BEVERLY HILLS, June 16, (THEWILL) – Minister of Finance, Kemi Adeosun, at the 68th meeting of the National Economic Council, NEC, held on Thursday at the Council Chambers of the Presidential Villa, Abuja, has reported that the balance in the Excess Crude Account as at June 15, 2016 is USD2.261 Billion.
The Minister at the meeting, presided over by Vice President Yemi Osinbajo, SAN, also revealed that five States have already completed the process for borrowing from the Presidential Budget Support Facility for States, which will help states to pay salaries and other pertinent emoluments.
On his part, the Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, briefed the Council on the flexible Forex rate policy adopted recently by the bank including: Market-driven exchange rate, Single market structure through interbank/autonous window and Access to Forex Proceeds by non-oil exporters.
Special Adviser to the President on Social Investments, Mrs Maryam Uwais, MFR, briefed the Council on the preparation, status of the planning, and responsibilities of the stakeholders towards the implementation of the Social Investment Programmes of the Federal Government
These Programmes include: N-power for job creation initiatives for teachers, artisans/Build Nigeria and Knowledge jobs; Home Grown School Feeding Programme (HGSF) free school feeding for primary school pupils across the country; Cash Transfers of N5,000 monthly directly to caregivers in targeted poor and vulnerable households; Enterprises & Empowerment programme for financial inclusion and access to credit for market women cooperatives, traders, farmers, youth and STEM Bursary Programme – financial support for tertiary students studying in Education, Science and Technology, Engineering and Maths.
She revealed that a National Social Safety Net Coordination office has been set up in the Presidency to coordinate and ensure uniform reporting platform, Monitoring and Evaluation (M&E) as well as a suitable payment system (bank-led) for the cash transfers.
The Minister of Industry, Trade and Investment, Dr. Okey Enelamah also briefed the Council on improving business environment and ease of doing business in Nigeria saying focus should be intensified on enabling environment initiatives.
He announced the composition of a Presidential Commission, with nine ministers in its membership, to steer the process and report monthly to the Federal Executive Council and the 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.
Story by David Oputah
