FG announces Economic Boost for the Nation

At the 142nd National Economic Council (NEC) meeting, chaired by Vice President Kashim Shettima, the Federal Government announced significant economic progress. The Excess Crude Account now stands at $473.75 million, while the stabilization account exceeds N28.7 billion, and the natural resources fund is over N53.89 billion, as disclosed by Finance Minister Wale Edun.
In a statement released by Mr. Stanley Nkwocha, Senior Special Assistant to the President on Media, the economic improvements were attributed to President Bola Tinubu’s financial prudence and transparency. Moreover, Vice President Shettima praised Tinubu’s leadership, emphasizing his role in enhancing Nigeria’s credit outlook, as rated by Fitch Ratings.
Furthermore, during the meeting, NEC ratified the appointment of six state governors to the Board of Niger Delta Power Holding Company (NDPHC), representing various geopolitical zones. The council also reviewed updates from several ad hoc committees, including those focused on flood management and economic affairs.
Key decisions included revitalizing State Emergency Management Agencies (SEMAs) and improving coordination between different levels of government to tackle climate challenges. Additionally, the NEC discussed strategies to address economic issues such as foreign exchange loans and fuel pricing.
In addition, the NEC received recommendations on improving security at oil terminals and advancing the establishment of state police. Vice President Shettima also announced the operationalization of the Presidential Food System Coordinating Unit to bolster food security and develop robust economic solutions for the nation’s food system.
Overall, the NEC meeting highlighted a comprehensive approach to addressing the nation’s economic challenges and advancing its development goals.