NESG: National Transport Commission bill to trigger $160bn into Nigerian economy
Stakeholders who converged at the just concluded 23rd National Economic Summit (#23NES) urged President Muhammadu Buhari and the leadership of National Assembly on the need to expedite action on the passage of the 14 economic related bills into law before the next Summit.
Nnanna Ude, NESG official in charge of National Assembly Business Environment Roundtable (NASSBER) who gave the charge during a media chat in Abuja, also gave insight into the economic impact assessment of the bills.
“There are pending bills and we always try to carry out economic impact on them. For instance, the Competition Bill has the capacity to create 381,000 jobs annually, generate revenue of N148.3 billion yearly. It will also lead to a 10 percent reduction in price of goods,” Ude said.
According to him, the National Transportation Commission Bill which is currently before the National Assembly, is estimated to trigger private sector participation and over $160 billion out of which 60 percent t will come from the private sector.
Ude who described the various consensus reached at NES 2017 as fruitful,
While responding to question on the rationale behind high rate of domestic borrowing, her part, Zainab Ahmed, Minister of State for Budget and National Planning who noted that government has reviewed its loan strategies said: “Government does not go to borrow at 20 percent.
“The market actually determines the borrowing, but the point we are making because government is borrowing heavily, the financial sector is now concentrating on lending to the government and private sector gets little or no attention at all. Why would financial sector want to lend when they can buy Treasury bills at 22 percent.
“We have come to the conclusion that government must reduce its domestic borrowing to free the space so that the financial sector is enabled to borrow to the private sector,” she explained.
Referring the annual NES forum as platform for exchanging ideas on economy between private sector and public, she said recommendations arising from annual engagement formed nucleus of government’s policies.
“The NES has become a tradition, an institution if you like and every year we look forward to it. This is summit that is undertaken in partnership with the NESG, the Ministry of National Planning and Budget and indeed the government. This year’s summit with the theme: opportunities, productivity & employment- actualizing the economic recovery and growth plan.
“It went through a three day intense deliberations and we have discussions that centered around strengthening skills and competency, access to finance; we also have discussions around legislation required to unlock opportunities to grow the economy. At end of it, we have a summit report, a draft of which has been handed over to us today to government.
“We will begin to work again in partnership with NESG and its organized committee on how to address all of the various recommendations that have come out of this session. While this summit ends, the work has just started,” she affirmed.
Ahmed added that government was working assiduously to push the implementation of the Presidential Executive Orders to boost economic growth and development.
She explained that the Ministry “has started producing a monthly and evaluation report that is measuring the performance of ministers.
“What is has not happened is to give specific target to a specific minister,’’ the minister said.
The Minister however, noted that the government would fast track the implementation of the Economic Recovery and Growth Plan with the view to ensure effective implementation across critical sectors of the economy.
“We have just received the recommendations and we are going to review it. One of the recommendations says the lab for the implementation of the ERGP must be done quickly in the next two weeks.
“That is what we are committed to doing; we will review the recommendations and plan the implementation with the view of fast tracking the growth we are aspiring,” she said.
KEHINDE AKINTOLA, Abuja
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