Friday, November 24, 2017
09:04AM/ Office of the Vice President
*Details Awaited In Final Report
*FG Obtains List Of 500 Nigerians With Property, Trusts Abroad Who Are
An Ad-Hoc Committee of the National Economic Council has reported back to the
Council that a number of revenue-generating agencies may have significantly
under remitted returns to the Federation Account. This was disclosed earlier
today at the monthly NEC meeting presided over by Vice President Yemi Osinbajo,
The Council had previously ordered the forensic audit to review remittances of
the agencies covering 2010 to May 2015. While Council received an updated
interim report today, a final report is awaited next month.
The Finance Minister, Mrs Kemi Adeosun, also informed the Council that a list
of about 500 Nigerians with property and trusts abroad has been obtained to
determine their tax compliance status at home.
She explained that such Nigerians can take advantage of the Voluntary Assets
& Income Declaration Scheme, VAIDS, to settle past taxation defaults.
Letters would soon be going out to these Nigerians, including a number of
prominent ones, asking them to take advantage of the tax amnesty in order to
avoid prosecution and fines by simply paying up their tax defaults. The amnesty
is available till March next year.
Below Are Highlights of Today's National
Economic Council Meeting
(9TH IN 2017) 82ND NEC MEETING - THURSDAY, 23RD NOVEMBER, 2017
A. Presentation By The NEC Committee on Export Promotion By Jigawa State
Governor, Chairman Of The Committee
• The NEC Ad-hoc Committee set up in September, 2017 to advise Council on
export promotion submitted its report.
• The report dwelt extensively on an export promotion plan geared towards
achieving government’s policy on the “Zero Oil Plan”.
The Committee recommended, among other things;
• The establishment of a National Committee on Export Promotion, chaired at the
• A Technical Committee involving Federal and States MDAs to help provide
technical information and direction to the proposed Committee.
• The Ad-hoc
Committee also recommended;
Export procedures and documentation be streamlined.
identification of existing domestic investors and engagement plan for output
(c) The establishment
of more laboratories and tasting centres to help improve quality and standard
domestication of the Office of Technical Regulation (OTR) as recommended by
(e) On Market for
Nigerian products, the Committee recommended the Deepening of Commercial
diplomacy, one-stop shops for export and a National Export Portal to generate
global orders to link suppliers to buyers.
(f) On Value Chain
Development, the Committee recommended the development of clusters along
product value chain, market driven research and development, and the provision
of seeds and seedlings.
(g) On Financing, the Committee recommended the
recapitalization of NEXIM Bank, the provision of Export Development Fund, in
line with NEPC Act, a five-year financial window on export expansion grant and
funding scheme for exporters similar to the CBN Anchor Borrowers programme.
• The Ad-hoc Committee also recommended a one-state-one-product approach based
on comparative advantage for export drive.
• The establishment
of State Committees on “Zero Oil Plan Implementation" with State Governors
as Chairmen was also recommended.
Report On The Forensic Audit Of Revenue Accrued From Revenue Generating
Agencies Into Federation Account, Excess Crude Account And Consolidated Revenue
Fund By Governor Of Gombe State, Chairman Of The Ad-Hoc Committee
• The forensic audit covers the period from 2010 – May 2015.
• The Council was
informed that there were possible significant under-remittances from certain
Revenue Generating Agencies to the Federation Account, among other accounts.
• Council was
also informed of questionable loans granted by some of the Revenue Generating
• Out of the 18
Agencies in which forensic audit was conducted, the Committee completed work on
13 Agencies, 2 are ongoing and 3 are not revenue generating.
.The 13 include:
NIMASA, NNPC, NPA, FIRS, NPDC, DPR, etc. The 2 outstanding agencies are the
Customs Service and NCC.
directed the Committee to conclude its report under 4 weeks and fully report
back to Council in the next meeting
C. Presentation of A Proposal By The National Agency For Science And
Engineering Infrastructure (Naseni) On Solar-Powered Electronic Voting
Solution, With Cloud-Based Collation Of Election Results
• *The Executive Vice Chairman/CEO of the NASENI presented a home-grown
proposal to the NEC for the replacement of the “Card Reader” in the conduct of
elections in the country.*
• *The proposal
is a made-in-Nigeria “Solar-Powered Electronic Voting System” to effectively
mitigate current electronic woes.*
• *The new
proposed robust e-voting device will minimize human interference with the
• The same
proposal, which has already been presented to INEC, is also expected to be
presented to the National Assembly.
D1- Update on State of The Economy By Budget and Planning Minister
Minister of Budget and National Planning gave an update on the economy as
• Signs of
recovery had been observed since Q3 2016 and the Recovery consolidated in Q3
2017, with GDP doubling to 1.40%
• Non-oil GDP
contracts in Q3 2017 increased by 0.76% after growing in Q1 R Q2 2017, while
the Services Sector is still in the negative; the Manufacturing Sector was
negative in Q3 2017 also.
• Due to high
inflationary pressures, household consumption expenditures remain constrained,
though it appears such pressure is easing.
inflation has declined since January – reflecting tight monetary policy.
• Food price
increases have remained persistent but slowing down.
• The total value
of capital importation at the end of Q3 2017 stood at $4.14 billion (131.3%
On Excess Crude Account (ECA)
• The Accountant General of the Federation informed
Council that balance in the ECA as at November 17, 2017, stands at
on The Balance of The Stabilization Fund Account
• The Accountant General informed Council that as at November 17, 2017,
the balance in the (SFA) stood at N6,689,072,836.11
D3. Update on Natural Resources Development Fund Account
• The Accountant General informed Council that the balance as at November 17,
2017 stand at N100,314,169,190.23
D4. Update on Budget Support Loan Facility
• The Accountant-General reported to Council that approval has been
received and CBN has been directed to pay N800 million to each of the 35 States
of the Federation.
• Governors expressed appreciation to the Federal Government for the
restoration of the Budget Support Loan Facility for July and August, 2017.
Any Other Business (AOB)
A. Anambra Governor Election
• The Governor of Anambra State commended President Muhammadu Buhari for the
conduct of free, fair and credible elections in the State.
• The Honourable Minister of Finance informed Council that the month of
October 2017 has recorded the highest amount of VAT collections ever recorded
in the country in a single month, standing at over N89 billion.
• She told Council that Government is targeting N120 billion on a monthly basis
in the coming years.
• Is progressing very well and the target is likely to be met.
• A list of about 500 Nigerians who are believed to have under-declared their
assets has now been obtained.
• VAIDS offers an amnesty opportunity for such and all tax defaulters.
of Former Vice President
• The SGF, Boss Mustapha, informed Council that the FG has set up a National
Burial Committee for former Vice President Alex Ekwueme.
• The Committee would be chaired by the Office of the SGF with the full
participation of the Anambra State Government and the Ekwueme family
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
23 November 2017