▪As FEC approves Nigeria Agenda 2050
With three and a half months to the expiration of the June deadline to effect complete removal of fuel subsidy, the Minister of State for Budget and National Planning, Prince Clem Ikanade Agba has stated that the committees have yet to harmonize discussions on palliative measures.
Recall that the Federal Government budgeted N3.35 trillion as expenditure on petrol subsidies from January till June 2023, under the federal government 2022 to 2023 Medium-Term Expenditure Framework.
Addressing State House Correspondents after the Federal Executive Council meeting, presided over by President Muhammadu Buhari, the minister reminded that a Committee headed by Vice President Yemi Osinbajo had been working with the National Economic Council (NEC), a body made up of Governors of the 36 states and the Federal Capital Territory( FCT) and relevant ministries, on palliatives that would help to cushion the effects of the subsidy removal, for over a year, but had yet to harmonize on the decisions.
He explained that the situation required time because it would affect the entire nation, adding that they wanted to ensure that everyone was carried along.
Agba also added that the Ministry of Petroleum Resources and other relevant agencies had also been working on the issue.
He disclosed however that “the Minister of State, Petroleum Resources will be in a position to provide more updates.”
Speaking on the committee’s work, he said: “For over a year plus now, the Vice President, Yemi Osinbajo, has been leading a Committee working on this and the National Economic Council also has a committee that has also been working on this.
“So, the stage that we are in now is how to finalize the suggestions that have come out from both the federal government and the Governors’side.
“As you know, it is something that is going to affect the entire nation.
“They will just have to ensure that everyone is carried along, that is both the federal and subnational governments.”
He said that the FEC also approved Nigeria Agenda 2050, which aimed to make Nigeria a high income economy.
Nigeria Agenda 2050 is a perspective plan designed to transform the country into an “Upper-Middle Income Country”, with a significant improvement in per capita income.
The plan aims to fully engage all resources, reduce poverty, achieve social and economic stability.
Agba explained that the Nigeria Agenda 2050 “projects annual average real GDP growth of 7.0%.”
The council also approved N15 billion for the award of contract for the construction of an access road from the existing Benin-Asaba expressway to approach link road to second Niger bridge in Delta state.
Minister of Information Lai Mohammed, who briefed on behalf of his counterpart in the Works and Housing ministry, said that the Council approved N9 billion as Revised estimated total cost of contract for the Phase 1 dualization of the Suleja- Minna road in Niger State.
The Sum of N8 billion was also approved by the Council on Wednesday for the construction of Jatu Dam in Etsako west Local goverment area of Edo state to provide portable water and all year water for farming for the community.
He said the Edo state government is to provide the sum of N2 billion as 25percent counterpart funding for the project.
Minister of Power Abubakar Aliyu said the council approved the sum of £3.7 million as contract variation for the construction of 33KVA substation at Nneewi and a 132kv line bay extension at Onitsha substation for the Transmission company of Nigeria.
He said the project had suffered delay since 2006 due to poor budgetary allocation, among other challenges.
Stay ahead with the latest updates! Join The ConclaveNG on WhatsApp and Telegram for real-time news alerts, breaking stories, and exclusive content delivered straight to your phone. Don’t miss a headline — subscribe now!
