Business
Nigerian Economic Summit Should Focus On Pressing Issues – Osinbajo
Ahead of next week’s Nigerian Economic Summit, an annual event where the public and private sector stakeholders deliberate on developmental issues
Ahead of next week’s Nigerian Economic Summit, an annual event where the public and private sector stakeholders deliberate on developmental issues, Vice President Yemi Osinbajo, SAN, says, focusing on few pressing national issues should be the objective of the meeting this year.
“Sometimes we talk about a lot of important things, but there are pressing, immediate things with significance for the future,” Prof Osinbajo told a delegation of the Nigerian Economic Summit Group (NESG) who met with him today at the Presidential Villa.
The NESG team briefed the VP on the agenda, particularly the theme of the 28th Nigerian Economic Summit (NES), ‘2023 and Beyond: Priorities for Shared Prosperity’, scheduled for the 14th and 15th of November, 2022.
The VP said “I am always concerned we don’t allow very many issues to obscure the more important issues that confront us today so that we leave the Summit with a clearer view on how we can resolve the pressing issues.”
Continuing, the Vice President said “for example, how do we tackle the rising inflation and the exchange rate instability? I really think we should spend more time focusing on the primary issues of inflation and exchange rate control.”
Stating the significance of the private sector’s perspective to macroeconomic issues, the VP said “it is very important to always note what you (private sector experts) think are the main concerns today especially about macroeconomics and how to deal with the issues. What the private sector thinks about how we can resolve some of these issues is important.”
Acknowledging the contributions of the NESG to economic development over the years, the VP said “I strongly believe in the objectives of the NESG, it has contributed a lot to how the public sector thinks through policies and has provided that forum for public sector accountability.”
“The NESG has also been very useful in educating the private sector about the processes of running a complex system such as the one that we have. It has been a very useful synergy between the public and the private sector,” the VP added.
In his remarks, Chairman of the NESG Board, Mr Asue Ighodalo, who led the delegation, commended the Vice President’s coordination that produced great results in the ease of doing business, noting that “you have done a fantastic job on ease of doing business, regardless of the challenges that we are confronted with today.”
He reiterated the commitment of the group to collaborate more with the public sector and expressed optimism that despite the challenges, “this government can still do much more before it leaves. At the NESG, we believe that the next six months are very critical.”
The 28th NES will feature President Muhammadu Buhari, the VP and other leaders from the public and private sectors, sharing thoughts on visionary leadership and inclusive growth, among other topics.
Other members of the NESG delegation included its CEO, Mr Laoye Jaiyeola; Member, NESG Board, Mr Nnanna Ude; Co-Chair (Public Sector) – 28th NES Joint Planning Committee, Mr Felix Okonkwo, and Co-Chair (Private Sector), 28th NES Joint Planning Committee, Mrs. Ijeoma Taylaur, among others.
Federal Government is to benefit from a $500 million loan facility from the World Bank for the Human Capital Opportunities for Prosperity and Equity (HOPE) project in the country.
Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, made this known during a courtesy visit on him by the International Monetary Fund (IMF) Mission Chief for Nigeria, Mr. Axel Schimmelpfennig
The loan facility, according to the minister, will increase the availability and effectiveness for financing for basic education and primary health care in the various states of the federation.
The fund, he said, will enhance transparency and accountability for basic education and primary health care in addition to improving recruitments, deployments and better performance management of teachers.
While appreciating the support of the World Bank, Bagudu elucidated that the Nigerian Constitution is the legal framework that provides the rules and procedures that guides the budget process in addition to empowering the federal and state governments to make expenditures in the preceding year for the purpose of meeting expenditure necessary to carry on the services of the government.
“This expenditure can continue for a period not exceeding six months or until the coming into operation of the law as can be seen on Chapter 5, Part 2 Section 122 of the Nigerian Constitution” he said
Bagudu explained further that the reforms embarked on by the Bola Ahmed Tinubu’s administration were aimed at developing and implementing economic and tax reforms that will guarantee more functional Public Financial Management (PFM) systems in the country.
“The economic reforms are necessary decisions to put the Nigerian economy on the right track”he explained
He assured the IMF Team that though Nigeria is experiencing a number of challenges such as hardship of citizens as a result of removal of fuel subsidy, floating of foreign exchange, electricity reforms that distributed citizens into bands, Nigeria is on course to economic recovery.
In a statement, the minister appreciated the willingness of the IMF to support Nigeria but however called for more support in the area of resource mobilisation from multinational partners in order for government to provide developments in all sectors of the economy.
Earlier, the International Monetary Fund (IMF) Mission Chief for Nigeria, Mr. Axel Schimmelpfennig said he was in the country to have interactions with the minister on the workings of the Nigerian budgeting process with particular emphasis on the simultaneous implementation of the 2023/2024 budgets and supplementary budgets in the same year in preparation for the publication of the 2025 annual report of the World Bank.
Schimmelpfennig welcomed the tax reforms of the federal government as increased revenue generation will ensure more developments for Nigerian citizens and thus promised the country of more IMF support for Nigeria’s developmental needs.
Permanent Secretary, Ministry of Budget and Economic Planning, Dr. Vitalis Emeka Obi, briefed the team on the ministry’s role in co-ordinating Nigeria’s development planning and budgeting processes. The Permanent Secretary emphasised that 2025 promises to be a year of more rapid investments.
DailySun
The Nigerian government said that it has invested over $450 million in the development of the country’s compressed natural gas value chain.
According to NAN, the Project Director of the Presidential Compressed Natural Gas Initiative, PCNGi, Michael Oluwagbemi, disclosed this on Monday at the 9th Edition of the Nigeria Energy Forum, NEF 2024, in Lagos.
Oluwagbemi, who was represented by Tosin Coker, the Head of Commercial at PCNGi, emphasised that the investment spans critical areas of the CNG infrastructure, including the establishment of mother stations, daughter stations, refuelling stations, and conversion centres across the country.
“The Presidential Compressed Natural Gas Initiative (PCNGi) on Monday said that it had invested more than 450 million U.S. dollars in the Compressed Natural Gas (CNG) value chain.
The Nigerian National Petroleum Company Limited, NNPCL, says the new Port Harcourt refinery is over 90 per cent completed.
The Group Chief Executive Officer of the NNPCL, Mele Kyari, stated this on Monday when labour leaders from the Nigeria Labour Congress, NLC, and the Trade Union Congress, TUC, visited the facility in Rivers State.
Gatekeeper recalls that After a long delay involving at least seven missed deadlines, NNPC finally activated the 60,000 barrels per day (bpd) phase one of the Port Harcourt oil refinery.
The rehabilitation process for the total 210,000 bpd refinery began in 2021 after the federal government secured a $1.5 billion contract to fix the facility, which had been left decrepit for years.
NNPC had initially failed to make public the litres of petrol, diesel, jet fuel, and naphtha the refinery will roll out, in negation of global best practices.
However, citing public criticism, the national oil company later said it was refining 1.4 million litres of petrol per day, an extremely low figure by all estimations.
Watch the video below:
https://twitter.com/i/status/1866126343626502510
Electricity: Nigeria set to add 150 megawatts by year-end – Adelabu
Sanwo-Olu reaffirms commitment to empowerment, poverty alleviation
FG to benefit from World Bank’s $500m loan
-
Politics1 week ago
Those indicted for attacks on Rivers LG secretariats won’t go free – Fubara vows
-
Sports1 week agoEPL: Why Man Utd lost 2-0 to Arsenal – Amorim
-
News1 week agoAlleged fraud: Pastor Tobi Adegboyega won’t be deported to Nigeria, not indicted – UK lawyer
-
Entertainment7 days agoAsake ranked most streamed Nigerian artiste on Spotify
-
News1 week agoEFCC announces biggest asset recovery as govt official forfeits estate with 753 duplexes
-
Opinions1 week ago10 ways the Tax Bills will make states richer
-
News1 day agoUS issues new visa directive for immigrant visa applicants
-
Business3 days agoWhy Naira is appreciating massively against dollar – CPPE