Economy
President Buhari’s Speech At Ministerial Retreat On Economy
ADDRESS BY HIS EXCELLENCY, MUHAMMADU BUHARI, PRESIDENT AND COMMANDER-IN-CHIEF OF THE ARMED FORCES OF THE FEDERAL REPUBLIC OF NIGERIA AT THE MINISTERIAL RETREAT ON THE ECONOMY AND THE BUDGET AT THE STATE HOUSE BANQUET HALL, ABUJA, SEPTEMBER 15, 2016.
PROTOCOLS:
I am delighted to be here with you at this Ministerial Retreat on the Economy and the Budget. The theme of the Retreat which is “Building Inter-ministerial Synergy for Effective Planning and Budgeting in Nigeria” is very apt and timely, especially as we are in the process of developing the 2017 Budget.
Over the years, there has been a mismatch between planned targets and budgetary outcomes at the National and sectorial levels. The Federal MDAs have not also benefited significantly from working together and building consensus around common national objectives. This has impeded growth and development of the country.
It is in this context that this Retreat has been designed to discuss issues around the State of the Economy and build consensus amongst Cabinet Members and top Government officials. The Retreat will also serve as an opportunity to have a general overview of the economy and discuss the framework for the 2017 Budget, its key priorities and deliverables.
This Retreat is coming at a critical time in our economic history, when the Nigerian economy is in a recession, with significant downturn in performance in various sectors. It is with regard to the importance of this Retreat that I decided to sit through the first part of the session to listen to the views from experienced economists and development experts on how best to implement our plans to rid the country of its oil dependence and to diversify the economy and bring the country out of the current economic recession.
This is in line with our Administration’s determination to lay a solid foundation for growth and development as outlined in the Strategic Implementation Plan (SIP) of our Change Agenda.
Given that this Retreat is a lead-up to the 2017 Budget, my expectation is that we will come out of the these sessions with a determination and common position on how to have improved synergy amongst the various Ministries and Departments for the effective formulation and implementation of the 2017 Budget.
I also trust that the breakout sessions will enable you to discuss extensively amongst yourselves, the details of the four sub-themes and come up with practical solutions on the way forward in order to come out with a set of prioritized projects and programmes that will fit into the 2017 Budget.
In this regard, let me inform you that because of the need to focus on our key priorities, some Ministries may get significantly less capital allocation than they received in 2016, while others may get significantly more.
You may notice that some key non-spending agencies, such as the Infrastructure Concession Regulatory Commission (ICRC), the Bureau of Public Enterprises (BPE), the National Sovereign Investment Authority (NSIA) and the National Pension Commission (PENCOM), are participants at this Retreat.
This deliberate inclusion underscores the commitment of this Administration to leverage on private sector resources, through Public Private Partnerships (PPP) and other arrangements, in order to augment the scarce budgetary resources at our disposal and to accelerate investments in building critical infrastructure.
Indeed, the challenges we face in the current recession require ‘out-of-the-box’ thinking, to deploy strategies that involve engaging meaningfully with the private sector, to raise the level of private sector investment in the economy as a whole.
We are confident that the level of private investment will grow as we are determined to make it easier to do business in Nigeria by the reforms we are introducing under the auspices of the Presidential Committee on Ease of Doing Business.
Let me reiterate that this Government will continue to strategize on how we can turn the current challenges into opportunities for our nation and especially for our vibrant youth on whose shoulders lies the future of this nation. This is why we have embarked on measures and actions that will open up the opportunities we have seen in the Power, Housing, Agriculture, Mining, Trade and Investment, Information Communication Technology (ICT) Sectors, Tourism, Transport and other sectors.
I wish to reassure its teeming youth that this Government would remain steadfast in its effort to ensure greater progress and prosperity for you.
While Government is taking the lead in the task of repositioning our economy for Change, we cannot achieve this completely by ourselves. We will need, and we ask for the support and cooperation of the private sector’s domestic and foreign investors, the States and Local Governments, the National Assembly and the Judiciary as well as all well-meaning Nigerians in this important task. We are confident that working together, we shall succeed.
Finally, I trust that the cabinet members will learn from the experiences of the Resource persons and facilitators to prioritise their sector programmes and projects to bring the country out of the current economic recession and place it on the path of growth and development.
I therefore urge the Honourable Ministers and other senior government officials here present, to actively participate in the Second Technical Session, which I believe will provide you with deeper insight into the complex issues that will open opportunities for you to identify critical priority projects and programmes for the 2017 Budget.
At this juncture, may I formally recognize and acknowledge the presence of the array of experts invited to serve as resource persons and facilitators at this Retreat. I am confident that Ministers and Senior Government officials will benefit immensely from your expertise and wealth of experience.
I wish you all fruitful deliberations and look forward to receiving the report of the Retreat.
Thank you.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
