SAN FRANCISCO, September 23, (THEWILL) – Nigeria Governors have passed a confidence vote on measures being put in place by the Economic Management Team, EMT, of the President Muhammadu Buhari administration to get the economy out of recession.
They categorically endorsed the Minister of Budget and National Planning, Senator Udoma Udo Udoma, and the Minister of Finance, Mrs. Kemi Adeosun, over the initiatives and policies of the ministers geared towards reflating the economy.
The governors, who are members of the National Economic Council, NEC, yesterday met with Vice President Yemi Osinbajo at the presidential villa, Abuja where they deliberated on the state of the economy.
The endorsement of Udoma and Adeosun is coming barely a day after the Deputy Senate President, Ike Ekweremadu, and Senator Dino Melaye called for their redeployment or sack over the purported incompetence of the duo to manage the nation’s economy at this troubled time.
Addressing State House Correspondents after the NEC meeting, Governor of Kebbi State, Senator Atiku Bagudu expressed support for the plans and proposals of the Federal Government to steer the country out of recession.
“Council members expressed confidence in and unanimously commended the EMT and both the Budget and National Planning and Finance Ministers for the presentations to the Council, praising their efforts, competence and capabilities,” he said.
Bagudu, who was joined by the governor of Oyo State, Senator Abiola Ajimobi, during the briefing, blamed the current economy on the country’s dependence on single commodity, crude oil. They explained that the collapse of the price of crude oil to less than $30 per barrel in the first quarter of 2016 with no hope of increase is another reason for the recession.
Highlights of the meeting, which was later made available to newsmen by the Vice President’s media office, indicate that the governors agreed that the economic challenge provided an opportunity to restructure and reset the economy.
The statement said that the EMT was working on a plan to generate immediate larger injection of funds into the economy through asset sales, advance payment of license renewals, infrastructure concessioning and use of recovered funds to reduce funding gaps in the budget.
The government is said to be set to implement Fiscal Stimulus/Budget Priorities and fast-track procedures through legislation and implementation of Strategic Implementation Plan, SIP, of the budget. NEC was also briefed on the balance in Excess Crude Account, ECA, now $2.453 billion as at September 20.
Other deliberations at the meeting include government’s target of N1 billion fund to operate Public Private Partnership, PPP, of N500 billion initial to create a blended pool of long-term funds to intervene in housing development finance and mortgage provision.
The funds are expected 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 Finance minister reported to Council that N50 billion has so far been disbursed to the various state governments, adding that the facility is ongoing.
