The National Economic Council (NEC) has expressed its support for the planned distribution of grains and fertilizer to Nigerians by the Federal Government through the Central Bank of Nigeria. This initiative is aimed at mitigating the impact of the removal of petrol subsidy on citizens. The decision was reached during the 4th meeting of the Council, chaired by Vice President Kashim Shettima at the Presidential villa, Abuja, on July 20, 2023.
Anambra State Governor, Professor Chukwuma Soludo, presented the NEC Adhoc Committee’s report on cushioning the effect of petrol subsidy removal, which led to the decision. As part of the resolutions, the Council will vigorously pursue the mass deployment of CNG-powered vehicles and establish autogas conversion plants in all states in the short-term. Additionally, the deployment of electric buses and cars with charging infrastructure across the country is also planned.
Furthermore, the NEC will support enhanced engagements between State Governors and the leadership of labor unions to provide cost-of-living allowances to civil servants in both state and federal civil services. The Council also resolved to support the federal government’s efforts to scale up infrastructure, particularly focusing on fixing dilapidated highway roads nationwide.
During the meeting, updates on various financial accounts were provided, including the Excess Crude Account, Stabilization Account, Development of Natural Resources Fund, Monthly Statutory, Exchange Gain, Non-Oil Revenues, and Solid Mineral Development Fund.
The Federal Inland Revenue Service (FIRS) made a presentation on revenue outlook, highlighting major revenue reforms implemented between 2020 and 2023. The FIRS projects a revenue of N7.5 trillion for the second half of 2023 and N25 trillion for the year 2024. The Council commended the FIRS for its initiatives and reforms to boost revenue generation in the country.
The Director-General of the National Emergency Management Agency (NEMA), Mustapha Ahmed, presented on flood readiness and response, emphasizing the importance of disaster management and early warning measures. NEMA has organized disaster management courses and public sensitization campaigns to prepare for flood disasters and mitigate their effects.
Another presentation was made on the state of emergency declared on food and agriculture. The proposed strategies for achieving food and nutrition security include supporting smallholder farmers, strengthening agricultural extension services, improving pasture development for livestock, and promoting out-grower schemes for cropping maize and soybeans for livestock production.
The NEC noted the various agricultural interventions made to boost food production across the country and emphasized the need for collaboration among all tiers of government, the private sector, and the general public to address food insecurity effectively.
In conclusion, the National Economic Council’s meeting addressed critical issues related to the distribution of grains and fertilizer, infrastructure development, revenue generation, disaster management, and food security, with the aim of improving the well-being of Nigerians and addressing the challenges facing the nation.
