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Tag: NEC

  • BREAKING: NEC recommends withdrawal of tax reforms Bill from NASS

    BREAKING: NEC recommends withdrawal of tax reforms Bill from NASS

    The National Economic Council (NEC) has recommended the withdrawal of the Tax Reforms Bill from the National Assembly to President Bola Tinubu to allow for wider consultations. 

    Disclosing this to journalists at the end of the 145th NEC meeting at the State House, Abuja, Oyo Governor Seyi Makinde, said this formed part of resolutions reached at the meeting. 

    Makinde said Council members agreed that it was necessary to allow for consensus building and understanding of the bill among Nigerians. 

    “NEC noted the need for sufficient alignment on the proposed reforms and recommended the withdrawal of the tax reform bill,” he stated.

    Makinde added that this decision was for the benefit of the country and emphasised the need for further consultations regarding the bill.

    Read Also: We’re committed to prosecuting electoral offenders, says INEC

    “We saw the gap and decided that there is a need for a wider consultation,” he added.

    NEC’s decision is coming days after Northern Governors kicked against the reform bill and counter explanation by the presidency that the bill was not against the North. 

    At a meeting on October 28,  the Northern Governors’ Forum, rejected the new derivation-based model for Value-Added Tax distribution in the new tax reform bills before the National Assembly.

    Details Shortly… 

  • Minimum Wage: Tinubu to attend NEC meeting today

    Minimum Wage: Tinubu to attend NEC meeting today

    President Bola Ahmed Tinubu will today join state governors at the National Economic Council (NEC) meeting to discuss the new national minimum wage, the Chief of Staff to the President, Femi Gbajabiamila, dropped the hint last night.

    The NEC is statutorily chaired by the vice president. It comprises of the 36 state governors, the Minister of the Federal Capital Territory (FCT) and other relevant federal officials.

    Gbajabiamila spoke in Kano while leading a presidential delegation to commiserate with Vice President Kashim Shettima over the demise of his mother-in-law.

    Read Also: Tinubu means well for north, says Shettima

    Gbajabiamila said the President would be attending the scheduled NEC meeting holding on Thursday, describing the plan as unusual.

    He said: “He is indeed saddened and he wished he was here with you know our President is very ubiquitous, he can be in a million places at the same time, but unfortunately, this bill, as you well know, calls for him to be at the seat of power.

    “Indeed he will be joining you tomorrow and that’s how important his presence in Abuja is right now. He will be joining you tomorrow at the NEC meeting, which he ever hardly attends, this might even be his first meeting.”

  • NEC pledges better support for small businesses

    NEC pledges better support for small businesses

    The National Economic Council (NEC) yesterday deliberated on the state of the nation’s economy. It resolved to improve the situation, especially by supporting the growth of Micro, Small, and Medium Enterprises (MSMEs).

    NEC said by providing 49 percent of the nation’s  Gross Domestic Product (GDP),  MSMEs remain the backbone of the economy.

    The council reached the decision during its  141st meeting at the Presidential Villa, Abuja.

    Vice-President Kashim Shettima presided over the meeting attended by Institute Chartered Accountants of Nigeria(ICAN)  leaders. 

    The ICAN chiefs  were at the meeting to “shed light on the accountability index and their ranking of states on public financial management (PFM).”

    Shettima, according to a statement by Stanley Nkwocha, senior special assistant to the President on Media and Communications (Office of the Vice President),  urged the council members to assess the administration’s journey so far and adopt strategies to buoy the economy.  

    He said: “As we plan for stability, we must remember that the backbone of our economy isn’t solely comprised of our big corporations. While these entities play a vital role in tracking the nation’s productivity and employment data, it is our Micro, Small, and Medium Enterprises (MSMEs) that should keep us awake at night.

    Read Also: FAAC shares N1.2tr to FG, States, LGAs in May 2024

    “Accounting for about 96 percent of all businesses in the country and contributing 49 percent of the national GDP, MSMEs are the backbone of our economy. The past few months of our efforts to mend the economy have caused disruptions that have sent shockwaves throughout the industry.

    ‘’We, therefore,  cannot afford to ignore this reality; immediate intervention is essential to mitigate the damage and ensure their survival.” 

    To achieve President Tinubu’s promise to create jobs and eradicate poverty,   the Vice-President advised that access to capital must be central.

    “Our agenda today revolves around the ongoing and proposed interventions we have designed to support our small businesses.

    “Whether it is addressing the inflationary impacts of the inevitable solutions proposed to save the economy or tackling the issue of high-interest rates at our financial institutions, our focus is on ensuring the survival and prosperity of these enterprises.”

    Shettima also underscored the role of digital technology in the growth and sustainability of small businesses, tipping Investment in Digital and Creative Enterprises (iDICE) as “a work in progress to upscale these businesses.

    “The potential of our creative and digital economic sector is vast, and iDICE presents an opportunity to explore it and offer our people an advantage to compete fairly with their counterparts from other parts of the world,” he explained.

    The Vice-President highlighted  President Tinubu’s administration’s commitment to fiscal responsibility and management by citing a recent positive rating of  Nigeria’s economic outlook by Fitch, a global credit rating agency.

    Shettima stated that the rating reflected increased confidence in the nation’s economy.

    The statement partly reads: “There is no doubt that this government has demonstrated transparency in its financial dealings and protections. Therefore, it is not surprising that just a few days ago, Fitch Ratings upgraded Nigeria’s credit outlook to positive, citing reform progress under President Tinubu.“This reflects the increasing confidence in our economic trajectory, especially in light of policy changes aimed at reducing our debt service burden.” 

    The Vice-President also stressed the need for all three tiers of government and their agencies to adjust their “finances and planning for the rainy days based on realistic projections.”.

    Calling for proactive measures to tackle flooding this year, he noted that incident reports of Nigeria’s vulnerability to flooding in 2024 are such that required constant vigilance and preparedness.

    “We cannot afford to be caught off guard by a disaster that we are all too familiar with, one that has devastated various communities across the nation, including our urban centres.

    “We must not merely prepare for a cure; instead, we must take proactive measures to prevent this annual cycle of loss of lives and properties. While the tragedy itself may be natural, the management of the emergency is within our control,” he declared.

  • NEC okays take-off of $617mn i-DICE programme nation-wide

    NEC okays take-off of $617mn i-DICE programme nation-wide

    The National Economic Council (NEC) has approved take-off of  the $617.7 million worth Investment in Digital and Creative Enterprises (i-DICE) programme across all states and the FCT.  

    Chairman of NEC, Vice President Kashim Shettima, re-affirmed the resolve of the Bola Tinubu administration to leave a legacy of prosperity and opportunity for all Nigerians.

    These were revealed in a statement after the meeting held virtually by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha. 

    Speaking during the meeting, Vice President Shettima told Governors to nominate persons to represent each geo-political zone at the zonal level and focal persons to lead the implementation of the programme in their respective states.

    He assured that as the scheme becomes operational in the coming weeks, implementation across the country will be diligent, committed and forthright.

     Shettima assured that the administration will not rest on its oars until the citizens begin to bask in the opportunities they were promised, noting that it is the reason why the government is prioritizing skill acquisition and job creation.

    The Vice President said:  “But two things are clear: one, we won’t ever regret paving the way for the acquisition of skills that meet the needs of the global markets; two, our actions today will shape the economic landscape of tomorrow, and so it’s incumbent upon us to ensure that we leave a legacy of prosperity and opportunity for all Nigerians.

    “When we empower entrepreneurs and small business owners, we unlock the potential for innovation, job creation, and economic growth. By providing access to financing, training, and mentorship programme, we unleash the entrepreneurial spirit that lies within every Nigerian, catalysing a wave of economic prosperity that benefits us all. We cannot achieve this without inclusivity and equitable access to opportunities. This is the ladder we must offer to every disadvantaged citizen.”

    The VP noted that the government has “moved beyond mere deliberations to the implementation phase” and it is actively pursuing its “short-term goals en route to achieving our medium-term and long-term strategies.

    “My confidence in our ability to fix our nation stems from the unity of purpose this Council has demonstrated. We have rejected binary thinking, resisted divisions, and relegated self-interest in favoir of a shared vision for progress,” he added.

    The Vice President observed however that despite the interventions made so far to prevent natural disasters, “to combat crude oil theft in the Niger Delta, to alleviate the short-term inflationary impacts of our economic-saving decisions, to mitigate environmental damage, and to curb revenue loss”, the efforts would be useless to the citizens unless “job creation and skill development at every corner of the nation” are prioritised.

    Read Also: Ondo 2024: INEC says 16 parties will participate, threatens to invoke no report, no accreditation for CSOs

    Noting that it is not the best of times to be in office, Shettima implored the governors and other council members to remain constant in executing  initiatives that will help wriggle the citizens out of their present condition.

    “This is a delicate period to occupy offices like ours. We cannot remind ourselves enough that we have come at a time that tests the depth of our leadership and demands our most rational wisdom to make a difference.

    “Your Excellencies, distinguished ladies and gentlemen, we must remain consistent in implementing the initiatives that alleviate the suffering of our citizens and be accountable in doing so. We must also ensure that interventions we deploy are non-discriminatory and favour all stakeholders, with no part of our communities or nation left lagging,” he stated.

    In his presentation on the i-DICE programme, the Executive Director in charge of SMES at the Bank of Industry, Mr Shekarau Omar, said the i-DICE programme, a special intervention by government, aims to deliver on the promise by the Tinubu administration to create millions of jobs in the technology space.

    Mr Omar explained that the programme is in support of government’s agenda to create more sustainable jobs, diversify the economy and equip digital and creative incubation hubs/innovation centers across the country.

    He listed African Development Bank (AfDB), the French Development Agency (AFD) and the Islamic Development Bank (IsDB) among organisations that will fund the programme, giving a breakdown of how the funds will be sourced as follows: AfDB, $170million; IsDB, $70 million; AFD, $116 million;  Bank of Industry (BoI) on behalf of federal government of Nigeria (FGN), $45.50 million; Fund Manager (For Equity Fund only), $8.70 million, and private investors, $205 million.

    On the impact of the programme, Mr Omar said 1,269,757 youths will be trained and certified in ICT skills, with at least 25,000 youths trained in each state of the federation and the FCT.

    He noted that while at least 100,000 jobs will be created per state, about 5,581,231 indirect jobs will be created through i-DICE interventions nationwide.

  • NEC okays revamping of 17,000 PHCs

    NEC okays revamping of 17,000 PHCs

    • 774 hospitals for overhaul

    The National Economic Council (NEC) has approved plans to overhaul 17,000 and 774 primary and secondary healthcare centres across the country.

    It said the move was in response to identified funding gaps and deteriorating healthcare matrix.

    The Coordinating Minister of Health and Social Welfare, Prof. Ali Pate, announced the overhaul to the council, according to Bauchi State Governor Bala Mohammed.

    Relaying the Minister of Health’s brief to Council, Mohammed said: “The presentation …dissected, in terms of very robust sector scan on health, from the tertiary to the primary level, looking at all the gaps, the problems and challenges of funding.”

    According to him, the programme aims to “service 17,000 primary health centres to be put on a threshold of viability, 774 secondary facilities, that is hospitals, in addition to some tertiary institutions”.

    Mohammed said the comprehensive plan was designed to “make sure medicare is brought close to the majority of Nigerians”.

    Commenting on sources of funding, the governor announced that “suggestions were made …that we could use some taxes from communication, from airlines, as well as our taxes from the state governments” to bridge the financial gaps plaguing the healthcare system.

    Highlighting the critical shortage of healthcare professionals, he said there had been the “huge problem of human capital and attrition of experts”.

    According to him, there is the necessity of developing strategies to retain local talent.

    Mohammed said: “Certainly, we have a huge problem of human capital and attrition of experts and the need to develop a strategy to retain our experts to care for our health sector.

    Read Also: Shettima presides over NEC meeting at the Villa

    “So, the presentation is a robust compact that looked at all the problems and challenges of the Health sector, from financing, the human capital, from the supervisory point of view. Even on the leadership level, from the Presidency to the local governments, there is the need for us as governors, local government even media, to put interest in the Health sector.”

    The Bauchi State governor said NEC’s resolution included an upcoming compact agreement with the World Health Organisation (WHO) on December 15, where “all the governors will come and sign a compact agreement in terms of service compact”.

    This, he argued, underscored the collective commitment to budgeting for and prioritising healthcare.

    Mohammed said while a democratic system like Nigeria’s cannot forcefully stop the exodus of healthcare professionals to other countries in search of greener pastures, the Federal Government had put plans in place to manage the brain drain.

    The governor urged Nigerian healthcare professionals to be patriotic, citing the example of the Health Minister who he said jettisoned a more lucrative position at the Global Alliance for Vaccines and Innovation to serve his nation.

  • Strike: NEC pleads with labour to postpone planned action, urges patience

    Strike: NEC pleads with labour to postpone planned action, urges patience

    The National Economic Council (NEC), presided over by Vice President Kashim Shettima, has appealed to organized labour to stay the action on the plan to initiate an indefinite, nationwide strike from Tuesday, October 3, 2023.

    Governor of Plateau State, Caleb Mutfwang, who disclosed NEC’s resolution on the Labour action to correspondents at the Presidential Villa, Abuja, on Thursday, September 28, also said the council asked Labour leaders to resume negotiations at the states’ level.

    It would be recalled that the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC) had directed their affiliate bodies to commence the nationwide industrial action from October 3, saying it would be a total shutdown of the system until the government takes steps to attend to their demands.

    “It’s going to be a total shutdown…until the government meets the demand of Nigerian workers, and in fact Nigerian masses. The federal government has refused to meaningfully engage and reach agreements with organised Labour on critical issues of the consequences of the unfortunate hike in the price of petrol, which has unleashed massive suffering on Nigeria workers and masses”, the Labour bodies had warned in a joint statement on September 26.

    However, relating to the NEC’s appeal to the media after the monthly meeting, Mutfwang said the council was of the opinion that continuing on the path of dialogue would be the best option for the economy, especially at the state level.

    The governor said: “Council noted the notice by the national leadership of the Nigerian Labour Congress to proceed on an indefinite strike from October 3, 2023. The Council noted further the implication of this strike for the economy and the nation and thus urged members to continue to engage with the leadership of their respective states and to appeal to them to shelve the action and continue on the path of dialogue with the federal government. This is the appeal of Council.”

    Explaining the grounds for NEC’s appeal further, Mutfwang described the situation of most of the states when the various governors took off on May 29, noting that many of them were just coming out of prolonged industrial strikes, adding that enforcing a new strike at this time would further damage the economy.

    He, however, appealed for more time for the government to work on addressing the concerns of Labour, even as he noted that there are feelers indicating that leadership at every level genuinely wants the issues raised by labour addressed once and for all.

    He said: “NEC actually expressed genuine concern on the situation in the country and appreciates the concern by Labour to have those issues addressed. That is why NEC is appealing for patience, appealing for time to be able to address the concerns of Labour. We also believe that Mr. President will be addressing the nation first of October and some of the concerns of Labour will be appropriately addressed in the President’s speech.

    Read Also: Don’t go on strike, respect court order, AGF tells NLC

    “It is therefore important that… it’s a federation, so whatever happens, Labour is represented in all 36 states and the FCT and NEC are appealing that discussions should continue at the state levels because there will be peculiarities as to the issues to be addressed concerning the demands of Labour, therefore dialogue is the way to go.

    “The nation is at a very critical moment at this time, in some of the states, when they took over on May 29, the workers were on strike, some of those issues have just been resolved for the workers to return to work. To ask them to go back immediately, it’s going to further damage the economy.

    “Therefore NEC, while expressing genuine concern about the situation in the country, appeals for calm and patience and I want to believe that the leadership across the nation at this point in time wants to truly address the issues that concern Labour and the general populace and move the country forward.”

  • ABCON alerts public over fake $100 bills import from India

    .Gets CBN, EFCC nod on campaign against fake currency

     

    The Association of Bureaux De Change Operators of Nigeria ( ABCON ) on Friday alerted the public over ongoing security investigation on $100 bills being imported from India into Nigeria.

    The ABCON President, Alhaji Aminu Gwadabe, who disclosed the development to financial journalists after the group’s National Executive Council (NEC) Meeting in Lagos, said the $100 bill is majorly counterfeited because of huge profit margins that come with it.

    He said some of the fraudsters objectives is not only to make profit, but to undermine Nigeria chances for automatic membership of the Financial Action Task Force (FATF) after assessment of the country’s financial system scheduled for the first quarter of this year.

    The ABCON boss said the issue of fake dollar in circulation has been observed and reported at the relevant security agencies adding that the ABCON, has in the interest of the economy and Bureaux De Change (BDCs) businesses, secured Central Bank of Nigeria (CBN) and Economic and Financial Crimes Commission (EFCC) backing to begin nationwide campaign against fake currencies in the country.

    He said rising cases of fake currencies in circulation has led to huge losses to BDC operators and the economy.

    Gwadabe said that ABCON, is educating the public on how to identify fake dollar bills in order to protect the image of the country in the eyes of foreign investors.

    “It is part of our objectives which in enshrined on our constitution as an association to eliminate the incidences of fake currencies circulation thereby enhancing the image of the country and transparency in our operations,” he said.

    Gwadabe said the ABCON NEC has therefore released a guide to all BDCs on how to detect a fake dollar bill. He disclosed that there are seven dollar bills of $1, $2, $5, $10, $20, $50 and $100 and seven steps to authenticate them.

    “The weight of each bill is one gram, 2.61 inches wide and 6.14 inches length. It is 75 per cent cotton and 25 per cent linen. Your finger can feel thickness and texture. Besides, the portrait watermark is partly overlapped by the Treasury seal, while the $100 bill is printed on the right side of the bill. The strip is thin, faint and runs vertically from top to bottom to the left of the watermark portrait. Also, the 3D security ribbon, also called the thread, is bright blue and vertical on the bill,” he said.

    Continuing, Gwadabe explained that the raised printing feels rough on right shoulder of Benjamin Franklin portrait while the colour shifting ink works under ultraviolet light.

    He added that the dollar bill undergoes micro printing, which is the production of recognizable patterns or characters in the bill at a scale that requires magnification to read with the naked eye. To the unaided eye, the text may appear as a solid line.

    He said that currency commonly exhibits the highest quality (smallest size) of microprint because it demands the highest level of counterfeiting deterrence.

    Gwadabe said the BDCs have over the years, remained a potent monetary policy tool for exchange rate stability and promoting transparent foreign exchange operations in the country.

    “The BDCs have helped the government in creating over 30,000 jobs, thereby reducing the unemployment rate in Nigeria. The BDCs have continued to make foreign exchange available to the critical retail end-users thereby deepening forex access in the country. This campaign against fake dollar is aimed at ensuring that forex users get value for their money,” he said.

    Continuing, Gwadabe said that BDCs have also been enhancing price discovery and transparency in the foreign exchange market.

    “The operations of BDCs have also raised the level of investors’ confidence and diaspora remittances in the country. The BDCs under my leadership will continue to operate within set regulations and highest level of transparency in forex dealings,” he stated.

  • INEC distributes sensitive materials to LGAs in Bayelsa

    The Independent National Electoral Commission (INEC) in Bayelsa State yesterday begun the distribution of sensitive materials to various Registration Area Centres (RAC) in the eight council areas of the state.

    Speaking in Yenagoa, the INEC Administrative Secretary in the state, Mr. Leberi Sampson said that the commission had already procured enough boats and buses for the exercise.

    He said that INEC decided to distribute the material directly to RAC centres instead of local government headquarters to enable them get to their polling units on time.

    He said: “Buses are available and we have been evacuating the materials from here straight to RAC centres and not the LGAs because it is easier to send those materials from the RAC to the polling units.

    Read also: Different strokes for different states

    “We have also enough boats for easy access to the coastal communities and definitely it wills to various before 8am, all materials will be available to all centres.

    “I urge the electorates not to bother because is ready to conduct credible and acceptable polls”.

    On security of the voting materials, he said the security personnel were fully on ground for smooth distributions.

  • Adamawa SDP rejects NEC’s endorsement of Buhari

    The Adamawa State chapter of the Social Democratic Party (SDP) has distanced itself from the party’s National Executive Council (NEC) endorsement of President Muhammadu Buhari of the All Progressives Congress (APC) for next week’s presidential election.

    The chairman of the SDP in Adamawa State, Mr. John Muva, said during a press briefing at the state secretariat of the party in Yola Friday that members of the party in the state will have nothing to do with Buhari come February 16.

    The NEC of the SDP in Abuja had endorsed Buhari on Thursday, attributing its decision to the “lingering legal battle” between the winner of the SDP presidential primaries, Donald Duke, and his major challenger, Jerry Gana, but the Adamawa SDP chairman insisted Friday that the stalemate over the party’s presidential candidacy is not a sufficient reason to mix the loyalty of members among different political parties and candidates when elections come.

    “We are not part of that endorsement and we were not a part of the meeting held in Abuja to decide that endorsement. We respect the rule of law and the constitution of the Social Democratic Party, but the differences between Donald Duke and Jerry Gana cannot put our state chapter in jeopardy. We are not part of that endorsement,” John Muva insisted.

    He said that in Adamawa State SDP members are not thinking of supporting Buhari or Atiku (of the People’s Democratic Party) for the presidency but of supporting the state SDP governorship candidate, Emmanuel Bello, and other party candidates at the other levels.

    “We won’t mix things up in Adamawa State. We can’t do SDP for National Assembly election, Buhari’s party in presidential election, and SDP in other elections. It is SDP top to bottom,” Muva asserted.

  • Breaking: Presidential poll: SDP adopts Buhari as candidate

    The National Executive Committee (NEC) of the Social Democratic Party (SDP) on Thursday adopted President Muhammadu Buhari as its candidate for the 2019 election.

    This is part of its resolution at the ongoing NEC meeting in Abuja.

    Details shortly…..