Verification to ensure that benefiting State Governments comply with mutually agreed Fiscal Sustainability Plan prescribed by NEC has started.

As the Federal Government continues its monthly Budget Support Facility to the States, a verification process to ensure that benefiting State governments comply with the mutually agreed Fiscal Sustainability Plan prescribed by the National Economic Council, NEC, has started.

This disclosure emerged at the first NEC meeting this year, presided over by Vice President Yemi Osinbajo, SAN. NEC is composed by all the 36 State Governors, the FCT Minister and the Central Bank Governor.

According to the Finance Minister, Mrs. Kemi Adeosun, who briefed the Council today, eight accounting firms have been appointed and have already begun the audit process.

Below are highlights of the NEC meeting:

NEC (1ST in 2017) 74TH NEC MEETING – THURSDAY, 16TH FEBRUARY, 2016

A.     INAUGURATION OF THE NATIONAL ROAD SAFETY ADVISORY COUNCIL BY HIS EXCELLENCY ACTING  PRESIDENT

•Budget and National Planning Minister made a presentation to the Council on the National Road Safety Strategy (NRSS) 2014 – 2018 document before the inauguration.

•He said the NRSS document was approved by FEC and has provided for the establishment of the Advisory Council, as a demonstration of Government’s commitment to address the challenges of road safety in the country in line with UN Agenda to reduce road accident related deaths.

•Members of the 24-man Advisory Council include the following:

•Six Governors representing each geopolitical zone as follows:

•South-West            -       Governor of Lagos State

•South-East             -      Governor of Anambra State

•South-South           -       Governor of Delta State

•North-West            -       Governor of Kaduna

•North East             -       Governor of Gombe

•North-Central         -       Governor of Kwara State

Others include:

•Honourable Minister of Transport

•Honourable Minister of Power, Works and Housing

•Honourable Minister of Education

•Honourable Minister of Health

•Honourable Minister of Environment

•Honourable Minister of Finance

•Honourable Minister of Justice

•Honourable Minister of Labour and Productivity 

•Honourable Minister of Interior

•Honourable Minister FCT

•Honourable Minister of Information and Culture

•Honourable Minister of Budget and National Planning

•National Security Adviser (NSA)

•Secretary to the Government of the Federation (SGF)

•President NACCIMA

•President Nigeria Society of Engineering (NSE)

•FRSC Corp Marshall

B.     PRESENTATION BY MINISTER OF AGRICULTURE

•Council was informed of the massive wheat production in the States of Jigawa, Kano, Kebbi and Zamfara among others.

•The States however appealed to the Federal Government to make plans for the purchase of excess wheat to ensure price stability and sustainable production.

•Council agreed to discuss and make adequate buy-back arrangements in order to support price stability.

C.     REPORT ON EXCESS CRUDE PROCEEDS BY THE FINANCE MINISTER

•Minister of Finance reported to the Council that the balance in Excess Crude Account (ECA) stood at USD 2,458,382,844.03 as at February 15, 2017

D.     UPDATE ON BUDGET SUPPORT LOAN FACILITY

•Minister of Finance also reported that Eight Accounting Firms have been appointed to start the verification process of the monthly Budget Support Loan Facility to States, based on the approved Fiscal Sustainability Plan of NEC.

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