Directives on the Economy: Buhari Orders Full Exploration of Solid Minerals in the Country,

At a time oil volatility seems to be hampering the ‎full implementation of the 2016 budget, President Muhammadu Buhari, has demanded for a full exploration of solid minerals in the country, in order to enhance revenue.

The President who made this known through the Vice President, Yemi Osinbajo, said the Federal Government is committed to tapping iron ore in the country.

Presently, Nigeria is the 12th largest iron ore resource country in the world, and second largest in Africa.

Nigeria has about 2 billion metric tonnes of iron ore reserves.

NATIONAL ECONOMIC COUNCIL RETREAT HIGHLIGHTS

Theme: Nigerian States: Multiple Centres of Prosperity

The following are highlights of the just concluded NEC Retreat:

1. Agreement reached for concerted and consistent efforts to diversify revenue sources
2. Expand compliance on VAT, adopting a gradual plan for rate increase
3. Increase expenditure through borrowing, which should be invested in infrastructure
4. Federal and State Governments to focus on fiscal responsibility as a critical element in macro-economic balance
5. Increase investment in infrastructure through public private partnership (PPP)
6.Develop financial inclusion strategies to cater for the poor and vulnerable population
7. Maintain a minimum level of capital expenditure of 30% in the budget

Thematic Areas

Agriculture
1. The Federal Government to re-position Bank of Agriculture to enhance its capacity to finance agriculture.

2. Funding for Agricultural sector is considered critical and sources of intervention funding from the Central Bank of Nigeria should be considered

3. A single digit interest rate for agricultural loans should be considered while duties and taxes for Agricultural products and equipment should be waived

4. Develop strategic partnerships between Federal and State government. Each State should make specific commitments to crops in which it has comparative advantage and request Federal Government intervention.