The Federal Government has reported significant improvements in the nation’s economy, with the Excess Crude Account now standing at $473.75 million and the Stabilisation Account at over N28.7 billion. Additionally, the Natural Resources Fund has reached over N53.89 billion.
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, announced these figures at the 142nd National Economic Council (NEC) meeting, presided over by Vice President Kashim Shettima in Abuja.
Mr. Stanley Nkwocha, Senior Special Assistant to the President on Media, released a statement detailing the meeting’s proceedings. The vice president attributed Nigeria’s enhanced economic outlook to President Bola Tinubu’s financial prudence and transparency framework.
“In his leadership, President Tinubu emphasizes the necessity of making the right decisions to fulfill our promises to the nation,” Shettima said. He praised Tinubu’s political acumen, describing him as a “Jagaban,” a title conferred by the Emir of Borgu, symbolizing his role as a front-row commander and unifying force in national governance.
The NEC also ratified the nomination of six state governors to the Board of the Niger Delta Power Holding Company (NDPHC), representing the six geopolitical zones: Borno, Katsina, Imo, Ekiti, Kwara, and Akwa Ibom States. The council highlighted the NDPHC’s importance to economic development in approving these nominations.
Several key updates and recommendations were presented, including those from the Ad Hoc Committee on Flood, Erosion, Drought, and Desertification (Mitigation, Adaptation, Preparedness, and Response). Kogi State Governor Ahmed Ododo emphasized the need to revitalize State Emergency Management Agencies (SEMAs) and improve intergovernmental coordination.
The council resolved that the Vice President, along with the Ministers of Finance, Agriculture and Food Security, Water Resources and Sanitation, and Budget and Economic Planning, would meet to strategize funding sources to address climate challenges. The outcomes of this meeting will be presented to the President.
Additionally, Governor AbdulRahman AbdulRazaq of Kwara presented an update from the NEC Ad-Hoc Committee on Economic Affairs. The council decided that the committee should align with the National Economic Management Team to devise robust solutions to economic challenges, focusing on issues like foreign exchange loan facilities and fuel pricing.
The Ad-Hoc Committee on Crude Oil Theft Prevention and Control, chaired by Governor Hope Uzodinma of Imo, presented interim measures to enhance security at oil and gas terminals and improve regulatory oversight. Governor Seyi Makinde of Oyo was added to the committee as an expert, with a final report due within a month.
The council also discussed the establishment of state police and urged states to expedite their submissions on this matter. Vice President Shettima announced the presidential approval for operationalizing the Presidential Food System Coordinating Unit, tasked with developing comprehensive economic solutions for the country’s food system.
