L
LequteMan
Guest
Vice President Yemi Osinbajo presided over a National Economic Council meeting held today, 16th of June 2016 in Abuja.
Here are 5 highlights of the meeting:
1. The Honourable Minister of Finance Mrs Kemi Adeosun reported that the balance in the ECA as at June 15, 2016 stood at USD 2,261,249,976.96 (USD 2.261 billion).
2. She also reported that work is ongoing to appoint Forensic Auditors for ECA payment into the Federation Account and Revenue Generating Agencies (RGAs)
3. She added that only 5 States have completed the process for borrowing from the Presidential Budget Support Facility (N90bn) for States.
4. CBN Governor Godwin Emefiele briefed the Council on the flexible Forex rate policy adopted recently by the bank. He said the policy entails
– a market-driven exchange rate
–a single market structure through interbank/autonous window
–access to Forex Proceeds by non-oil exporters.
5. The Minister of Industry, Trade and Investment, Dr. Okey Enelamah briefed the Council on improving business environment and ease of doing business in Nigeria.
Here are the highlights of the presentation:
Here are 5 highlights of the meeting:
1. The Honourable Minister of Finance Mrs Kemi Adeosun reported that the balance in the ECA as at June 15, 2016 stood at USD 2,261,249,976.96 (USD 2.261 billion).
2. She also reported that work is ongoing to appoint Forensic Auditors for ECA payment into the Federation Account and Revenue Generating Agencies (RGAs)
3. She added that only 5 States have completed the process for borrowing from the Presidential Budget Support Facility (N90bn) for States.
4. CBN Governor Godwin Emefiele briefed the Council on the flexible Forex rate policy adopted recently by the bank. He said the policy entails
– a market-driven exchange rate
–a single market structure through interbank/autonous window
–access to Forex Proceeds by non-oil exporters.
5. The Minister of Industry, Trade and Investment, Dr. Okey Enelamah briefed the Council on improving business environment and ease of doing business in Nigeria.
Here are the highlights of the presentation:
- Focus should be intensified on enabling environment initiatives.
- Prioritising initiative focus on Industrial Sector.
- Building of strong collaboration between Federal Government and States on ease of doing business.
- Measurement on States doing well, having friendly competitions on ease of doing business.
- Composition of a Presidential Commission to steer the process and report monthly to the Federal Executive Council. The commission has 9 ministers in its membership
- Establishment of a Secretariat for the Commission with active involvement of the private sector, including the appointment of a private sector professional as Executive Secretary.
