- • New economic task force to deal with constraints
The federal government said it has received the sum of ¥15billion from the Japanese International Cooperation Agency to support the nation’s national agricultural scheme project .
Minister of Finance and the Coordinating Minister of the Economy, Wale Edun made this known yesterday after a Federal Executive Council meeting presided over by President Bola Tinubu at the State House, Abuja.
Edun described the intervention as “essentially free money”, as it is given for 30 years, with 10 years moratorium, at only one per cent interest rate, adding that the provision is on a bilateral support that will not place any form of strain on Nigeria financially.
“There was support for agriculture from the Japanese International Cooperation Agency funding of the National Agricultural Growth Scheme Project, essentially around ¥15 billion for the agricultural sector and it’s essentially free money; 30 years, 10 years moratorium, at one per cent interest rate. So, it’s the kind of bilateral support that doesn’t put a strain on Nigeria financially, of course, it helps in the agricultural sector”, he said.
Edun further disclosed that he informed the Council of President Tinubu’s approval of a request to set up an Economic Management Team Task Force, which will implement major measures aimed at growing the Nigerian economy, increase production and create jobs that will also reduce poverty.
He added that for the next six months the task force, made up of selected members of the Economic Management Team, the private sector, as well as the representatives of the Nigerian Governors Forum (NGF), will work to deal with major issues of monetary and fiscal policies, while ensuring real sector growth.
The Minister added that the Economic Management Team’s Task Force, will be operational over the next six months and report directly to the President while initiatives aimed at growing the economy will be rolled out.
“So currently, we do have the Economic Management Team and of course their work feeds into the Federal Executive Council, National Economic Council and even the Presidential Economic Coordination Council, which is the highest body for economic coordination, chaired by Mr. President himself, with the Vice President as his vice chairman of that council.
“So beyond that there is now instead of just the Economic Management Team, an Economic Management Team Task Force and for the next six months that task force, made up of selected members of the Economic Management Team, the private sector, as well as the sub-nationala, who will work assiduously to ensure that having dealt with major issues of monetary and fiscal policies, that the real sector growth is assured; companies are helped through these difficult times with fiscal incentives and other measures to ensure the survival of companies, both the large scale ones as well as the medium and small scale”, he explained.
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Edun also disclosed that the federal government has officially ratified Nigeria’s membership of the European Bank for Reconstruction and Development (EBRD), through preliminary approval, adding this will further enable the country use infrastructure as a multiplier to grow the nation’s economy.
“We also fulfilled a commitment by Mr. President way back in June when we met the European Bank for Reconstruction and Development. They had said they were looking to spread beyond the region of Europe and to take on partner shareholders and they will hopefully lock in five or six African countries.
“Interestingly now, preliminary approval has been ratified by the Federal Executive Council,” Edun said.
He added that Nigeria’s membership of the EBRD will help the country reduce cost logistics on transportation and infrastructure hence maximizing investment.
Meanwhile, the federal government has said its legal case against cryptocurrency firm, Binance, cannot be jeopardized by the circumstances surrounding fleeing from legal custody by one of its Executive Directors, Nadeem Anjarwalla.
Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji, while responding to the Anjarwalla’s escape yeesterday, said the company cannot escape the payment of fines placed on it for money laundering, as the federal government does not deal with individuals, but organizations.
Recall that the Federal High Court in Abuja last Friday, granted requests by Binance to pay the sum of $4.3 Billion Settlement For Anti-Money Laundering, Sanctions Violations
Adedeji said, “we are dealing with the company and not individuals, and we can enforce compliance with our laws. So, whether he escapes or not, that will not in any way affect our plans to enforce compliance as we can ensure that the organization comply with our legal requirements as a country”