*Ministers took turns to brief of their portfolios
Today in Abuja, Vice president, Prof Yemi Osinbajo, presided over the 76th meeting of the National Economic Council (NEC).
Highlights of the meeting were provided to journalists by Laolu Akande, the senior special assistant to the vice president on media and publicity.
NEC, a constitutional body that charts Nigeria’s economic direction, is composed of all the 36 state governors, the minister of the Federal Capital Territory and the governor of the Central Bank of Nigeria.
Thursday’s meeting was presided over by Vice President Yemi Osinbajo, who is chair of the council.
Below are the issues discussed.
NEC (3RD IN 2017) 76TH NEC MEETING –THURSDAY, 27TH APRIL, 2017
NATURAL RESOURCES FUND AND ECOLOGICAL FUND
The Accountant- General of the Federation briefed Council on the Development of Natural Resources and Ecological Funds as follows:
- That the Natural Resources Fund balance as at 31/3/17 – N70.9 billion
- Ecological Fund balance as at 31/3/17 – N33.645 billion
- States and Local Governments now to keep their share of Resources Fund and Ecological Fund for use of intervention as the need arises in their respective jurisdictions.
- Council also decided that an audit of the Ecological Fund be carried out by an Committee of governors and federal ministers.
- The Committee is comprised of the Governors of Oyo, Borno, Imo, Kaduna, Anambra, Akwa Ibom, Benue States, and the Ministers of Finance and Environment.
This Committee will audit the Ecological Fund and come up with policy recommendations on how the fund should be managed and disbursed.
PARIS CLUB REFUND
- The Honourable Minister of Finance gave an update on the disbursement of the Paris Club refunds and addressed issues about the next round of the payments to the States after the first disbursements.
- State Governors at the meeting expressed appreciation to the President for the previous disbursements of the refund, which is more than 10 years overdue, and noted their expectations for the next round of refund from the FG.
EXCESS CRUDE ACCOUNT
- The Honourable Minister of Finance also told Council that the Balance in the Excess Crude Account as at April 26, 2017 stands at US$2.2billion.
FAAC BUDGET ESTIMATE
- The Honourable Minister of Finance presented a Budget Estimate for the operation of the Committee and Council approved.
OPERATION OF EFFICIENCY UNIT – FEDERAL MINISTRY OF FINANCE
- The Ministry of Finance also made presentation to Council on the Operations of the Efficiency Unit located in the Federal Ministry.
- Council was informed that the Unit has been able to save the FG a whopping of N17 billion since it was established.
- Council appreciated the presentation and urged that States also should establish Efficiency Units in order to entrench systems that will improve efficiency, reduce cost and block leakages in line with the fiscal sustainability plan.
SOCIAL INVESTMENT PROGRAMME OF THE FG
- The Vice President updated Council on the progress of four of the Social Investment Programmes of the Administration, namely: N-Power, Conditional Cash Transfer, Homegrown School Feeding Programme and the Government Enterprise and Empowerment Programme (GEEP), for micro –credits.
- Council was also briefed about certain impediments and programme implementation delays noticed in the FG/States Government’s collaboration and resolved to end such obstacles to the successful implementation of the SIPs.
- Council therefore resolved to upgrade the States coordination units for the FG’s SIP to the Governor’s offices for better and more effective FG/State collaboration
UPDATE ON MENINGITIS
- Honourable Minister of Health made a presentation to Council on the update on the Meningitis Outbreak as follows:
- That there have been 9,646 suspected cases of Meningitis affecting 6 States in the country, namely Zamfara, Katsina, Sokoto, Niger, Kebbi and Kaduna
- As at April 25, 2017, about 767 deaths had occurred, representing 9% of the infected population
- About N46.7 billion is required to vaccinate the valuable population
- Council expressed grave concern over the ravaging effects of the meningitis epitome in parts of the country and directed the Federal Ministry of Health to intensify its intervention efforts to contain the embarrassing epidemic, while advocating for increased funding for Health.
- The Minister in his presentation called for the establishment of a National Health Emergency Fund to be domiciled in the Presidency under the supervision of NEC Chairman.
ARMED HERDSMEN/FARMERS CONFLICT
- The National Security Adviser (NSA) today briefed Council on the security situation in the country, particularly as it has to do with conflict between armed herdsmen and farmers, especially in Kaduna, Taraba and Benue States among others.
- He told Council that security agencies have commenced a nationwide crackdown on armed herdsmen, gun runners, cattle rustlers, militants, militias and others perpetrators of violence.
- Governors gave a robust response to the presentations, commending efforts of the FG so far in tackling the security challenges and advocated for more collaboration between the FG and States.
- Council resolved that there is need to have an extraordinary session dedicated to discussing security issues in the country as a means to deepening the issues and effectively addressing the menace.
More from Business
*Its a totally Nigerian product This Wireless Phone happens to be one great product from a Nigeria Company which is also …
Tantalisers Plc., Nigeria’s foremost fast food company and the only quoted QSR Company on the Nigeria Stock Exchange, has expressed …