How NEC, newly formed Economic Advisory Council would work, by Osinbajo

In response to a request for clarification by governors of the 36 states of the federation and members of the National Economic Council (NEC) regarding NEC’s relationship with the newly formed Economic Advisory Council (EAC), Vice President Yemi Osinbajo, said Thursday the two councils are for the benefit of President Muhammadu Buhari.


Osinbajo said this at the 97th NEC meeting at the Council Chambers of the Presidential Villa in Abuja.
“If NEC wants to be briefed regularly by the Economic Advisory Council. we will request the president to do that,” he said.
The vice president said interaction between National Economic Council which he chairs and the Economic Advisory Council headed by Professor Doyin Salami would promote synergy for the growth of the country’s economy.


At the council meeting, NEC Committee on the crisis between farmers and herdsmen presented a National Livestock Transformation Plan 2019 to 2028.

The committee said the plan has six pillars namely conflict resolution, justice and peace, humanitarian relief and early recovery, human capital development, and cross cutting issues, economic development. 
The Minister of State for Budget and National Planning reported to council that the balances in the Excess Crude Account, Stabilization Account, and Development and Natural Resources Account stand at $274,583,856.78, N23,796, 349,487.76 and N105,135,613, 817.27 respectively.


The minister also briefed the council state governments are expected to start servicing the budget support loan they obtained from the federal government from September 2019 and repayment is over a period 240 months.
The council resolved that governors should meet with the Federal Ministry of Finance and the Central Bank of Nigeria to sort out the details of repayment modalities.
The council also resolved that the vice president should work on the meeting between the governors, CBN and the Ministry of Finance in order to facilitate the speedy resolution of the matter.

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