Nigeria Records $473mn in Excess Crude Account
The Federal Government has reported significant boosts in the nation’s economy with the Excess Crude Account standing at 473.75 million dollars and Stabilisation Account at over N28.7 billion. The Government also said that 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 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 said the vice president linked the boost in Nigeria’s economic outlook to the financial prudence and transparency framework adopted by President Bola Tinubu.
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, a visionary extraordinaire, as he guides us towards finding a 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 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 the Gov. Ahmed Ododo of Kogi. He said the flood committee called for the revitalisation 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 strategise 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, Similarly, adopted the recommendations of the committee’s report on implementation and provision of funds to states and relevant MDAs to address the problems.
He added that Update from NEC Ad-Hoc Committee on Economic Affairs was presented by Gov. AbdulRahman 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 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 the 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 Money Market Rates Rise as NTB Outflow Drags Liquidity
