Nigeria is about to join the league of nations that are generating revenue from keeping their forests and ensuring proper control of deforestation. 

At the meeting of the Federal Executive Council (FEC) held in the nation’s capital on Wednesday, Council members approved the setting up of a National Forest Trust Fund.

It will ensure sustainable forest development and boost revenue generation.

The Minister of State for Environment, Ibrahim Usman, told reporters that the fund would be financed by all investors in wood distribution in Nigeria.

He also announced the lifting of embargo on the issuance of a certificate to all categories of wood exporters.

Meanwhile, the Minister of Budget and National Planning, Udo Udoma decribed the first quarter of the Gross Domestic Product (GDP) figures released by the National Bureau for Statistics on Tuesday as encouraging. He also claims the government’s interventions are working.

Mr. Udoma adds that the 2017 budget which was officially transmitted to the Presidency on Friday “is still being reviewed and analysed by different ministers, thereafter recommendations will be made to the Presidency before it is signed”.