Emefiele said the MPC sees the slow implementation of the 2017 budget as a challenge, calling on the fiscal authorities to speed up the process in line with the Economic Recovery and Growth Plan.
Browsing: Economic Recovery and Growth Plan
According to him, “The gas policy intends to move Nigeria from an oil-based to an oil and gas-based industrial economy, which will be driven by the core principles including separating the respective roles and responsibilities of government and the private sector; establish a single independent petroleum regulatory authority.”
“Even countries that do not possess the raw materials for developing steel have invested immensely in development of their steel sector, because they understand the importance of iron steel for their economic growth. In short, you can say that steel is the bedrock of any economic and industrial growth in any nation.”
Osinbajo said, “Going forward, we have agreed with the National Assembly leadership on the necessity to get Nigeria back onto a predictable January to December fiscal year. To achieve this, the 2018 budget needs to get to the National Assembly no later than early October so that the National Assembly can conclude work on it before the end of the year.”
Osinbajo said, “Further to encourage more entrance and more investors, the Government is working to ensure implementation of a three-year tax holiday for new investors in the mining sector.”
“We are also gradually instilling confidence in our exchange rate regime. This improvement in GDP growth and other macro-economic indicators is largely attributable to our strategic implementation of the 2016 Budget as well as stronger macroeconomic management and policy coordination.”
“This is encouraging, but given the humanitarian challenges already alluded to, and the economic recession witnessed in 2016, there is an urgent need to design policies and programmes to ensure that the upward trend in human development is not reversed.”
“This Plan, which succeeds the SIP, sets out Government’s economic programmes and strategic interventions over the next four years (2017-2020). When implemented, it will put Nigeria back on the path of diversified, inclusive, sustained growth. This is therefore, our blueprint for economic recovery and growth.”
Fayemi said that he would meet with the Minister of State, Petroleum Resources, Dr. Emmanuel Ibe Kachikwu to look into the issue why the local oil companies refused to patronise the local baryte producers but preferred to import the products.
Ozo-Eson said, “For us, what is important is that the implementation should be done. When we looked at the plan, we had some issues with it and when we met with the Minister of Budget and Planning over the plan, we stated our observations.”
