NEC receives update on federation accounts | Premium Times Nigeria


The National Economic Council (NEC) has received an update on the federation accounts from the Minister of Finance Budget and National Planning, Zainab Ahmed.

The update was presented on Thursday at a virtual NEC meeting presided by Vice President Yemi Osinbajo and anchored from the Presidential Villa, Abuja.

Governor Babajide Sanwo-Olu of Lagos State briefed State House correspondents after the meeting.

“At today’s NEC meeting which was chaired by the vice president, I have the briefing that was presented by the Minister of Finance, Budget and National Planning.

“So, they gave us a balance on the Excess Crude Account (ECA) and the balance as at May 18 stood at $72.4 million and on the Stabilisation Account it is N24.7 billion as at May 18.

“Finally on the Development of Natural Resources, the balance as at May 20 stands at N23.7 billion.

“Those are the figures that the Minister of Finance, Budget and National Planning gave at the council today,’’ he said.

The governor added that the council also received a comprehensive presentation from the board of Nigeria Sovereign Investment Authority (NSIA).

He said NEC approved NSIA’s report and financial statement, and commended the performance and the sterling contributions of the board members to the growth of Nigeria’s sovereign wealth.

Mr Osinbajo presided over a virtual meeting of the NEC at the Presidential Villa, Abuja.

Constitutionally, the vice president is the chairman of NEC.

The council meeting is held monthly to deliberate on the coordination of the economic planning efforts and economic programmes of the various levels of government.

NEC comprises the 36 state governors, the governor of Central Bank of Nigeria, minister of finance, secretary to the government of the federation and other government officials whose duties hinge on the economy.

At the last meeting on April 22, the council dismissed claims that money was printed to support March allocation to states.

(NAN)

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