Home / Lead Story / National Economic Council Retreat insists on diversification of economy

National Economic Council Retreat insists on diversification of economy

President Muhammadu Buhari and Vice President Yemi Osinbajo at the Retreat
President Muhammadu Buhari and Vice President Yemi Osinbajo at the Retreat
The National Economic Council Retreat ended Tuesday in Abuja with some far reaching decisions taken by the Federal Government and the 36 state governments that were represented. The most critical is the decision to diversify the nation’s economy.

Below are some of the resolutions from the retreat.

1. Concerted and consistent efforts will be made to diversify revenue sources.

2. Federal and State Governments must focus on fiscal responsibility as a critical element in macro-economic balance.

3.Develop financial inclusion strategies to cater for the poor and vulnerable.

4. Maintain a minimum level of capital expenditure of 30% in the national budget.

5. The Federal Government will re-position the Bank of Agriculture to enhance its capacity to finance agriculture.

6. A single digit interest rate for agricultural loans will be considered while duties and taxes for Agricultural products and equipment will be waived.

7. Develop strategic partnerships between Federal and State Governments. Each state will make specific commitments to crops in which it has comparative advantage and request Federal Government intervention.

5. National targets for self-sufficiency will be set for identified crops, which will also be monitored.

Tomato paste – 2016
Rice – 2018
Wheat – 2019

6. States will open up rural/feeder roads to facilitate transportation of agricultural produce which will be supported by the Federal Government.

7. The Federal and State Governments will establish minimum price guarantee for farm produce.

8. Ministry of Solid Minerals Development will complete and present the solid minerals development roadmap.
This framework will address issues of illegal miner, licenses, taxes and royalties by 31st March 2016.

9. Conclude the revalidation/recertification of all mining leases by 30th September 2016.

10. Ministry of Industry, Trade & Investment (MITI) will 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.

11. States are to set up one-stop shops for investors where they do not currently exist to attract investment and improve on IGR Safeguard competitive market economy.

12. Federal and State Governments will work collaboratively to ensure sustainability of the school feeding and other social protection programmes

13. The States’ Ministries of Education and State Universal Basic Education Board (SUBEBs) will cooperate to actualize the Teacher Corp program

14. Provide logistics support on the proposed upgrade of 75 existing National Directorate of Employment (NDE) facilities (across the various States) to Empowerment Centers.

15. Institutionalize a single register as a platform for targeting the authentic poorest and vulnerable for safety net programs; for government, donor agency, organizations or individuals.

Step by step, Nigeria will prevail.

About admin

Check Also

Gunmen abduct would-be couple in Ekiti State

By Ariwodola Idowu Ilasa-Ekiti (Ekiti), Sept. 20, 2021 Gunmen struck at Ekiti East Local Government …

Leave a Reply

Your email address will not be published. Required fields are marked *