Friday, July 19, 2024

FG announces boost in nation’s economy with ECA at $473.75 million, stabilisation account N28 billion

The government reported significant boosts in the nation’s economy, with the Excess Crude Account at $473.75 million and the Stabilisation Account at over N28.7 billion.

• June 28, 2024
Vice-President Kashim Shettima
Vice-President Kashim Shettima

The federal government has reported significant boosts in the nation’s economy, with the Excess Crude Account at $473.75 million and the Stabilisation Account at over N28.7 billion.

The government also said the nation’s Natural Resources fund stood at over N53.89 billion.

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

NEC ratified the nomination of six state governors as members of the Board of Niger Delta Power Holding Company (NDPHC).

The statement said the governors, representing the six geopolitical zones, were from Borno, Katsina, Imo, Ekiti, Kwara, and Akwa Ibom.

It said the NEC noted the importance of NDPHC to the country’s economic development in approving the nominations.

According to the statement, 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 Governor Ahmed Ododo.

The flood committee called for revitalising State Emergency Management Agencies (SEMAs) and improving coordination between different levels of government.

The council also resolved that the vice president and ministers of finance, agriculture, and economy would meet on Monday to strategise on funding sources to mitigate the climate challenges facing the states.

The meeting’s outcome will be presented to the President on Tuesday.

The council also adopted the committee’s report recommendations on implementing and providing funds to states and relevant MDAs to address the problems.

The statement added that Governor AbdulRahman AbdulRazaq presented an update from NEC’s ad hoc committee on economic affairs.

The council resolved that the committee should align its mandate with the national economic management team to develop robust solutions to the nation’s economic challenges.

According to the statement, the committee is working closely with states to address challenges related to foreign exchange loan facilities and fuel pricing.

The ad hoc committee on crude oil theft prevention and control, chaired by Governor Hope Uzodimma, presented key recommendations as part of interim measures to improve security at oil and gas terminals and enhance regulatory oversight in the sector.

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.

In a related development, the council received an update on the ongoing discussions regarding establishing state police, urging states to expedite their submissions on the matter.

To bolster food security, the vice-president announced the presidential approval for operationalising the presidential food system coordinating unit.

The unit is responsible for developing robust economic solutions for the country’s food system.



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