Federal Government Announces Boost in Nation’s Economy

The Federal Government has reported a significant boost in the nation’s economy, with the Excess Crude Account standing at $473.75 million and the Stabilisation Account at over N28.7 billion. Additionally, the nation’s Natural Resources Fund is now over N53.89 billion.

 

This development was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, at the 142nd National Economic Council (NEC) meeting, presided over by its Chairman, Vice President Kashim Shettima, in Abuja.

 

A statement on the NEC meeting was made available to newsmen by Mr. Stanley Nkwocha, the Senior Special Assistant to the President on Media.

 

Nkwocha highlighted the Vice President’s remarks linking the boost in Nigeria’s economic outlook to the financial prudence and transparency framework adopted by President Bola Tinubu.

 

“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,” said Vice President Shettima.

 

He elaborated on President Tinubu’s earned title of Jagaban, conferred by the Emir of Borgu, describing him as a unifying figure with rare political virtue.

 

Nkwocha also noted that 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 emphasized the importance of NDPHC to the country’s economic development in approving the nominations.

 

The meeting featured presentations from various ad hoc committees, including the Ad Hoc Committee on Flood, Erosion, Drought, and Desertification.

 

Gov. Ahmed Ododo of Kogi presented recommendations calling for the revitalization of State Emergency Management Agencies (SEMAs) and improved coordination between different levels of government.

 

Nkwocha mentioned that the council resolved that the Vice President, along with Ministers of Finance, Agriculture and Food Security, Water Resources and Sanitation, and Budget and Economic Planning, would strategize on funding sources to mitigate climate challenges.

The outcome of their meeting would be presented to the President.

 

Additionally, Gov. Abdul Rahman AbdulRazaq of Kwara presented an update from the NEC Ad-Hoc Committee on Economic Affairs.

 

The council resolved that the committee should align its mandate with the National Economic Management Team to address the nation’s economic challenges effectively, including foreign exchange loan facilities and fuel pricing.

 

Gov. Hope Uzodinma of Imo, chairing the Ad-Hoc Committee on Crude Oil Theft Prevention and Control, presented interim measures to enhance security at oil and gas terminals and regulatory oversight.

 

Gov. Seyi Makinde of Oyo was co-opted into the committee as a subject matter expert, with a final report due within a month.

 

In a related development, the council received updates on establishing state police and urged states to expedite their submissions.

 

The Vice President announced presidential approval for the Presidential Food System Coordinating Unit, aimed at developing robust economic solutions for the country’s food system.