PRESS RELEASE
\nFG BUDGET SUPPORT FACILITY:\u00a0
\nACCOUNTING FIRMS BEGIN\u00a0 VERIFICATION PROCESS IN STATES
\nAs the Federal Government continues its monthly Budget Support Facility to the States, a verification process to ensure that benefiting State governments comply with the mutually agreed Fiscal Sustainability Plan prescribed by the National Economic Council, NEC, has started.
\nThis disclosure emerged at the first NEC meeting this year, presided over by Vice President Yemi Osinbajo, SAN. NEC is composed by all the 36 State Governors, the FCT Minister and the Central Bank Governor.
\nAccording to the Finance Minister, Mrs. Kemi Adeosun,who briefed the Council\u00a0today, eight accounting firms have been appointed and have already begun the audit process.
\nBelow are highlights of the NEC meeting.
\nNEC (1ST\u00a0in 2017) 74TH\u00a0NEC MEETING \u2013 THURSDAY,16TH\u00a0FEBRUARY, 2016
\nA.\u00a0\u00a0\u00a0\u00a0\u00a0INAUGURATION OF THE NATIONAL ROAD SAFETY ADVISORY COUNCIL BY HIS EXCELLENCY ACTING\u00a0 PRESIDENT
\n\t\u2022\tBudget and National Planning Minister made a presentation to the Council on the National Road Safety Strategy (NRSS) 2014 \u2013 2018 document before the inauguration.
\n\t\u2022\tHe said the NRSS document was approved by FEC and has provided for the establishment of the Advisory Council, as a demonstration of Government\u2019s commitment to address the challenges of road safety in the country in line with UN Agenda to reduce road accident related deaths.
\n\t\u2022\tMembers of the 24-man Advisory Council include the following:
\n\t\u2022\tSix Governors representing each geopolitical zone as follows:
\n\u2022\tSouth-West\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Governor of Lagos State
\n\u2022\tSouth-East\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Governor of Anambra State
\n\u2022\tSouth-South\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Governor of Delta State
\n\u2022\tNorth-West\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Governor of Kaduna
\n\u2022\tNorth East\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Governor of Gombe
\n\u2022\tNorth-Central\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Governor of Kwara State
\nOthers include:
\n\t\u2022\tHonourable Minister of Transport
\n\t\u2022\tHonourable Minister of Power, Works and Housing
\n\t\u2022\tHonourable Minister of Education
\n\t\u2022\tHonourable Minister of Health
\n\t\u2022\tHonourable Minister of Environment
\n\t\u2022\tHonourable Minister of Finance
\n\t\u2022\tHonourable Minister of Justice
\n\t\u2022\tHonourable Minister of Labour and Productivity\u00a0
\n\t\u2022\tHonourable Minister of Interior
\n\t\u2022\tHonourable Minister FCT
\n\t\u2022\tHonourable Minister of Information and Culture
\n\t\u2022\tHonourable Minister of Budget and National Planning
\n\t\u2022\tNational Security Adviser (NSA)
\n\t\u2022\tSecretary to the Government of the Federation (SGF)
\n\t\u2022\tPresident NACCIMA
\n\t\u2022\tPresident Nigeria Society of Engineering (NSE)
\n\t\u2022\tFRSC Corp Marshall
\nB.\u00a0\u00a0\u00a0\u00a0\u00a0PRESENTATION BY MINISTER OF AGRICULTURE
\n\t\u2022\tCouncil was informed of the massive wheat production in the States of Jigawa, Kano, Kebbi and Zamfara among others.
\n\t\u2022\tThe States however appealed to the Federal Government to make plans for the purchase of excess wheat to ensure price stability and sustainable production.
\n\t\u2022\tCouncil agreed to discuss and make adequate buy-back arrangements in order to support price stability.
\nC.\u00a0\u00a0\u00a0\u00a0\u00a0REPORT ON EXCESS CRUDE PROCEEDS BY THE FINANCE MINISTER
\n\t\u2022\tMinister of Finance reported to the Council that the balance in Excess Crude Account (ECA) stood at USD 2,458,382,844.03 as at\u00a0February 15, 2017
\nD.\u00a0\u00a0\u00a0\u00a0 UPDATE ON BUDGET SUPPORT LOAN FACILITY
\n\t\u2022\tMinister of Finance also reported that Eight Accounting Firms have been appointed to start the verification process of the monthly Budget Support Loan Facility to States, based on the approved Fiscal Sustainability Plan of NEC.
\nE.\u00a0\u00a0\u00a0\u00a0\u00a0ON ECONOMIC RECOVERY PLAN
\n\t\u2022\tMinister of Budget and National Planning assured the Council members that Federal Government has a recovery plan that will take Nigeria out of the woods.
\n\t\u2022\tConsultations on the plan are ongoing to firm-up the plan with clear roles for all the stakeholders and the States.
\n\t\u2022\tHe told the Council that the plan addresses the following:
\n\t\u25e6\tAgriculture and food security
\n\t\u25e6\tEnergy sufficiency-power and petroleum availability
\n\t\u25e6\tImproving transportation infrastructure
\n\t\u25e6\tIndustrialization, SMEs, and manufacturing
\n\t\u25e6\tStabilization of the macro-economic environment
\nF.\u00a0\u00a0\u00a0\u00a0\u00a0ON THE EXCHANGE RATE
\n\t\u2022\tAfter a brief presentation on Forex Policy options by the CBN Governor, Council members generally expressed concern over the current situation of the exchange rate and called for an urgent review of the current Forex Policy, especially the gap between interbank and the parallel market rates.\u00a0 The CBN Governor sued for patience and understanding, assuring that the situation is being closely managed.
\n\u00a0
\nG.\u00a0\u00a0\u00a0\u00a0\u00a0UPDATE ON THE BOARD APPOINTMENTS INTO THE NIGERIA SOVEREIGN INVESTMENT AUTHORITY (NSIA)
\n\t\u2022\tMinister of Finance reported that a member each from the six geo-political zone has been nominated as follows:
\n\ti\tNorth-East \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –\u00a0 Mrs. Halima Buba –\u00a0
\n\tii\tNorth West \u2013 Mr. Bello Maccido \u2013\u00a0
\n\tiii\tNorth Central – Ms. Lois Laraba Machunga-Disu \u2013
\n\tiv\tSouth West \u2013 Mr. Babajide Zetilin \u2013\u00a0
\n\tv\tSouth East \u2013 Mr. Urum Kalu Eze \u2013 \u00a0
\n\tvi\tSouth-South \u2013 Mr. Abue Ighodalo \u2013
\n\t\u2022\tCouncil members unanimously adopted the nominations and forwarded them to the President for his final approval.
\nH.\u00a0\u00a0\u00a0\u00a0 ANNUAL REPORT AND ACCOUNTS OF THE NIGERIA SOVEREIGN INVESTMENT AUTHORITY (NSIA) BY THE MD\/CEO OF NSIA
\n\t\u2022\tManaging Director\/Chief Executive Officer, Mr. Uche Orji presented a report to Council on the NSIA annual reports and accounts for the year ended 2015 and update on 2016 activities.\u00a0
\n\t\u2022\tIn its report to NEC, Council members were informed that Nigeria Sovereign Wealth Fund (NSWF) has the highest ranking in Africa in terms of performance and capitalization.
\n\t\u2022\tThe report highlights, among others, the following:
\n\t\u2022\tFinancial performance 2014 to Q3 2016
\n\t\u2022\tUpdate and investment strategy on the NSIA Future Generation Fund (FGF)
\n\t\u2022\tNSIA Infrastructure strategy and Agriculture Fund
\n\t\u2022\tNSIA \u2013 Old Mutual Real Estate Co-Investment Vehicle, among others.
\n\t\u2022\tNSIA outlook, among others, are as follows:
\n\t\u2022\tNSIA plans to increase domestic infrastructure investment in 2017 as there are compelling opportunities in the environment.
\n\t\u2022\tNSIA will also focus on \u201cSocial Infrastructure\u201d including investments in the form of affordable housing, and healthcare through the development of specialist hospitals.
\n\t\u2022\tCouncil, while adopting the report of the NSIA,\u00a0 decided to inject a fresh $250 million into the SWF sourced from the ECA.
\n\u00a0 I.\u00a0\u00a0\u00a0 VALEDICTORY SESSION FOR ONDO STATE GOVERNOR
\n\t\u2022\tCouncil held a valedictory session for the Ondo State Governor Dr. Olusegun Mimiko who was attending the meeting for the last time as his tenure expires this month.
\n\t\u2022\tCouncil members commended Dr. Mimiko\u2019s contributions to the Council and commended him for facilitating a smooth transition in the State. In his response, the out-going Governor praised President Muhammadu Buhari for his leadership of the nation, the Vice President as chairman of the Council for his \u201cproductive leadership and personal commitment,\u201d and the Council members for an enjoyable relationship and quality of debate.
\n\t\u2022\tBoth Mimiko and the Ondo State Governor-elect who was also in attendance\u00a0today\u00a0in observer status hugged each other to the delight of the Council, attracting a huge round of applause.
\n\u00a0\u00a0\u00a0Signed:
\nLaolu Akande
\nSenior Special Assistant Media & Publicity to the President
\nOffice of the Vice President
\nFebruary 16, 2017<\/p>\n","protected":false},"excerpt":{"rendered":"
PRESS RELEASE FG BUDGET SUPPORT FACILITY:\u00a0 ACCOUNTING FIRMS BEGIN\u00a0 VERIFICATION PROCESS IN STATES As the Federal Government continues its monthly Budget Support Facility to the States, a verification process to ensure that benefiting State governments comply with the mutually agreed Fiscal Sustainability Plan prescribed by the National Economic Council, NEC, has started. This disclosure emerged […]<\/p>\n","protected":false},"author":6,"featured_media":384,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-37800","post","type-post","status-publish","format-standard","has-post-thumbnail","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/37800","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=37800"}],"version-history":[{"count":0,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/37800\/revisions"}],"wp:attachment":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=37800"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=37800"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=37800"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}