Nigeria’s Excess Crude Account (ECA) has been put at $473,754.57, the Stabilisation Account at N28,738,722,369.83, and the Natural Resources Fund at N53,891,102,650.71.
The minister of finance and coordinating minister of the economy, Mr. Wale Edun, presented this to the National Economic Council (NEC) yesterday.
The ECA is the government fiscal account created to save revenues generated from oil sales exceeding the budgetary benchmark price.
At the meeting, NEC ratified the nomination of six state governors as members of the Board of Niger Delta Power Holding Company (NDPHC).
The governors representing the six geopolitical zones are from Borno, Katsina, Imo, Ekiti, Kwara, and Akwa Ibom States. NEC, in approving these nominations, noted the importance of NDPHC to the country’s economic development.
The 142nd NEC meeting was presided over by its chairman, Vice President Kashim Shettima, who presented key updates and recommendations from various ad hoc committees.
Notable among them was the Ad Hoc Committee on Flood, Erosion, Drought and Desertification (Mitigation, Adaptation, Preparedness and Response), presented by the Governor of Kogi State, Ahmed Usman Ododo, which called for the revitalisation of State Emergency Management Agencies (SEMAs) and improved coordination between different levels of government.
According to a statement by the vice president’s spokesman, Stanley Nkwocha, the council also resolved that the Vice President, Minister of Finance and Coordination Minister of the Economy, Minister of Agriculture and Food Security, Minister of Water Resources and Sanitation, and Minister of Budget and economic planning meet on Monday to strategize on funding sources to mitigate the states’ climate challenges.
The outcome of the meeting will be presented to the President on Tuesday.
Council also resolved to adopt the committee’s report recommendations on implementing and providing funds to states and relevant MDAs to address the problems.
In an Update from the NEC Ad-Hoc Committee on Economic Affairs presented by the governor of Kwara State, Alhaji AbdulRahman AbdulRazaq, the Council resolved that the committee aligns its mandate with the National Economic Management Team (NEMT) to come up with robust solutions to the nation’s economic challenges.
The committee is working closely with states to address foreign exchange loan facilities and fuel pricing challenges.
The Ad-Hoc Committee on Crude Oil Theft Prevention and Control, chaired by Imo State Governor, Hope Uzodinma, presented key recommendations as part of interim measures to improve security at oil and gas terminals and enhance regulatory oversight.
Oyo State Governor Seyi Makinde was co-opted into the committee as a subject matter expert, and the committee was mandated to submit its final report to the council within one month.
The council also received an update on the ongoing discussions regarding establishing state police, urging states to expedite their submissions.
To bolster food security, Shettima announced the presidential approval for operationalising the Presidential Food System Coordinating Unit, tasked with developing robust economic solutions for the country’s food system.
Earlier in his opening remarks, Shettima linked the boost in Nigeria’s economic outlook to President Bola Ahmed Tinubu’s financial prudence and transparency framework.
He says, “at the helm of the nation’s affairs is a leader who always reminds us of the necessity of making the right calls to deliver on our promises to the nation”.
The VP explained why President Tinubu earned and deserves the title Jagaban, conferred on him by the Emir of Borgu. He said the President is Jagaban (the front-row commander); he has a rare political virtue that has made him the unifying nub of the zeal to serve the country.
He said “Again, we highlighted Nigeria’s improved credit outlook by Fitch Ratings, owing to Mr. President’s transparency and effective financial management to further the nation’s economic progress.
“Today, as we prepare for the day’s agenda, I am excited by the presence of His Excellency, President Bola Ahmed Tinubu, a reservoir of ideas, a visionary extraordinaire, as he guides us towards finding a common ground.
“Nobody can do so better than he does, and this rare political virtue has made him the unifying nucleus of our aspirations to serve the nation. He is the Jagaban, the front-row commander, for a reason,” he said.