Government to rationalise number of ministers, commissioners, perm secs
An outlook of what to expect for the country’s economy in the next three years, including a gradual increase of Value Added Tax (VAT) rates, was yesterday made public from the ongoing National Economic Council (NEC) retreat through highlights released from the presidency.

VAT compliance is also to be expanded.
An agreement was reached for concerted and consistent efforts to diversify revenue sources, while there will be an increase in expenditure through borrowing for infrastructure development through Public Private Partnership.

Capital expenditure for federal and state governments, the retreat agreed should be pegged at a minimum of 30 percent, while they will develop a financial inclusion strategies to cater for the poor and vulnerable.

With the theme, Nigerian States: Multiple Centres of Prosperity, the retreat states that federal and state governments are to focus on fiscal responsibility as a critical element in macro-economic balance.

Other thematic areas covered and the resolution on them are as follows:
Agriculture
The Federal Government is to re-position Bank of Agriculture to enhance its capacity to finance agriculture. Funding for agricultural sector is considered critical and sources of intervention funding from the Central Bank of Nigeria should be considered. A single digit interest rate for agricultural loans should be considered while duties and taxes for agricultural products and equipment should be waived.

Also, there should be development of strategic partnerships between federal and state government. Each state should make specific commitments to crops in which..[url]http://inspiredreporters.com/government-states-set-outlook-for-economy-in-next-three-years/[ /url]

Yimu

God Bless PMB

FTC