jobs for unemployed Nigerians and wealth for workers in the construction industry.

“It is a budget of social inclusion. It is a budget that everybody is included’’.

Mohammed said that there was N500 billion provision for social intervention programmes targeted at employing 500,000 graduates, to be trained as teachers and deployed to primary schools.

He said the programmes also aimed at empowering 370,000 non-graduates such as artisans and technicians.

“It targets at training one million people such as farmers, market women, traders and entrepreneurs as well as giving them loan to start off.

“It aims at giving one meal to 4.5 million pupils from class 1 to 3 per day. It is also aimed at giving N5,000 to vulnerable Nigerians such as widows, aged people and disabled people in the rural areas.’’

The minister said the social intervention programmes also targeted at providing bursary and scholarship for students studying science, technology and engineering.

opalu:
Obasanjo had NEEDS plan that did not meet our needs with gas plants all over the place without gas supplies. Yar adua had 7 point Agenda that saw us in the same point. GEJ had Power Road map. It was just the map we saw.
PMB we need action that will get us to destination without much talk.

modath:


Gbam!!!! People get garrulous when they get to power so it's strange that PMB isn't throwing out acronyms & catchphrases!!

Who catchphrase don hep? Action & results are what Nigerians need & expect..

tuale4u:


Thank you.
For those who wants accronyms should make do with :

Diversification Of The Economy (DOTE)

luvinhubby:
And the bogus & unrealistic plan of yours is silent on the $10 billion (N1.9 trillion) borrowing that will directly plunge Nigeria into the pre-2004 debt burden thereby increasing Nigeria's annual debt servicing by an additional 10% of our annual budget in the next 2yrs.

And at an alarming 12% inflation rate, most of the so called capital projects will be requiring an additional increamental borrowing to sustain or complete them.


Buhari is leading Nigeria straight into debt dungeon.

modath:


It's cool really! Tres cool!! DOTE!! To pay utmost attention to and also show care & affection, which is what PMB's grind is!!

I'm tiffing it!!

opalu:
Obasanjo had NEEDS plan that did not meet our needs with gas plants all over the place without gas supplies. Yar adua had 7 point Agenda that saw us in the same point. GEJ had Power Road map. It was just the map we saw.
PMB we need action that will get us to destination without much talk.

luvinhubby:
And the bogus & unrealistic plan of yours is silent on the $10 billion (N1.9 trillion) borrowing that will directly plunge Nigeria into the pre-2004 debt burden thereby increasing Nigeria's annual debt servicing by an additional 10% of our annual budget in the next 2yrs.

And at an alarming 12% inflation rate, most of the so called capital projects will be requiring an additional increamental borrowing to sustain or complete them.


Buhari is leading Nigeria straight into debt dungeon.

tuale4u:


Budget deficit is to stimulate d economy from recession. US ecomomy survive on Defici8t Budget.

As long as there is no stealing or with minimized stealing, Nigeria will feel d positive impact.

AirFireEarthH20:


$2b not $10b bro I think it's typo from ur side. My brother the mugu Op didn't see this, can't quote u because he is blind.

I don't blame him because he needs to eat, APC has paid him and this forum to post propaganda reports for the gullibles.

luvinhubby:


The $2 billion is only from China.
He is borrowing from Saudi Islamic bank, Qatar & U.A.E govts & other global lending outfits. N1.86 trillion is $9.6 billion.

AirFireEarthH20:


Can u imagine? And the media is quiet. smh