The Federal Government (FG) has negotiated with States Governors on the initially planned bulk deductions of bail-out funds.
This was disclosed by the Vice-President, Yemi Osinbajo, at the 97th National Economic Council (NEC) meeting on Thursday at the Council Chambers.
The details: Essentially, the update was contained in a press release signed by Laolu Akande, the Senior Special Assistant to the President on Media & Publicity, Office of the Vice President. While delivering updates on the bailout fund which has generated controversies, the Minister of State for Budget and National Planning, Clement Agba, stated that State Governments are expected to start servicing the loan from September 2019 and repayment is over 240 months period.
The Council also resolved that Governors should meet with the Ministry of Finance and Central Bank of Nigeria to sort out the details of repayment and the Vice President would ensure same and speedy resolution of the matter.
N100 billion for NLTP: Providing an update on the National Livestock Transformation Plan 2019 – 2028 (NLTP), Governor of Ebonyi State, Dave Umahi, Chairman Of NEC Technical Committee reminded NEC that the Committee was to address the Farmer/herder crisis.
According to Umahi, the Plan is not targeted at only cows but a holistic strategy to address animal husbandry. The Plan has six pillars which include Conflict Resolution, Justice and Peace, Humanitarian Relief and Early Recovery, Human Capital Development, Cross-cutting issues and Economic Development.
Speaking on the funding of NLTP, Umahi disclosed that N100 billion had been budgeted to support the project. According to him, FG is to contribute 80% in grant to support States, while States will contribute land, project implementation structure, personnel and 20% cost of the project.
The Council also emphasised the need to establish the fact that NLTP is a creation of NEC and State Governors and is completely distinct from RUGA.
“NEC adopted the National Livestock Transformation Plan on January 18, 2019. It is a creation of the National Economic Council. States will determine, whether or not they are willing to participate, as FG did not impose this plan. Participation remains voluntary. The role of the FG is to coordinate, monitor and help implement the plan,” Uhami Stated.
Ease of Doing Business: The Secretary of the Presidential Enabling Business Environment Council (PEBEC) Dr. Jumoke Oduwole gave an update on building an Enabling Business Environment. She informed Council that there is currently a reform wave in African countries, as contained in the African Development Bank (AFDB) Economic Outlook Report released in January 2019.
According to her, in the 2019 World Bank Ease of Doing Business ranking, Nigeria is ranked 146 with Micro Small and Medium Enterprises (MSMEs) making up to 90% of Business in Nigeria. Hence, the mandate is to make Nigeria rank among top 100 in the 2020 World Bank Doing Business index.