The Minister of Budget and National Planning, Senator Udoma Udo-Udoma has said that the ministry has identified 34 measurable and veritable priority actions to achieve the implementation of the 2016 budget under six thematic areas.
He said this today at the breakdown of the 2016 Budget and the Budget Strategic Implementation Plan (SIP) in Abuja.
He said that the budget would be implemented under six major strategic invention areas in the SIP to revive the economy. The SIP for the 2016 budget of change, he said, is an implementation plan for a road map of key macroeconomic and sectoral policies.
According to hin, “It is a strategic target for the 2016 fiscal year. The plan will place the economy on the upward trajectory as it is repositioned for change, inclusive growth and sustainable development.”
He spoke further that the government would achieve appropriate Foreign Exchange Regime and increase low-interest lending to the real sector, stressing that the Federal Government had set deadlines to achieve self-sufficiency and net export of a certain number of agricultural produce and items to diversify the economy.
“Rice -2018, tomato paste-2016, wheat-2019 and increase local production of Maize, Soya, poultry and livestock, so as to achieve self-sufficiency but the deadlines will be announced in due course.”
The further said that the government would optimise 7,000 megawatts installed power generation capacity and provide facilities required to transmit and distribute it in one year adding that the government would distribute the capacity through privatisation and concessioning of power, rail and roads sectors.
“It will ensure that tariff includes all costs of transmission, generation and gas at new price and that DISCO cost required operating, maintaining and upgrading distribution network. The government will complete the Kaduna-Abuja and the Ajaokuta-Warri rail lines scheduled for 2016; revise the National Rail Master Plan and finalise negotiations for Lagos-Kano and Lagos-Calabar rail projects.
“It will ensure delivery of 2,193 kilometres of federal roads across 31 projects scheduled for 2016 (through public works and other interventions) and explore Private Public Partnership options for completing other projects.
“It will also ensure the completion of the rehabilitation of four airports (Abuja, Kano, Lagos and Port Harcourt) and explore option for concessioning of the airports.
“The government will undertake the construction of 3,552 Mixed Housing Units as pilot scheme in the 36 states and FCT under the National Housing Programme in a secured and planned environment.”
He revealed that government has resolved to work with the National Assembly to pass a revised Petroleum Industry Bill to privatise NNPC and ensure the regulation of the downstream sector.
He said that government has set three-year deadline to be self-sufficient in refined petroleum products and become a net exporter of the products.
He said government would work toward moving Nigeria 20 places up in the Ease of Doing Business Ranking and fast-track visa application and issuance processes.
“To develop this economy, we will need the active involvement of the private sector and we will invite them to take the advantage of the opportunities that government is creating to increase their investment”. He emphasised.
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