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Friday, 23 September 2016

Governors pass vote of confidence on Kemi Adeosun, Udoma Udo Udoma, support sale of national assets

The 36 state governors Thursday passed a vote of confidence on Minister of Finance, Kemi Adeosun and her counterpart at the Ministry of Budget and National Planning, Udoma Udo Udoma.
According to a statement from the spokesperson of Vice President Yemi Osinbajo, Laolu Akande, the governors passed their votes on the ministers at the monthly National Economic Council meeting which was presided over by Osinbajo at the presidential villa in Abuja.
The Economic Council also supported the sale of some national assets to rescue Nigeria from current economic recession. Read the full statement below:
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.

36 comments:

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Gozy said...

I concur. There is need to diversify the Nigeria economy.

Gozy said...

I concur. There is need to diversify the Nigeria economy

dee boi said...

I hope they'lll respect the agreement signed during the PPP oooooooo... dee

Anonymous said...

OK o






Ilovemywife

ola Awire said...

Ojo nlo

charles obaze said...

Let's pray it works out as planned

ALEXANDRA MACO said...

which kind of weakedness be this, a man who rape his 16 years ald daugter to death

Anonymous said...

Obviously there is division in the policy makers vs executives,if nigeria was a private coy,wold d performance of these uunperforming managers b acceptable?,No!!!,so basically Nigeria is finished where the executive are shamefully not performing and are accountable to one.
Corrupt senate president,executives,u have an animal zoo.
$=430.
Linda if u like do not publish,$=430 we cannot change that,worst of all a pastor is doing this as Vp,the muslims are laughing,pastor indeed.

Joyous babe,Linda ikeji first cousin said...

Na change them sabi.

Joyous babe,Linda ikeji first cousin said...

Na change them sabi.

dj banti said...

Noted

FRESH said...

The economic problems were never about Kemi Adeosun's competence. Nigeria has been in deep shit for long.GEJ & PDP sank it deeper into that shit with their 'chop I chop' type of politics.She is clearly doing a really hard just steering this country out of it's own mess.

BONARIO NNAGS said...

Reading further, asides the vote of confidence I love the suggestions made at the meeting and the conclusion reached.
The future is bright for our country.



. ~BONARIO~says so via NOKIA LUMIA

Uju Phil said...

Hope these guys don't think Nigeria will be gone in the nearest future? These assets belong to every Nigerian, why sell them? I know people like Dangote must have made a move in acquiring some of the assets, one thing is sure, Nigeria can't be monopolized! #Sic

NaijaDeltaBabe said...

Okay


...merited happiness

flexfelix said...

Must they sell National asset?This government is making billions every week from the #50 stamp duty,where is the money? I support use of recovered funds not sale of National Asset.

Juliet Iwuno said...

Dats good! Linda take note!

Seun Combs said...

Maybe Fayose was busy eating kpomo and beans and that was why he didn't raise any objection to the resolutions!

Ogenah Boris said...

They should just make it better

Akeem Opayemi said...

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livingstone chibuike said...

Good for dem

Nma Akanno said...

For some unknown reasons, it doesn't sound good. Hope this is the best thing to do.

Anonymous said...

Sale of national assets is d definitive handover of Nigeria to the north.

Eleojo Blessing said...

Good to know...I pray it helps

Saphire Muna said...

......... Goodluck Nigerians........














............ Liber maniac..........

Philips choice said...

Na their headache. Seriously I don reach the stage wen I no care about weting the government dey do. Make dem no sell me join sha!

Vivian Reginalds said...

gd 4 dem
-D great anonymous now as Vivian Reginalds

Anonymous said...

My God ooo,isint nigeria finished.

evy claret said...

They will regret it at the end. How can they decide to sell off our National assets?

Eva Da Diva...

OSINANL said...

USELESS PEOPLE PASSING VOTE OF CONFIDENCE ON A CLUELESS INCOMPETENT WOMAN

kas Igies said...

Yea right, so they can turn around and buy them through their cronies, were these not the same governors that advises former president Jonathan to share the excess crude funds, monies that could have been saved during the oil boom, those don't have the interest of Nigeria.

Eddy Ogbunambala said...

Ok

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Yolo Bakumor said...

U don't necessarily need sell national assets to revamp d economy. Little emphasis r directed dat controlled government spending e.g excessive foreign trips. What happened with excess crude and reserves is been repeated here. Tis a capitalistic ploy, selling national treasures bak 2 themselves. The stupid Govnors are just der to take their share of the action, that all they know how to do; spend spend. I'm Sorry for our children unborn

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