Federal government uncovers
priority projects of 2016
budget
– The federal government has reveal 34
strategic priority projects for this year
– Economy, employment, security, oil and
gas reforms, rails and road
construction, social projects etc are among
them
President Muhammadu Buhari will today
receive the verified and probably final copy
of the 2016 budget from the National
Assembly. Meanwhile, the
federal government has listed 34 strategic
priority programmes for 2016 year.
Speaking after the Federal Executive Council
(FEC) meeting Khadija Abba Ibrahim,
the minister of state for foreign affairs, has
disclosed the details of the 2016 budget
projects and plans for their implementation.
She said: “On the 2016 budget, I must say the
executive and legislature have worked very
hard in putting things together, reviewing the
details of the budget and it is at its final stage,
So maybe between today (Wednesday) and
tomorrow, the National Assembly will start the
process of transmitting the details to the
president.”
According to Ms Ibrahim, the ministry of
budget and national planning presented 34
strategic priority programmes to council for
discussion. The projects were grouped into
four major objectives and were
reportedly approved for implementation.
– Policy, governance and security;
– Diversification of the economy;
– Creating support for the poor and the
vulnerable;
– Reflecting the economy through investment.
The Ministry of Budget and National Planning
will be responsible for monitoring and
reporting on the performance of the key
priority areas to the council on quarterly
basis.
She said: “The 34 priority areas that we need
to implement in 2016 are categorized into six
thematic areas. There is policy, governance
and security and one item from that is to
achieve and maintain a capital spend minimum
of 30 per cent on an annual basis starting
from 2016.
The objective of doing that is to reflect the
economy and enhance employment generation
capacity for the productive sector. Another
area is to achieve an appropriate exchange
regime; the Central Bank of Nigeria (CBN) is
leading this particular action. The objective is
to achieve a predictable exchange rate by the
end of 2016.
There is also a target for us to increase low
interest lending to the real sector. The focus is
to achieve an interest rate that is single digit,
maybe nine per cent, and the purpose is to
increase output and growth. Again the Ministry
of Industry, Trade and Investment along with
the CBN are taking action on this.
We also have a target to maintain a stable
debt management strategy so that we can
optimise the local and foreign debts that we
have and the Ministry of Finance and the Debt
Management Office will be taking action on
this.”
On the economy diversification
“We plan to attain self-sufficiency in rice
production by 2018, in tomato paste by 2016
and also increase local production of maize,
soya beans, poultry and livestock. The
deadline for these will be announced later in
the year.
The Ministry of Agriculture is still trying to
work out details. It means we will stop
importing and we will get to a point when we
will start exporting.
We also have plans to expand the agro-allied
sector to intensify local production of cassava,
cocoa, cashew nuts, fruits and sesame seeds
and the Agric Ministry is also leading in that
area.
There is also plan to make use of 5,000
hectares arable land in 12 River Basin
Development Authorities and to utilise 22
dams for commercial farming by prospective
investors and the objective is to extend
farming so that it can become an all-year
round activity and that there is productivity all-
year round.”
Tourism, sports, job creation, youth
employment, power, rails and road issues
are also priorities
Besides, the government is planning to
increase private sector investment in tourism
and sports. “The objective is to increase
investment in the service sector thereby
increasing job creation and youth
employment. The power, rails and road are
also very important priority area.
There are a number of specific activities but
one of them is to optimise up to 7,000
megawatts installed capacity and to ensure the
associated infrastructure to ensure we
transmit and distribute this capacity in the
maximum operational level that is obtainable,
and also to conclude the privatisation of NIPP
plants and improve management and
performance
– VP
Osinbajo
The Ministry of Power, Works and Housing is
leading in this regard. The target deliverables
is to increase the availability of power, thereby
enhancing investment, productivity and
employment and business growth in our
country.
The availability of gas is very key to the
availability of power to the nation, so gas
pricing is a priority and is currently being
addressed and will be finalised and payment
will be provided to the gas suppliers who are
being owed significant amount of money.
And also there is plan to conclude the road
map of development, the objective of all of
these is to increase investment, and gas peaks
supply to the oil industry.”
On reviving rail transportation in Nigeria
The minister explained: “There is also plan to
complete the Kaduna-Abuja-Ajaokuta railway
lines in 2016. We are also revising the
National Rail Masterplan which is commencing
construction of the Lagos-Kano standard
Gauge Rail line and also to finalise the
negotiation regarding the Calabar-Lagos rail
line. Of course the objective of this is to
increase availability of mass transit, to reduce
pressure on road infrastructure. The Federal
Ministry of Transport is leading in this regard
working in collaboration with Ministry of
Finance and Ministry of Budget and Planning
to ensure the required funding is availed for
this project.”
On oil sector development
The minister said: “The fourth thematic area
which is oil and gas reforms. One of the key
objective is to adopt and execute a
comprehensive national oil and gas policy,
which is supposed to be the road map for the
petroleum industry development diversification
as well as privation and also to adopt and
execute a road map for the stoppage of gas
flaring in our country.
We are setting a three-year deadline to achieve
self-sufficiency in refined petroleum products
and to become a net exporter of petroleum
products. The objective of this is to increase
domestic supply of refined products and to
reduce demand on foreign exchange for
importing refined products in our country. The
Ministry of Petroleum is pushing this. There is
also a plan to push for the passage of the
Petroleum Industry Bill (PIB) in conjunction
with the National Assembly.”
On entrepreneurship and social projects
“We are going to do this by implementing a
number of measures specifically targeted at
fast-tracking business approvals, acquisition of
land titles, and issuance of visas for persons
seeking to come into our country and do
business.
The sixth area is the investment in the lives of
our people by implementing various social
projects covering health, education and the
essence is to bring succour to the poor and
vulnerable to achieve the targets set by the
Social Protection Policy which is currently
under production. Almost every ministry has a
role to play in this.
You need
to see the huge amount that has been saved
On health sector, we plan to rehabilitate 5,000
primary health centres in 5,000 wards in 2016.
The objective is to deliver affordable health
care services to Nigerians as close as
possible to their homes.
Let me emphasis that when we say we want to
move towards a predictable exchange rate in
the country; we are not planning to devalue
the naira. The CBN and the money policy
committee are working on this and will be
concluded and made available to the country
to enable users to be able to predict the
exchange rate at any point in time.”
Recall that President Muhammadu Buhari
has reportedly returned the controversial
2016 budget to the National Assembly for
further legislative work, as principal officers
and members of the review committee from
both legislative chambers met for about two
hours on Tuesday evening.
priority projects of 2016
budget
– The federal government has reveal 34
strategic priority projects for this year
– Economy, employment, security, oil and
gas reforms, rails and road
construction, social projects etc are among
them
President Muhammadu Buhari will today
receive the verified and probably final copy
of the 2016 budget from the National
Assembly. Meanwhile, the
federal government has listed 34 strategic
priority programmes for 2016 year.
Speaking after the Federal Executive Council
(FEC) meeting Khadija Abba Ibrahim,
the minister of state for foreign affairs, has
disclosed the details of the 2016 budget
projects and plans for their implementation.
She said: “On the 2016 budget, I must say the
executive and legislature have worked very
hard in putting things together, reviewing the
details of the budget and it is at its final stage,
So maybe between today (Wednesday) and
tomorrow, the National Assembly will start the
process of transmitting the details to the
president.”
According to Ms Ibrahim, the ministry of
budget and national planning presented 34
strategic priority programmes to council for
discussion. The projects were grouped into
four major objectives and were
reportedly approved for implementation.
– Policy, governance and security;
– Diversification of the economy;
– Creating support for the poor and the
vulnerable;
– Reflecting the economy through investment.
The Ministry of Budget and National Planning
will be responsible for monitoring and
reporting on the performance of the key
priority areas to the council on quarterly
basis.
She said: “The 34 priority areas that we need
to implement in 2016 are categorized into six
thematic areas. There is policy, governance
and security and one item from that is to
achieve and maintain a capital spend minimum
of 30 per cent on an annual basis starting
from 2016.
The objective of doing that is to reflect the
economy and enhance employment generation
capacity for the productive sector. Another
area is to achieve an appropriate exchange
regime; the Central Bank of Nigeria (CBN) is
leading this particular action. The objective is
to achieve a predictable exchange rate by the
end of 2016.
There is also a target for us to increase low
interest lending to the real sector. The focus is
to achieve an interest rate that is single digit,
maybe nine per cent, and the purpose is to
increase output and growth. Again the Ministry
of Industry, Trade and Investment along with
the CBN are taking action on this.
We also have a target to maintain a stable
debt management strategy so that we can
optimise the local and foreign debts that we
have and the Ministry of Finance and the Debt
Management Office will be taking action on
this.”
On the economy diversification
“We plan to attain self-sufficiency in rice
production by 2018, in tomato paste by 2016
and also increase local production of maize,
soya beans, poultry and livestock. The
deadline for these will be announced later in
the year.
The Ministry of Agriculture is still trying to
work out details. It means we will stop
importing and we will get to a point when we
will start exporting.
We also have plans to expand the agro-allied
sector to intensify local production of cassava,
cocoa, cashew nuts, fruits and sesame seeds
and the Agric Ministry is also leading in that
area.
There is also plan to make use of 5,000
hectares arable land in 12 River Basin
Development Authorities and to utilise 22
dams for commercial farming by prospective
investors and the objective is to extend
farming so that it can become an all-year
round activity and that there is productivity all-
year round.”
Tourism, sports, job creation, youth
employment, power, rails and road issues
are also priorities
Besides, the government is planning to
increase private sector investment in tourism
and sports. “The objective is to increase
investment in the service sector thereby
increasing job creation and youth
employment. The power, rails and road are
also very important priority area.
There are a number of specific activities but
one of them is to optimise up to 7,000
megawatts installed capacity and to ensure the
associated infrastructure to ensure we
transmit and distribute this capacity in the
maximum operational level that is obtainable,
and also to conclude the privatisation of NIPP
plants and improve management and
performance
– VP
Osinbajo
The Ministry of Power, Works and Housing is
leading in this regard. The target deliverables
is to increase the availability of power, thereby
enhancing investment, productivity and
employment and business growth in our
country.
The availability of gas is very key to the
availability of power to the nation, so gas
pricing is a priority and is currently being
addressed and will be finalised and payment
will be provided to the gas suppliers who are
being owed significant amount of money.
And also there is plan to conclude the road
map of development, the objective of all of
these is to increase investment, and gas peaks
supply to the oil industry.”
On reviving rail transportation in Nigeria
The minister explained: “There is also plan to
complete the Kaduna-Abuja-Ajaokuta railway
lines in 2016. We are also revising the
National Rail Masterplan which is commencing
construction of the Lagos-Kano standard
Gauge Rail line and also to finalise the
negotiation regarding the Calabar-Lagos rail
line. Of course the objective of this is to
increase availability of mass transit, to reduce
pressure on road infrastructure. The Federal
Ministry of Transport is leading in this regard
working in collaboration with Ministry of
Finance and Ministry of Budget and Planning
to ensure the required funding is availed for
this project.”
On oil sector development
The minister said: “The fourth thematic area
which is oil and gas reforms. One of the key
objective is to adopt and execute a
comprehensive national oil and gas policy,
which is supposed to be the road map for the
petroleum industry development diversification
as well as privation and also to adopt and
execute a road map for the stoppage of gas
flaring in our country.
We are setting a three-year deadline to achieve
self-sufficiency in refined petroleum products
and to become a net exporter of petroleum
products. The objective of this is to increase
domestic supply of refined products and to
reduce demand on foreign exchange for
importing refined products in our country. The
Ministry of Petroleum is pushing this. There is
also a plan to push for the passage of the
Petroleum Industry Bill (PIB) in conjunction
with the National Assembly.”
On entrepreneurship and social projects
“We are going to do this by implementing a
number of measures specifically targeted at
fast-tracking business approvals, acquisition of
land titles, and issuance of visas for persons
seeking to come into our country and do
business.
The sixth area is the investment in the lives of
our people by implementing various social
projects covering health, education and the
essence is to bring succour to the poor and
vulnerable to achieve the targets set by the
Social Protection Policy which is currently
under production. Almost every ministry has a
role to play in this.
You need
to see the huge amount that has been saved
On health sector, we plan to rehabilitate 5,000
primary health centres in 5,000 wards in 2016.
The objective is to deliver affordable health
care services to Nigerians as close as
possible to their homes.
Let me emphasis that when we say we want to
move towards a predictable exchange rate in
the country; we are not planning to devalue
the naira. The CBN and the money policy
committee are working on this and will be
concluded and made available to the country
to enable users to be able to predict the
exchange rate at any point in time.”
Recall that President Muhammadu Buhari
has reportedly returned the controversial
2016 budget to the National Assembly for
further legislative work, as principal officers
and members of the review committee from
both legislative chambers met for about two
hours on Tuesday evening.
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