States okays FG’s launched 2021-2025 National Development Plan – Newstrends
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States okays FG’s launched 2021-2025 National Development Plan

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President Muhammadu Buhari has launched Nigeria’s National Development Plan 2021-2025 for speedy economic recovery.

Chairman of the NGF and Governor of Ekiti state, Dr Kayode Fayemi, said the new development plan was a product of collaboration and consultation between the federal and state governments.

The plan approved by the Federal Executive Council earlier in November was launched on Wednesday at the State House in Abuja.

Before the public presentation of the official document, the Minister of Finance, Budget, and National Planning, Zainab Ahmed disclosed that the new document replaces the Economic Recovery and Growth Programme 2017- 2020.

The plan replaces the Economic Recovery and Growth Programme 2017- 2020.

The plan, according to her, is designed to among other things facilitate the nation’s robust development in the area of science and technology as well as achieve its agendas on the continental and global levels.

Chairman of the NGF, represented by the Governor of Kebbi State, Alhaji Atiku Bagudu, said, “Well, let me just clarify that I’m here to represent the Chairman of the Nigerian Governors Forum, Governor of Ekiti State, who is unavoidably absent and we congratulate Mr President for launching the 2021-2025 Development Plan as ably introduced by the Minister of National Planning.

“We had an economic recovery growth plan that expired in 2020, which has achieved the objective of, among others, helping Nigeria exit twice from the recession and now we have a plan in place for 2021-2025 that is further aimed principally at ensuring that the gains have been consolidated and Nigerians are being continuously included.

 

“This government, more than any other, has taken deliberate, active steps to include all economic groups and support them more than has ever been done in order that they achieve their economic objectives, in order that the country’s economy continues to provide for all and we will witness more prosperity. We congratulate (the FG) and I’m sure all of us in the 36 states and FCT are very happy.

“We have been consulted some of us who are members of the various committees. It’s a consultative programme and we appreciate both the President and the Vice President because under them, particularly the National Economic Council, which is the major economic decision-making body of the Federation, has been quite inclusive, it’s not a monologue, states are being given the pride of place.”

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Tinubu orders creation of single-digit tax system

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Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

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Naira gains further against dollar

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Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

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CBN jacks up interest rate amid soaring inflation

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CBN jacks up interest rate amid soaring inflation

The Central Bank of Nigeria (CBN) on Tuesday raised the interest rate from 22.75 per cent to 24.75 per cent amid soaring inflation.

Governor of the central bank, Olayemi Cardoso, made this known after the two-day Monetary Policy Committee (MPC) meeting held on Monday and Tuesday.

The country’s latest annual inflation rate jumped to 31.70 per cent from 29.90 per cent for last month, fueled by a continuous rise in food prices.

Cardoso disclosed that the MPC voted to adjust the asymmetric corridor around the MPR at +100 to -300 basis points.

He said the committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent.

The committee also voted to retain the liquidity at 30 per cent.

He said, “Members noted the continued rise in headline inflation driven largely by food prices, because of supply shortages, and high cost of Logistics and Distribution.

“The committee, therefore, was of the view that addressing food insecurity is key to containing current inflationary pressures.”

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