NATIONAL ECONOMIC COUNCIL OKAYS FG’S MEASURES TO BEAT RECESSION

*GOVERNORS COMMEND PRESIDENT’S ECONOMIC TEAM, PRAISE MINISTERS UDOMA, ADEOSUN

Rising from its monthly meeting today at the Presidential Villa, members of the National Economic Council, NEC, presided over by Vice President, Prof Yemi Osinbajo, SAN, expressed support for the plans and proposals of the Federal Government to steer the country out of recession.

While acknowledging the current economic challenges and difficulties, state governors at the meeting also endorsed the work of the President’s Economic Management Team and specifically commended the Budget & Planning and Finance Ministers.

The Vice President is the Chairman of the Council, which advises the President on economic affairs of the federation and in particular on measures necessary for the coordination of the economic planning in the country. NEC is composed of Governors of all 36 states of the federation, and the Central Bank Governor.


BELOW ARE HIGHLIGHTS OF THE MEETING AS PRESENTED TO THE PRESS BY THE GOVERNORS OF KEBBI, OYO STATES & DEPUTY GOVERNOR OF OGUN STATE AFTER THE COUNCIL MEETING THAT LASTED OVER FOUR HOURS.


A. PRESENTATION ON STATE OF THE ECONOMY BY HONOURABLE MINISTER OF BUDGET AND NATIONAL PLANNING

Highlights of the presentation:
Economy is currently in recession
Dependence on a Single Commodity (Crude Oil) whose price we do not control is a major factor
Oil price collapsed to less than $30 per barrel in Q1 2016 and market expectations are that it will stay lower for longer
However, this crisis is an opportunity to restructure and reset the economy



Measures for Economic Revitalisation:
The President’s Economic Management Team (EMT) working on plan to generate immediate larger injection of fund into the economy through:
Asset sales
Advance payment of license renewals
Infrastructure concessioning
Use of recovered funds etc to reduce funding gaps
Implementation of Fiscal Stimulus/Budget Priorities
Fast-track procedures through legislation and implementation of Strategic Implementation Plan (SIP) of the budget
Meaningful diversification of the economy and cut down importation


*RESPONSE TO THE PRESENTATION AND GENERAL COMMENTS
Council members in response commended the Economic Management Team and generally welcomed the presentation and expressed support for the plan to steer the nation out of recession
Under AOB, Council members expressed confidence in and unanimously commended the EMT and both the Budget & National Planning and Finance Ministers for the presentations to the Council, praising their efforts, competence and capabilities.


B1. PRESENTATION OF DRAFT REGULATIONS ON LAND USE ACT, 2013 BY THE PRESIDENTIAL TECHNICAL COMMITTEE ON LAND REFORM (PTCLR)

The PTCLR presented to Council draft regulations on Land Use Act 2013 which seeks to make provisions to Streamline mortgage transactions and clearly delineate the rights, duties and obligations of a mortgage

Other aspects of the draft are:
Conditions for disposal of proceeds of sale and subsequent mortgages and implied terms of a mortgage
Rights of redemption and remedies and issues on mortgage by companies
Power of Assignment by mortgage and right of transfer and application of insurance money by the receiver


B2 PRESENTATION ON PUBLIC PRIVATE PARTNERSHIP (PPP) INITIATIVES ON AFFORDABLE HOUSING BY HONOURABLE MINISTER OF FINANCE

Highlights of presentation among others:
Target of N1billion fund to operate PPP (N500 billion initial) to create a blended pool of long term funds to intervene in housing development finance and mortgage provision
Funds aims to deliver family housing priced from as low as N2.5 million up to N18 million delivered in a ready to occupy condition with essential services (water and power connected)
The delivery target is 400,000 to 500,000 housing units per annum
The ultimate aim of the programme is to channel funds from savers to borrowers, so that builders have the required capital to construct and prospective buyers can access credit to purchase
The fund will attract low cost local and international capital, including from domestic pension and insurance funds, FG funding, as well as contributions from State Governments and other agencies.


Roles of the States
State to designate a liaison with whom Family Homes Fund can interface
Expedite building plan approval process and security of land title
Invest in enabling infrastructure e.g. Federal roads

Other benefits among others are:
Improved urban planning and development
Employment generation and skills enhancement
Expansion of tax base




C1 REPORT ON EXCESS CRUDE PROCEEDS

Honourable Minister of Finance reported to Council that the balance in Excess Crude Account is USD 2.453 billion as at September 20, 2016.
C2 PRESENTATION ON BEST OPTIONS FOR MANAGING FLOATING FOREX POLICY INTRODUCED BY CBN: A JOINT PRESENTATION BY CBN/HM FINANCE

Highlights
CBN introduced cautious Monetary Policy orientation as dictated by consumer price and exchange rate
Adoption of policy tightening measures for flexible forex rate to address persistent pressures occasioned by scarcity and speculative demands
Improving market dynamics by CBN
Interventions to States in the area of salaries and in commercial agriculture
The presentation also noted the following:
Controlling inflation is key to stabilising other macroeconomic indices and the current stance of monetary policy is expected to continue to help lock-in inflation expectations

C3 UPDATE ON BUDGET SUPPORT LOAN FACILITY
Honourable Minister of Finance reported to Council that N50 billion has so far been disbursed to state governments, and the facility is ongoing.


Released by:
Laolu Akande
Senior Special Assistant-Media & Publicity
In the Office of the Vice President
September 22, 2016

God is able.

Our governors have been promised more bail-out funds.

everyday different policies no outcome

At every little opportunity, GEJ apologists masturbate on every Nairaland thread, spewing trash.

They try hard to make 12 million Nigerians regret their choice of giving good riddance to bad rubbish and they jubilate on every bad news about their country for the sake of political correctness.

Nigeria is in the mess as a consequence of bad choices made by everyone who has led this country.

The path way out of this mess is clear, concise but not perfect.

May God bless Nigeria.

OK now.. we dey wait

All we hear is talk


We never see action

I cant find any clear cut policy in the poo up there.

Assets sales....comedy

Can't believe nothing was mentioned of agro, mining, steel production...this pastor has lost gods phone num..

This country na God go save am... Well That's that.. Turning our heads to Facebook I decided to make memes from a friend's perfect picture

After this, I wonder what they'll sell next..
Aso rock ?

Scam government

Sweet on paper

If only Nigeria remained a colony of Britain till the 21st century then many we would have been more developed or at par with south Africa. These old men that have been ruling us since the 70's clearly don't know what to do and the refuse to give way to anyone else not in their clique

After reading that asset sales is top on the list for economic revitalization, I am reminded of a particular story from the Bible.

Genesis 47:13-27
New International Version (NIV)
Joseph and the Famine

13 There was no food, however,in the whole region because the famine was severe; both Egypt and Canaan wasted away because of the famine.

14 Joseph collected all the money that was to be found in Egypt and Canaan in payment for the grain they were buying,and he brought it to Pharaoh’s palace.

15 When the money of the people of Egypt and Canaan was gone,all Egypt came to Josephand said, “Give us food. Why should we die before your eyes?Our money is all gone.”

16 “Then bring your livestock,” said Joseph. “I will sell you food in exchange for your livestock, since your money is gone.”

17 So they brought their livestock to Joseph, and he gave them food in exchange for their horses,their sheep and goats, their cattle and donkeys.And he brought them through that year with food in exchange for all their livestock.

18 When that year was over, they came to him the following year and said, “We cannot hide from our lord the fact that since our money is goneand our livestock belongs to you,there isnothing left for our lord except our bodies and our land.

19 Whyshould we perish before your eyes—we and our land as well? Buy us and our land in exchangefor food,and we with our land will be in bondage to Pharaoh.Give us seed so that we may liveand not die,and that the land may not become desolate.”

20 So Joseph bought all the land in Egypt for Pharaoh. The Egyptians, one and all, sold their fields, because the famine was too severefor them. The land became Pharaoh’s,

21 and Joseph reduced the people to servitude,[a]from one end of Egypt to the other.

22 However, he did not buy the land of the priests,because they received a regular allotment from Pharaoh and had food enough from the allotmentPharaoh gave them. That is why they did not sell theirland.

23 Joseph said to the people, “Now that I have bought you andyour land today for Pharaoh, here is seedfor you so you can plant the ground.

24 But when the crop comes in, give a fifthof it to Pharaoh. The other four-fifths you may keep as seedfor the fields and as food for yourselves and your householdsand your children.”

25 “You have saved our lives,” they said. “May we find favor in the eyes of our lord;we will be inbondage to Pharaoh.”

26 So Joseph established it as a law concerning land in Egypt—still in force today—that a fifthof the produce belongs to Pharaoh. It was only the land of the priests that did not become Pharaoh’s.

27 Now the Israelites settled in Egypt in the region of Goshen.They acquired property thereand were fruitful and increased greatly in number.

The End.

So after selling off our national assets, what next How does that swing us out of recession when it is obvious the policies that led us to recession are still in place?? We are in recession because of our outdated macroeconomic policies and not because we have an empty treasury...Its like a man trying to fill a basket with water water...i mean it doesn't make any sense...you've gotta plug the holes first before you can make headway.

.

Government of talk talk no action.. one year and 4 months gone nothing to show, corrupt politician you no see jail, once buoyant economy has slide into recession the only achievement to show to date is constant blaming of past administration. For her inept failure

Why should the NEC be made up of state governors?what do they know about economics or how it works? Why not bring together good heads that specialize in that area?Those who will not just make recomendations but will tell you the possible short and long term impact

This govt and fruitless experiment are

Exactly what this will achieve.

Many of these assets are holes in the pocket of the federal government through which money is being siphoned!. Huge sums are budgeted every year for turn around maintenance of the refineries, but yet they never work, money is just shared. The single airport (MMA2) ran by concessionaire is clearly more efficient than the one, ran by government with power outage daily.!

Government is not able to finance the JV companies as they should and surely needs to reduce its cost exposure as bulk of the FGN revenue from the Oil sector is tax anyway.And selling its stake in the companies will have only little effect on its revenue. this because bulk of its budget for JV operations goes into funding corruptions and inefficiencies in the machineries of government.

The only one that should really not be sold is the NLNG. This is currently run as and by private sector. It is an incorporated JV and government is a share holder that gets lots of dividend from it. Government revenue from NLNG is from the declared profit as opposed to tax in the upstream companies.

Allwility:


After reading that asset sales is top on the list for economic revitalization, I am reminded of a particular story from the Bible.



The End.

So after selling off our national assets, what next How does that swing us out of recession when it is obvious the policies that led us to recession are still in place?? We are in recession because of our outdated macroeconomic policies and not because we have an empty treasury...Its like a man trying to fill a basket with water water...i mean it doesn't make any sense...you've gotta plug the holes first before you can make headway.

moshmusth:
Government of talk talk no action.. one year and 4 months gone nothing to show, corrupt politician you no see jail, once buoyant economy has slide into recession the only achievement to show to date is constant blaming of past administration. For her inept failure

bouyant economic that was borrowing to pay workers
with all d appraisal the agricultural sector recieved during GEJ era,,we cannt feed ourselves,,i kip asking mysef whr are d agricultural products,,was there a time we stop importing rice...
i challenge aanyone on this forum to tell us there friends or relative that was a beneficiary of You-win..
#feel free to decieve ursef b4 yu decieve me.

FG's measures will not beat this recession.

This recession will fizzle out because the Nigerian people are resilient. The FG is its own enemy. And the governors are worse.

NGF should be scrapped, they're only concerned about sharing money.

Sharing money without accountability is why this country is currently in a mess. Doing the same thing and expecting a different result is foolishness.

I'm not affected by this recession, so good luck to the 180+ Nigerians whose lives depend on the deleterious policies and actions of these troglodytes...

-Lord

Govt should sell off 60% of its shares in all thé national assets like refinery textile and steel to the public. i support that.

i hope say that oïl well and nlng no dey among

Translate the policies to results that I can relate to.

It's is well with Nigeria