President Muhammadu Buhari has launched the National Council on Digital Innovation Entrepreneurship (NCDIE), OduNews reports.
While urging the National Assembly to reconsider its position on his proposal to securitize the FG’s outstanding Ways and Means balance at the CBN, Buhari said, ‘’As I stated, the balance has accumulated over several years and represents funding provided by the CBN as lender of last resort to the government to enable it to meet obligations to lenders, as well as cover budgetary shortfalls in projected revenues and/or borrowings.
“I have no intention to fetter the right of the National Assembly to interrogate the composition of this balance, which can still be done even after granting the requested approval.
“Failure to grant the securitization approval will, however, cost the government about N1.8tn in additional interest in 2023 given the differential between the applicable interest rates which is currently MPR plus three per cent and the negotiated interest rate of nine per cent and a 40year repayment period on the securitised debt of the Ways and Means,” said the President.
In his remarks, Senate President Lawan promised that the NASS would reconsider its stance on the Ways and Means advance.
The council’s establishment is based on the Nigeria Startup Act, 2022 (NSA, 2022), which was signed into law in December 2022.
The NCDIE which is chaired by the president has 13 other members including the Vice President; Ministers of Finance, Budget, and National Planning, Trade and Investment, Communications and Digital Economy, Governor of the central bank, among others.
The council is equally charged with the responsibility of promoting the development of the country’s digital economy and providing a supportive environment for entrepreneurs to thrive.
The Inauguration of the council preceded the Federal Executive Council Meeting on Wednesday.
At the inauguration, President Buhari highlighted the importance of the NCDIE in driving economic growth and job creation as well as plans to consolidate on the gains recorded in the sector under his administration.
The President said he expects that the NCDIE will oversee the implementation of the Nigeria Startup Act, which aims to stimulate the growth of innovative startups and Small and Medium-sized Enterprises (SMEs) in the country.
