21 Jan Highlights of National Economic Council Meeting
The National Economic Council (NEC) at its first meeting in 2022, chaired by Vice-president Yemi Osinbajo yesterday said the decision on the removal of the subsidy on petroleum will be made in June when the provision for its payment in the 2022 budget expires.
Noting that the Federal Government is spending about N2 trillion on petroleum subsidy, an amount that could have been used for other purposes, the NEC wondered whether that should be allowed to continue in a situation where he observed only two-thirds of the states of the federation consume the subsidy.
* Among other discussions during the 122nd physical meeting of the Council, the NEC declared support for the second iteration of the Subnational Ease of Doing Business Report which is to be launched in the second quarter of 2022.
* Council also received an update on the State Performance Report on Disease Outbreaks in Nigeria by the Director-General of the Nigerian Centre for Disease Control (NCDC), Dr Ifedayo Adetifa. Council was informed that as of 19th January 2022, a total of 251,341 cases of COVID-19 were tested while 23,939 active cases were recorded and 224,939 discharged.
* The Honorable Minister of State For Budget And National Planning, Clem Agba updated the Council on the following accounts:
Excess Crude Account (ECA) Balance as at 17th January, 2022 stands at $35,868,086.40; Stabilization Account Balance as of 17th January, 2022 was N30, 685, 611, 413.79; while the balance of the Development of Natural Resources Account as at 17th January, 2022 was N42, 820,382,381.40.
* Agba also briefed the Council about the need for NEC Support the Official Development Assistance [ODA] Policy for Nigeria. The Governors’ Forum was to take a closer look at the policy document and make sufficient input
* The Chairman of the National Population Commission, Nasir Isa Kwarra made a presentation on investing in adolescent girls to accelerate the demographic transition in Nigeria.
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