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ISLAMABAD: Finance Minister Dr Abdul Hafeez Shaikh is chairing a meeting of the ECC on Thursday. PPI ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Thursday decided to continue a general subsidy on five essential kitchen items until June 30, 2021 and turned down a request of the Utility Stores Corporation (USC) for immediate increase in their prices despite non-utilisation of rolled over funds from the Prime Minister’s Covid-19 Relief Fund. The meeting presided over by Finance Minister Abdul Hafeez Shaikh also did not approve for the time being an increase in commission of oil marketing companies (OMCs) and their dealers and a five-year textile and apparel policy. ....
The meeting of the Economic Coordination Committee (ECC) of the Cabinet scheduled for Thursday (January 28) will take up the proposal of the Ministry of Petroleum for review of the oil marketing companies (OMCs) and dealers margins on petroleum products. Sources told Propakistani that the ECC meeting would discuss the summary of the Ministry of Interior on the technical supplementary grant for the surrendered amount of Rs. 42 million by the Ministry of National Food Security and Research under the National ‘Program for Enhancing Command Areas in Barani Areas Project (ICT Component). The ECC is expected to discuss the Petroleum Division summary for allocation of gas from Mari Petroleum Company Limited (MPCL’s) wells to Sui Southern Gas Company Limited (SSGCL) under commercial production and also review of the Oil Marketing Companies (OMCs) and Dealers margins on petroleum products. ....
The container ship MSC Samantha of the Meriterranean Shipping Company is docked at the Apapa Port Complex in Lagos, Nigeria’s economy hub (Photo by PIUS UTOMI EKPEI / AFP) Before I delve further into the details of our ongoing efforts in the Federal Ministry of Industry, Trade and Investments in the delivery of our mandate, I would like to revisit some fundamental challenges facing our nation today in order to provide the context for some of the major economic initiatives we are implementing at the Federal Government level. Nigerian economy: Learnings from the past – Our challenges and accomplishments As many of you may know, the Nigerian economy received much attention and was recognised as one of the fastest-growing economies in the world between 2010 and 2014. Yet when oil prices fell in 2014, the economy contracted and eventually slipped into a recession by 2016. The economy recovered from the recession and we witnessed eleven quarters of consecutive GDP growth ....
The ECC allowed tax- and duty-free import of 500,000 tonnes of refined sugar through the public sector and another 300,000 tonnes of raw sugar by sugar mills. File ISLAMABAD: Amid rising prices, the government on Wednesday decided to allow tax- and duty-free import of 800,000 tonnes of sugar and 300,000 tonnes of wheat to beef up buffer stocks. The decisions were taken at a meeting of the Economic Coordination Committee (ECC) of the Cabinet presided over by Finance Minister Dr Hafeez Shaikh. The ECC allowed tax- and duty-free import of 500,000 tonnes of refined sugar through the public sector and another 300,000 tonnes of raw sugar by sugar mills. ....
Punch Newspapers Sections Continued from Tuesday Going forward, we will develop a robust plan to actualise the Executive Order, especially with regard to sanctions for non-compliance. We will also engage other MDAs to solicit support for the Made-In-Nigeria campaign. We will collaborate with the Bureau of Public Procurement to publish a catalogue of locally produced goods as well as monitor compliance as our contribution to achieving this goal. In addition, as part of the industrialisation march, there are also several industrial policies expected to be finalised this year, including the Cotton, Textile and Garment Policy, the Oil Palm Policy, as well as the passage of the Automotive Industry Development Bill, to name a few. This will lay out strategies including incentives to ensure self-sustainability in critical sectors. We believe that the implementation of these industrial policies should create over 700,000 jobs with about 207,000 from the garment industry, ....