• 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
    • NAHCON

      Renewed Hope in Hajj Operations: NAHCON Records Milestone Achievements Under Tinubu…

      Mohammed Idris Malagi, Honorable Minister of Information and National Orientation

      FG Reaffirms Non-Interference in ICPC, EFCC Operations

      ICPC Secures Conviction of Rector for Running Unaccredited Degree Programmes

      Engr Abba Babagana Dalori

      Engr Dalori Forfeits Galaxy Hospital, Petrol Station, Properties & Cash

      Chinese nationals jailed in Lagos

      Court Jails Nine Chinese Nationals for Cybercrime in Lagos

  • Fact-Check
  • Economy
    • FG, States, LGs Share N2.225trn Revenue for August – FAAC

      Nigeria Customs Aligns with Finance Ministry over 4% FOB Policy Review

      Members Board of Directors of Dangote Refinery

      Dangote Refinery Deploys 4,000 CNG Trucks, Promises 24,000 Jobs as Fuel…

      Renewed Hope in Central Banking

      Book Review: Renewed Hope in Central Banking – A Blueprint for…

      NAHCON

      Renewed Hope in Hajj Operations: NAHCON Records Milestone Achievements Under Tinubu…

  • National
    • Sowore vs DSS: Free Speech or Defamation? By Mohammed Bego Abdullahi

      NAF Air Strikes Kill Scores of Terrorists, Destroy Enclaves in Borno

      FG, States, LGs Share N2.225trn Revenue for August – FAAC

      Tinubu Lifts State of Emergency in Rivers, Reinstates Fubara, Legislators

      Crowned Prince Salman of Saudi Arabia

      Saudi Frees Nigerian Pilgrims Framed by Drug Syndicate

    • Government
      • Court Dismisses Suit Seeking to Bar ICPC from Probing Bauchi Security…

        Kano’s Corruption Storm: A Test of Media Ethics and Public Relations…

        Sowore vs DSS: Free Speech or Defamation? By Mohammed Bego Abdullahi

        FG, States, LGs Share N2.225trn Revenue for August – FAAC

        ICPC Secures Six-Year Jail Term for Sokoto River Basin Director

  • Security
    • NDLEA Logo

      NDLEA Hands Over Intercepted 60 Cartons of Pregabalin to NAFDAC in…

      Police Officer

      Imo Police Raid IPOB/ESN Hideout, Arrest 18 Suspects, Recover Arms

      Troops Raid Illegal Arms Factory in Plateau, Arrest Suspect, Recover Weapons

      NAF Air Strikes Kill Scores of Terrorists, Destroy Enclaves in Borno

      ICPC Secures Six-Year Jail Term for Sokoto River Basin Director

  • Features
    • Kano’s Corruption Storm: A Test of Media Ethics and Public Relations…

      Sowore vs DSS: Free Speech or Defamation? By Mohammed Bego Abdullahi

      A Group of Terrorists/Bandits

      Nigeria Fights Back Against Banditry and Insecurity By Senator Iroegbu

      A Group of Terrorists/Bandits

      Nigeria Fights Back Against Banditry and Insecurity

      Engr. Suleiman Bolakale Kawu Agaka

      Engr. Kawu: A Heroic Homecoming for a Man of the People…

  • State
    • Court Dismisses Suit Seeking to Bar ICPC from Probing Bauchi Security…

      NDLEA Logo

      NDLEA Hands Over Intercepted 60 Cartons of Pregabalin to NAFDAC in…

      Police Officer

      Imo Police Raid IPOB/ESN Hideout, Arrest 18 Suspects, Recover Arms

      Kano’s Corruption Storm: A Test of Media Ethics and Public Relations…

      ICPC Secures Six-Year Jail Term for Sokoto River Basin Director

  • Event
    • Chairman NAHCON Professor Abdullahi Saleh Usman meets with Katsina State Governor Dikko Radda

      NAHCON Boss Meets Katsina Governor, Pushes for Early 2026 Hajj Payments,…

      Flier for the programs that happened for the elderly by members of BUKAA FCT

      BUKAA FCT Appreciates Sponsors after Aerobics, Football Exercises

      Prof. Abubakar Mu’azu

      UNIMAID appoints Prof. Mu’azu as Pioneer Dean, Faculty of Communication

      NIPR President Ike Neliaku

      NIPR Inducts 422 New Members, Urges Commitment to National Unity

      Baze University Management visits TETFUND, Showcases Tech-Driven Growth, National Impact

    • 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

Kano’s Corruption Storm: A Test of Media Ethics and Public Relations By Umar Babangida

Sowore vs DSS: Free Speech or Defamation? By Mohammed Bego Abdullahi

A Group of Terrorists/Bandits

Nigeria Fights Back Against Banditry and Insecurity By Senator Iroegbu

A Group of Terrorists/Bandits

Nigeria Fights Back Against Banditry and Insecurity

Engr. Suleiman Bolakale Kawu Agaka

Engr. Kawu: A Heroic Homecoming for a Man of the People By Adegboyega Ajadi

Prof Isa Pantami, former Minister of Communication and Digital Economy

Gombe Tech Training: Pantami’s Call for a Paradigm Shift By Muhd El-Bonga Ibraheem

Healing Nigeria: A Chronicle of Health Reforms

Book Review: Is This the Cure? A Look into Healing Nigeria By Hanniel Noboh

Diplomacy and Digital Innovation – Youth Insight

Book Review: Reshaping Diplomacy Through Digital Innovation – A Gen-Z Outlook By Bilkisu Ahmed Shekarau

Renewed Hope in Central Banking

Book Review: Renewed Hope in Central Banking – A Blueprint for Nigeria’s Economic Future By Khadijah Lawan Muhammad

Charlie Kirk

Who Really Killed Charlie Kirk? By Femi Fani-Kayode

Officers of NSCDC Mining Marshals

Mining Marshals and the Fight for Nigeria’s Mineral Future By Zekeri Idakwo Laruba

Omoyele Sowore, Bayo Ononuga and Adeola Ajayi

Sowore’s Provocation, Onanuga’s Plea and the DSS Overreach

LEAVE A REPLY Cancel reply

Log in to leave a comment

Recent Posts

  • Court Dismisses Suit Seeking to Bar ICPC from Probing Bauchi Security Votes
  • NDLEA Hands Over Intercepted 60 Cartons of Pregabalin to NAFDAC in Kano
  • Imo Police Raid IPOB/ESN Hideout, Arrest 18 Suspects, Recover Arms
  • Kano’s Corruption Storm: A Test of Media Ethics and Public Relations By Umar Babangida
  • Troops Raid Illegal Arms Factory in Plateau, Arrest Suspect, Recover Weapons
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
Court Dismisses Suit Seeking to Bar ICPC from Probing Bauchi Security VotesNDLEA Hands Over Intercepted 60 Cartons of Pregabalin to NAFDAC in KanoImo Police Raid IPOB/ESN Hideout, Arrest 18 Suspects, Recover ArmsKano’s Corruption Storm: A Test of Media Ethics and Public Relations By Umar BabangidaTroops Raid Illegal Arms Factory in Plateau, Arrest Suspect, Recover WeaponsSowore vs DSS: Free Speech or Defamation? By Mohammed Bego AbdullahiNAF Air Strikes Kill Scores of Terrorists, Destroy Enclaves in BornoFG, States, LGs Share N2.225trn Revenue for August – FAACICPC Secures Six-Year Jail Term for Sokoto River Basin DirectorNAHCON Boss Meets Katsina Governor, Pushes for Early 2026 Hajj Payments, Promises Easier ExerciseKaduna Police Arrest Two Suspects Over Illegal Possession of FirearmsTinubu Lifts State of Emergency in Rivers, Reinstates Fubara, LegislatorsBadaru Joins Global Leaders at Beijing Forum on Peace, SecuritySaudi Frees Nigerian Pilgrims Framed by Drug SyndicateTroops Ambush Bandits in Plateau, Neutralise One 
X whatsapp