Vice President, Yemi Osinbajo,
has outlined plans of the Buhari-led government for 2018.
He said this on Saturday at the
graduation ceremony of the Senior Executive Course 39 of 2017 of the National
Institute of Policy and Strategic Studies, NIPSS.
Osinbajo assured all sectors will
witness government intervention and support, in order to further consolidate
the improving state of the economy.
His speech read in part: “To
start with, the Federal Government sees 2018 as a year of consolidation of the
economic recovery, and the gains from improved macroeconomic management, and
the extensive investments made in agriculture, infrastructure and the business
environment. We are diversifying our options in power supply.
”Our programme of energizing
industrial clusters has started. That project involves providing power in
existing small business clusters. For our first batch, we will be providing
independent power in certain markets; the Ariaria Market in Abia State, the
Somolu Printing Community in Lagos State, the Muhammadu Abubakar Rimi (Sabon
Gari) Market in Kano State. This power is independent power which will
guarantee constant supply 24/7. We intend to take batch by batch some of this
projects to encourage small businesses.
”Also we have provided in both
the 2017 and 2018 budgets, funds for what we have described as the energizing
education project. This involves providing independent power in the following
universities in the first batch; the Abubakar Tafawa Balewa University in
Bauchi, Bayero University in Kano, Usumanu Danfodiyo University in Sokoto,
Federal University of Agriculture in Makurdi, Federal University, Ndufu Alike,
and Nnamdi Azikwe University in Anambra, University of Lagos, Obafemi Awolowo
University and Teaching Hospital, Federal University of Petroleum in Delta
State.
”Our emphasis going forward, will
be on job creation, through scaling up of the social intervention programmes,
to include artisans, but also through a massive construction effort with regard
to homes and revitalization of the manufacturing sector.
”Jobs are central to our purpose
for revitalizing the manufacturing sector. The focused attention we have given
to promote agriculture will be replicated in the manufacturing sector. We
recognise of course that electricity is critical for this sector and this is
being continually addressed.
”We already have policies for the
automobile and tomato processing sectors, and we will continue to fine-tune
other sectoral policies. In addition, we are focused on ensuring the take-off
of a Special Economic Zones in six geo-political zones, dedicated to textiles
and footwear for exports, and on ensuring adequate, and affordable financing to
enhance the operations of manufacturing concerns. We have already provided
N80billion in the 2018 budget for this Special Economic Zones.
”Jobs are also the reason why we
will be fast-tracking the implementation of the Family Homes Fund. It is an
important programme for providing housing in the coming year. Our intention is
to use this programme to create a large number of jobs in construction, and as
well to promote widespread home ownership by providing affordable housing to be
paid for through a sustainable mortgage financing system.
”The coming year, will see even
greater movement to fully utilise the oil and gas value chain. The private
investments in refineries, petrochemical plants, fertiliser factories will be
complemented by more gas projects, especially critical pipeline infrastructure
and greater penetration of LPG in the domestic market. The start-off of modular
refineries in the Niger Delta is part and parcel of this work programme. Up to
35 communities and their investor groups, have reached the right to invest
stage and three of them are already preparing to ship their facilities for
installation.
”Our emphasis on supporting micro,
small and medium scale enterprises, is largely because the sector is also
critical for job creation. We will continue with the MSME clinics which are
being followed up with the creation of one-stop shops for Federal Regulatory
Agencies across all the States of the Federation. We will by this means reduce
some of the costs and the regulatory obstacles that MSMEs face in trying to do
their business. The MSME programme now goes hand in hand with the Government
Enterprise and Empowerment Programme which provides micro loans to cooperative
societies and artisans.
”Our recent experience has shown
that Government revenues are quite low for the size of our economy and
inadequate to fully meet related societal demands. Our total tax collection is
just 6% of Gross Domestic Product, as compared to an African average of 17%. We
are accordingly taking all necessary steps, to increase Government revenues
through the Voluntary Assets and Income Declaration Scheme (VAIDS), excise
taxes and improved collection of taxes.
”Government will also ensure
better management of its resources, through cost efficiencies, automated
payroll systems and leveraging of its assets to ensure better returns. The
decision to reduce Federal Government holdings in Joint Venture operations, in
a case in point. By this means, we will not only be raising revenues to help
fund Federal and State budgets, we will in addition also be improving
governance in the oil and gas sector.
”In a similar context, as the
case of JAMB has shown there is substantial under-remittance to the Federal
Government by its parastatals and agencies and we will be putting a stop to
this using the results of a forensic audit being undertaken as well as greater
scrutiny and oversight by the Economic Management Team.
”The infrastructure projects that
I have mentioned will of course continue to be the focus of attention, until
they are completed across power, roads, rail, airports and broadband
infrastructure. The 25 road projects in all six geopolitical zones to be financed
by the recently issued N100 billion Sukuk Bonds, will be closely monitored to
ensure that they are delivered in good quality by the specified date.
”Our efforts to improve business
conditions will continue apace. We must always bear in mind that the purpose of
our efforts on the ease of doing business, is to promote the private sector and
provide the right atmosphere for firms to operate profitably in order to grow
the economy and provide jobs for the unemployed and those joining the labour
market.
”Thus while we continue to bask
in the improvements in our ranking, and the citation of Nigeria as one of the
10 best reforming economies in the world, we realize that our task is far from
being done and will remain focused on the ERGP objective of being in the top
100 countries in terms of ease of doing business by 2020. Until the average
Nigerian has food on his table, has a job and is satisfied with the life that
he is living, we are far from preparing any kind of celebration.”
Click to signup for FREE news updates, latest information and hottest gists everydayAdvertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com