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Home Features Highlights On The 65TH Nec Meeting 2016
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Highlights On The 65TH Nec Meeting 2016

By
Mfon Udott
-
January 29, 2016
A.     UPDATE ON THE ECONOMY
·        Minister of Budget and National Planning gave an update on the economy to the Council
·        Highlights of the presentation among others:
–      Fiscal year 2016 budget is currently before the National Assembly presented by President Buhari on December 22, 2015.
–      Budget is geared towards stimulating the economy and promoting inclusive growth – (poor and vulnerable).
–      State of economy largely affected by the decline in oil price between June 2014 and December 2015 – this has increased domestic vulnerabilities.
Budget Objectives among others
·        To deliver inclusive growth to Nigerians
·        Create significant number of jobs to reduce unemployment and underemployment.
·        Building an economy that is less vulnerable to oil price shocks by creating resistant divested income base and creating efficient Public Financial Management System.
·         Fostering macroeconomic stability conducive for growth e.g. achieving GDP growth rate of 4.2% and increasing investors confidence.
Capital Priority Projects in 2016 in Infrastructure
·        Power Projects
·        Transportation, railways and roads
·        Water Projects
Major Policy and Strategic Initiatives:
·        Government conscious of the current rate of unemployment and underemployment – the budget is a vehicle for putting more Nigerians to work.
·        Job creation drive will be private sector led.
·        Government to partner States and LGAs to recruit train and deploy 500,000 unemployed graduates as teachers.
·        Vice President office working to design an implementable and transparent Conditional Cash Transfer programme of N5,000 monthly to one million poorest and most vulnerable.
·        Home-grown school feeding for public primary school across the country.
·        Youth employment agency to train 370,000 youth in skill acquisitions and vocational training.
·        Free education for science, technology, engineering and maths students.
·        Microcredit scheme for one million artisans and market women at N60,000 each
Key messages to the States
·        Decline in oil price may persist – will affect distributable revenues for all tiers of government.
·        States are encouraged to explore innovative financing options and increase their IGRs to compliment their revenue share from the Federation Account.
·        Strong partnership from the States towards implementing the social safety net programmes.
·        Efficient utilization of available resources.
·        FG expects combination of efforts by all tiers of government to deliver the necessary stimulus required to revive the economy.
·        At this time, the Federal Government will not increase VAT rate but will improve upon VAT collection which is currently only about 20%.
·        States were encouraged to help FIRS in VAT collection and remittance.
B.     REPORT ON EXCESS CRUDE PROCEEDS
 
·        Accountant-General of the Federation reported to the Council that the balance as at 31stDecember, 2015 stood at $2,257,937.98
 
C.     REPORT ON SOME FGN AGENCIES COLLECTING REVENUE IN FOREIGN CURRENCIES BUT REMITTING TO FEDERATION ACCOUNT NAIRA EQUIVALENT
 
·        Permanent Secretary, Ministry of Finance reported that, apart from NNPC, NIMASA and Port Authority, other agencies involved in revenue generating are FIRS, Shippers Council, Airport Authority and Nigerian Immigration Service.
·        He reported that the introduction of TSA has now resolved the problem as all accounts are under the control of the CBN.
·        The Vice President reiterated FG policy that NNPC and other agencies must present budget for approval before spending in line with TSA.
D.     UPDATE BY NEC AD-HOC COMMITTEE ON MANAGEMENT OF EXCESS CRUDE ACCOUNT AND PAYMENT INTO THE FEDERATION ACCOUNT
·        Governor of Edo State gave an update to the Council as follows:
·        The Ad-hoc Committee has submitted a memo to the Council for approval on its findings
·        81 government revenue generating agencies were identified for forensic auditing.
·        18 core revenue generating agencies like NNPC would be audited by KPMG, an international audit firm.
·        Other revenue generating agencies would also be forensically audited by SIAO a local auditing firm.
·        Council approved engaging the forensic auditors
E.     UPDATE ON STATES THAT HAVE RECEIVED BAILOUT FUNDS AND THOSE OUTSTANDING
 
·        CBN Governor gave an update to the Council that 23 States have benefited from the N10 billion each ECA-backed soft loan
·        Some States have not indicated interest, while some are still holding discussions with their banks
·        28 States have benefited from the Presidential bailout.
 
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Mfon Udott
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