• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
    • Government
  • Security
  • Features
  • State
  • Event
    • PR Nigeria Award
  • E-Paper
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
    • Chinese nationals jailed in Lagos

      Court Jails Nine Chinese Nationals for Cybercrime in Lagos

      ASUU

      Tackle Corruption, Institutional Decay – ASUU Charges FG

      EFCC Arraigns Bauchi Accountant General Over N8bn Fraud as Court Sentences…

      PRNigeria logo fearured image

      EFCC Arraigns Ex-Convict, Other for Naira Abuse in Lagos

      EFCC Arrests 37 Suspected Internet Fraudsters in Ilorin

  • Fact-Check
  • Economy
    • Comptroller General Nigerian Customs Bashir Adewale

      Nigeria Customs Takes Anti-Money Laundering Fight to the Skies

      Comptroller General Nigerian Customs Bashir Adewale

      Nigeria Customs, ICPC and the Audit of Conscience

      Customs Diplomacy: Nigeria, Saudi Arabia Ink Mutual Assistance Deal

      Comptroller General Nigerian Customs Bashir Adewale

      Nigeria, Belarus Forge Alliance to Combat Smuggling, Facilitate Trade

      President Bola Ahmed Tinubu and CG Customs, Bashir Adewale Adeniyi

      Tinubu Hails Customs Boss Wale Adeniyi on Historic Election as WCO…

  • National
    • Bar Everestus Ugwuowo Suspended from Legal Practice for Five Years Over…

      Troops helping the rescued civilians to the military truck

      In Niger, 40 Women, Children Rescued from Boko Haram After Months…

      ASUU

      “No Pay, No Work”: ASUU Orders Members to Commence Nationwide Strike

      Nigerian Navy's newest landing ship tank launched in Sharjah, UAE.

      From Lake Chad to the Atlantic: The Nigerian Navy’s Rise as…

      Police Officer

      Police Bust Kidnapping, Cult Gangs, Arrest 8 Suspects, Recover Weapons

    • Government
      • ASUU

        “No Pay, No Work”: ASUU Orders Members to Commence Nationwide Strike

        NPF Champions Regional Security Collaboration as IGP Attends 13th AFRIPOL Meeting…

        At BRICS Summits, Tinubu Pushes for Equality in Global Finance, Health…

        Tinubu conference centre generates N700m in 3 weeks – Wike

        Soldiers

        Soldiers, forest guards to tackle insecurity in Kwara State

  • Security
    • Troops helping the rescued civilians to the military truck

      In Niger, 40 Women, Children Rescued from Boko Haram After Months…

      Nigerian Navy's newest landing ship tank launched in Sharjah, UAE.

      From Lake Chad to the Atlantic: The Nigerian Navy’s Rise as…

      NPF Champions Regional Security Collaboration as IGP Attends 13th AFRIPOL Meeting…

      Police Officer

      Police Bust Kidnapping, Cult Gangs, Arrest 8 Suspects, Recover Weapons

      NDLEA Logo

      NDLEA Destroys Cannabis Farms, Seizes 345kg of Drugs, Arrests 37 Suspects…

  • Features
    • Nigerian Navy's newest landing ship tank launched in Sharjah, UAE.

      From Lake Chad to the Atlantic: The Nigerian Navy’s Rise as…

      What Life Really Looks Like for Nigerians Battling Sickle Cell, By…

      Shittu Yunus Shittu

      Can Nigeria Lead Africa’s AI Revolution? By Shittu Yunus Shittu

      162 years of the Nigerian Army celebrations

      The First Shot and the Long March: Reflections on 162 Years…

      From SDP to ADA to ADC: Can the New Opposition Coalition…

  • State
    • Bar Everestus Ugwuowo Suspended from Legal Practice for Five Years Over…

      NPF Champions Regional Security Collaboration as IGP Attends 13th AFRIPOL Meeting…

      NDLEA Logo

      NDLEA Destroys Cannabis Farms, Seizes 345kg of Drugs, Arrests 37 Suspects…

      NAF Airstrikes, NAF Air, NAF jets

      Scores of Terrorists Eliminated as NAF Bombs Boko Haram Camps in…

      Troops of Operation FANSAN YANMA

      Troops Foil Coordinated Bandits Attacks, Rescue Kidnap Victims in Katsina

  • Event
    • Asiwaju Adegboyega Solomon Awomolo

      47 Years of Excellence: Honoring Asiwaju Awomolo, SAN

      NCoS inmates

      58 Inmates in Kano Sit for 2025 NECO Exams, Thanks to…

      Troops of the Nigerian Army giving a salute

      162nd Anniversary: Tinubu Salutes Nigerian Army, Hails Troops as Guardians of…

      President & Chairman of Governing Council, Dr. Ike Neliaku

      NIPR Lauds Nigerian PR Firms for Outstanding Performances at 2025 SABRE…

      SCN NGO signs partnership with PRNIGERIA

      SCN NGO Seals Partnership with PRNigeria to Amplify its Humanitarian Projects

    • PR Nigeria Award
  • E-Paper
Home Features Highlights On The 65TH Nec Meeting 2016
  • Features

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.
 
VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
Previous articlePEF Scam: Court Defers Ruling on George Uboh
Next articleFG To Partner With Turkey For The Development Of The Aviation Sector
Mfon Udott
Mfon Udott
https://prnigeria.com
PRNigeria is the pioneer Press Release Distribution agency in Nigeria. A member of image Merchant Promotions limited, PRNigeria encourages individuals and organisations to be more transparent in their information management. with dedicated Editorial staffs, the PRNigeria ensures that information provided on its platforms are timely, factual and authoritative Read more at: //prnigeria.com/about/
Facebook Twitter

RELATED ARTICLESMORE FROM AUTHOR

Nigerian Navy's newest landing ship tank launched in Sharjah, UAE.

From Lake Chad to the Atlantic: The Nigerian Navy’s Rise as a Force for National and Continental Stability By Musa Ilallah

What Life Really Looks Like for Nigerians Battling Sickle Cell, By Hafsat Ibrahim

Shittu Yunus Shittu

Can Nigeria Lead Africa’s AI Revolution? By Shittu Yunus Shittu

162 years of the Nigerian Army celebrations

The First Shot and the Long March: Reflections on 162 Years of the Nigerian Army By Olayemi Esan

From SDP to ADA to ADC: Can the New Opposition Coalition Unseat Tinubu in 2027?

Bashir Adewale Adeniyi MFR

Adeniyi: Lifting Nigeria to the Pinnacle of Global Customs Authority

Nigeria’s Growth Numbers Tell Only Half the Story By Umar Farouk Bala

NYSC Corps Members in Camp

The Burden Too Many Nigerian Youths Bear Alone

Combating Deepfake Videos: A Fight for Nigeria’s Soul By Mukhtar Ya’u Madobi

Domestic Violence

Marriage and the Silent Wounds Within Homes By Hafsat Ibrahim

FutureMap Foundation Sparks Innovation with Design Thinking in Nigeria

The Nigerian Army @162: A Testament to Sacrifice and National Unity By Sani Kukasheka Usman

LEAVE A REPLY Cancel reply

Log in to leave a comment

Recent Posts

  • Bar Everestus Ugwuowo Suspended from Legal Practice for Five Years Over N29m Property Scam
  • In Niger, 40 Women, Children Rescued from Boko Haram After Months in Captivity
  • “No Pay, No Work”: ASUU Orders Members to Commence Nationwide Strike
  • From Lake Chad to the Atlantic: The Nigerian Navy’s Rise as a Force for National and Continental Stability By Musa Ilallah
  • NPF Champions Regional Security Collaboration as IGP Attends 13th AFRIPOL Meeting in Algeria
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
Bar Everestus Ugwuowo Suspended from Legal Practice for Five Years Over N29m Property ScamIn Niger, 40 Women, Children Rescued from Boko Haram After Months in Captivity"No Pay, No Work": ASUU Orders Members to Commence Nationwide StrikeFrom Lake Chad to the Atlantic: The Nigerian Navy’s Rise as a Force for National and Continental Stability By Musa IlallahNPF Champions Regional Security Collaboration as IGP Attends 13th AFRIPOL Meeting in AlgeriaNigeria Customs Takes Anti-Money Laundering Fight to the SkiesWhat Life Really Looks Like for Nigerians Battling Sickle Cell, By Hafsat IbrahimPolice Bust Kidnapping, Cult Gangs, Arrest 8 Suspects, Recover WeaponsNDLEA Destroys Cannabis Farms, Seizes 345kg of Drugs, Arrests 37 Suspects in EdoGroup Condemns Amaechi’s Comment as Inciteful, DangerousScores of Terrorists Eliminated as NAF Bombs Boko Haram Camps in Mandara MountainsTroops Foil Coordinated Bandits Attacks, Rescue Kidnap Victims in KatsinaNAF Airstrikes Crush Terrorist Camps in Mandara Mountains, Kill Senior JAS FightersAt BRICS Summits, Tinubu Pushes for Equality in Global Finance, Health SystemsTroops Nab Notorious Militia, Recover Weapons in Plateau State
X whatsapp