The nation’s economy has experienced notable growth, according to the Federal Government, with the Stabilization Account exceeding N28.7 billion and the Excess Crude Account valued at 473.75 million dollars. The country’s natural resources fund, according to the government, is now valued at more than N53.89 billion.
This was revealed by Wale Edun, the Coordinating Minister of the Economy and Minister of Finance, at the 142nd National Economic Council (NEC) meeting in Abuja, which was chaired by Vice President Kashim Shettima.
Newsmen were given access to a statement about the NEC meeting by Mr. Stanley Nkwocha, the President’s Senior Special Assistant on Media. Nkwocha stated that the vice president attributed President Bola Tinubu’s adoption of the financial prudence and transparency framework to the improvement in Nigeria’s economic outlook.
In the statement, the vice president said: “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.”
Shettima also explained why Tinubu earned and deserves the title, Jagaban, conferred on him by the Emir of Borgu. ”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.
”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 agenda of the day, I am excited by the presence of His Excellency, President Tinubu, a reservoir of ideas and a visionary extraordinaire, as he guides us towards finding common ground.
“Nobody can do so better than he does, and it is this rare political virtue that has made him the unifying nucleus of our aspirations to serve the nation. He is the Jagaban, the front-row commander, for a reason.”
Also in the statement, Nkwocha said that NEC ratified the nomination of six state governors as members of the Board of Niger Delta Power Holding Company (NDPHC). He said the governors, representing the six geopolitical zones, were from Borno, Katsina, Imo, Ekiti, Kwara, and Akwa Ibom States.
Nkwocha said the NEC noted the importance of NDPHC to the country’s economic development in approving the nominations. He said the meeting saw the presentation of 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 Gov. Ahmed Ododo of Kogi. He said the flood committee called for the revitalization of State Emergency Management Agencies (SEMAs) and improved coordination between different levels of government.
Nkwocha said the council also resolved that the Vice President, Ministers of Finance, Agriculture and Food Security, Water Resources and Sanitation, and Budget and Economic Planning would meet on Monday to strategize on funding sources to mitigate the climate challenges facing the states.
He said the outcome of the meeting would be presented to the president on Tuesday. Nkwocha said the Council, equally, adopted the recommendations of the committee’s report on the implementation and provision of funds to states and relevant MDAs to address the problems.
He added that an update from the NEC Ad-Hoc Committee on Economic Affairs was presented by Gov. Abdul Rahman AbdulRazaq of Kwara. The spokesperson said the council resolved that the committee should align its mandate with the National Economic Management Team to come up with robust solutions to the nation’s economic challenges.
According to him, the committee is working closely with states to address challenges related to foreign exchange loan facilities and fuel pricing. He said the Ad-Hoc Committee on Crude Oil Theft Prevention and Control, chaired by Gov. Hope Uzodinma of Imo, presented key recommendations as part of interim measures to improve security at oil and gas terminals and enhance regulatory oversight in the sector.
Nkwocha said Gov. Seyi Makinde of Oyo 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.
In a related development, Nkwocha said the council received an update on the on-going discussions regarding the establishment of state police, urging states to expedite their submissions on the matter.
In a move to bolster food security, he said the Vice President announced presidential approval for operationalizing the Presidential Food System Coordinating Unit. He said the unit is charged with the responsibility of developing robust economic solutions for the country’s food system.
