The National Economic Council (NEC) has confirmed the appointment of six state governors to the Board of the Niger Delta Power Holding Company (NDPHC).
These governors, representing the six geopolitical zones, are from Borno, Katsina, Imo, Ekiti, Kwara, and Akwa Ibom States. NEC emphasized the critical role of NDPHC in the nation’s economic development while approving these nominations.
This was disclosed in a press statement at the end of the 142nd NEC meeting, chaired by Vice President Kashim Shettima, where several important updates and recommendations from various ad hoc committees were presented.
Other economic issues
The report from the Ad Hoc Committee on Flood, Erosion, Drought, and Desertification (Mitigation, Adaptation, Preparedness, and Response) was delivered by the Governor of Kogi State, Ahmed Usman Ododo.
The report recommended revitalizing State Emergency Management Agencies (SEMAs) and enhancing coordination between different government levels.
The Council resolved that the Vice President, Minister of Finance and Coordinating Minister of the Economy, Minister of Agriculture and Food Security, Minister of Water Resources and Sanitation, and Minister of Budget and Economic Planning should meet on Monday to strategize on funding sources to address the climate challenges facing the states.
The outcome of this meeting will be presented to the President on Tuesday.
Furthermore, the Council agreed to adopt the committee’s recommendations and allocate funds to states and relevant Ministries, Departments, and Agencies (MDAs) to tackle these issues.
The NEC Ad-Hoc Committee on Economic Affairs, presented by the Governor of Kwara State, Alhaji AbdulRahman AbdulRazaq, was tasked with aligning its mandate with the National Economic Management Team (NEMT) to develop robust solutions to the nation’s economic challenges. The committee is collaborating with states to address issues related to foreign exchange loan facilities and fuel pricing.
Crude oil theft
The Ad-Hoc Committee on Crude Oil Theft Prevention and Control, chaired by Imo State Governor Hope Uzodinma, presented key interim recommendations to improve security at oil and gas terminals and enhance regulatory oversight in the sector. Oyo State Governor Seyi Makinde was added to the committee as a subject matter expert, and the committee was directed to submit its final report within one month.
The Council also received updates on the discussions regarding the establishment of state police, urging states to expedite their submissions on the matter.
Vice President Shettima announced the presidential approval for the operationalization of the Presidential Food System Coordinating Unit, which is tasked with developing robust economic solutions for the country’s food system to bolster food security.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, provided updates on the nation’s financial standing.
The Excess Crude Account stands at $473,754.57, the Stabilization Account at N28.73 billion, and the Natural Resources fund at N53.89 billion.
