Governors have expressed support expressed support for the plan proposed by the economic management team to steer the nation out of recession.
The economic team has proposed the sale of some of the nation’s assets to resolve the current economic crisis.
The governors made this known while briefing reporters at the end of the National Economic Council (NEC) meeting presided over by Vice-President Yemi Osinbajo.
The NEC is an advisory body on the economy, comprising of all 36 states governors and the Central Bank governor.
Atiku Bagudu, governor of Kebbi state, said the management team briefed NEC that it was working on plans to “generate immediate larger injection of fund into the economy through: asset sales, advance payment of license renewals, infrastructure concessioning, use of recovered funds to reduce funding gaps”.
He added that the team also spoke on implementation of fiscal stimulus/budget priorities, fast-tracking procedures through legislation and implementation of strategic, implementation plan (SIP) of the budget, meaningful diversification of the economy and cutting down on importation.
“Council members in response commended the economic management team and generally welcomed the presentation and expressed support for the plan to steer the nation out of recession,” he said.
Abiola Ajumobi, governor of Oyo, said the council was briefed on the land use act of 2013, which seeks to make provisions to streamline mortgage transactions and clearly delineate the rights, duties and obligations of a mortgage.
“Other aspects of the draft are: conditions for disposal of proceeds of sale and subsequent mortgages and implied terms of a mortgage; rights of redemption and remedies and issues on mortgage by companies; power of assignment by mortgage and right of transfer and application of insurance money by the receiver”.
Ajimobi added that Kemi Adeosun, minister of finance, briefed the council on the Public Private Partnership (PPP) initiative on affordable housing.
”Target of N1billion fund to operate PPP (N500 billion initial) to create a blended pool of long term funds to intervene in housing development finance and mortgage provision,” he said.
“Funds aims to deliver family housing priced from as low as N2.5 million up to N18 million delivered in a ready to occupy condition with essential services (water and power connected)
“The delivery target is 400,000 to 500,000 housing units per annum. The ultimate aim of the programme is to channel funds from savers to borrowers, so that builders have the required capital to construct and prospective buyers can access credit to purchase.
“The fund will attract low cost local and international capital, including from domestic pension and insurance funds, FG funding, as well as contributions from State Governments and other agencies.”
On her part, Yetunde Onanuga, deputy governor of Ogun, said Adeosun reported to the council the balance in excess crude account in US dollars, which stood at $2.453 billion as at September 2016.
“Also at the council meeting another presentation was made on best options for managing the flow train forex policy introduced by the Central Bank of Nigeria,” she said.
“This was a joint presentation by the Governor of Central Bank and the Minister of Finance, the highlights are that the CBN should introduce special monetary policy in the nation as dictated by consumer price and exchange rate.”