SAN FRANCISCO, September 22, (THEWILL) – The National Economic Council, NEC, presided over by Vice President, Prof Yemi Osinbajo, SAN, has listed Asset sales as one of the measures of the Federal Government to steer the country out of recession.
This was revealed in the highlights of the meeting, held on Thursday at the Presidential Villa, as presented to the press by the Governors of Kebbi and Oyo states with the Deputy Governor of Ogun state after the meeting that lasted over four hours.
Based on a presentation on the state of the economy by the Minister of Budget and National Planning, Udo Udoma, the President’s Economic Management Team (EMT) is working on plan to generate immediate larger injection of fund into the economy.
These includes: Asset sales, Advance payment of license renewals, Infrastructure concessioning, Use of recovered funds 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 on importation.
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.
In her presentation, the Minister of Finance, Kemi Adeosun, reported to Council that the balance in Excess Crude Account is USD 2.453 billion as at September 20, 2016.
Adeosun also revealed the target of N1billion fund (N500 million initial) to create a blended pool of long term funds to intervene in housing development finance and mortgage provision 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 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 with a delivery target of 400,000 to 500,000 housing units per annum.
THEWILL recalls that the Vice President is the Chairman of the Council which is composed of Governors of all 36 states of the federation, and the Central Bank Governor.
Story by David Oputah
