The National Economic Council, led by Vice President Kashim Shettima, established committees on economic affairs and crude oil theft and management, appointing Kwara State Governor AbdulRahman AbdulRazak and Imo State Governor Hope Uzodimma as chairs, respectively.
The move followed deliberations on economic matters and strategies during the 138th virtual NEC meeting.
The Economic Matters committee, chaired by Governor AbdulRazak, is tasked with creating a roadmap for addressing petroleum subsidy, wage negotiations, exchange rates, fiscal consolidation, liquidity management, inflation, medium-term investment, growth, fiscal transparency, accountability, and a state of emergency on food production for 2024.
The Crude Oil Theft and Management Committee, chaired by Governor Uzodimma, was reconstituted with members from various regions and government officials.
The VP urged members to prioritize governance over vacation during the yuletide, emphasizing the responsibility they bear.
He highlighted the importance of citizens feeling the positive impact of government reforms, including fuel subsidy removal and forex unification, addressing global challenges like high inflation and the cost of living.
The Council also received updates on account balances as of October 31, 2023, with the Excess Crude Account at $473,754.57, the Stabilization Account at N32.06bn, and the Development of Natural Resources Account at N156.77bn.
