THE national economic council retreat, yesterday, set up an implementation and implementation monitoring committees to oversee the implementation of the outcome of its decisions. According to a statement from the office of the Vice President, the committee on implementation is to be headed by the Vice President and Chairman of NEC, Prof. Yemi Osinbajo.

The implementation committee is to provide appropriate steers to the Implementation Monitoring Committee to ensure that the resolutions agreed at the retreat are duly followed up. Other members are Abdulaziz Y. Abubakar, Chairman, Nigeria Governors Forum and Governor of Zamfara State Member, Adams Oshiomhole Governor of Edo State member, Abdulfatah Ahmed, Governor of Kwara State Member, Rauf Aregbesola Governor of Osun State, Member, David Umahi, Governor of Ebonyi State Member, Badaru Abubakar Governor of Jigawa State Member, Mohammed Abubakar, Governor of Bauchi State. Sen. Udoma Udo Udoma, Minister of Budget and National Planning Member, Mrs. Kemi Adeosun, Minister of Finance Member, Dr. Okechukwu Enelama, Minister of Industry, Trade and Investment member, and Chief Audu Ogbe Minister of Agriculture. Others are Dr. Kayode Fayemi Hon. Minister of Solid Minerals, Mr. Babatunde Fashola, Minister of Works, Power and Housing, Mrs. Nana F Mede Permanent Secretary, Ministry of Budget and National Planning Secretary.

The Council also constituted implementation monitoring committee with the responsibility to follow up the implementation of the resolutions of the retreat, receive steers from the Steering Committee regarding the follow up of the implementation and to provide progress reports to the Steering Committee on the implementation.

It is to be chaired by Mrs Zainab S. Ahmed, Minister of State, Budget and National Planning with eleven other members. At the close of the retreat the members resolved that there was need for concerted and consistent efforts to diversify the nation's revenue sources and expand compliance on VAT, adopting a gradual plan for rate increase Members of the council also agreed on increase expenditure through borrowing, which should be invested in infrastructure.

They urged both the Federal and State Governments to focus on fiscal responsibility as a critical element in macro-economic balance stating the need for increase investment in infrastructure through public private partnership (PPP).

Members it was learnt agreed to the need to develop financial inclusion strategies to cater for the poor and vulnerable population and also to maintain a minimum level of capital expenditure of 30 per cent in the budget On Agriculture: The Council urged the Federal Government to re-position Bank of Agriculture to enhance its capacity to finance agriculture while stating that funding for Agricultural sector is considered critical and sources of intervention funding from the Central Bank of Nigeria should be considered.

The Council said that a single digit interest rate for agricultural loans should be considered while duties and taxes for Agricultural products and equipment should be waived. The Council said that there is the need to develop strategic partnerships between Federal and State government and that each State should make specific commitments to crops in which it has comparative advantage and request Federal Government intervention The Council also resolved that: National targets for self-sufficiency should be set for identified crops, which should be monitored. Tomato paste - 2016, Rice - 2018, Wheat - 2019, •The Federal and State Governments should roll out agricultural extension services nationwide ,

•The Commodity Exchanges should be established for price regulation and avoidance of losses due to lack of markets. The Abuja Commodity Exchange should be revitalised, •The National Agricultural Land Development Authority, NALDA, should be re-established. Federal Government should develop an Agriculture Implementation plan whereby State Governments are encouraged to identify at least two crops in which they have comparative advantage.