The National Economic Council ( NEC) has set up a lean committee of seven to work with the Presidential Task Force on COVID-19 on how to effectively and efficiently reopen the economy after the lockdowns and shutdowns across the country.
NEC also has resolved to ensure a more effective synergy between the Federal Government and the sub-nationals especially in matters related to the fallouts of the COVID-19 pandemic.
Chaired by Vice President Yemi Osinbajo, SAN, the Council, composed of all the 36 State Governors, the FCT Minister, Central Bank Governor and other top officials of the Federal Government.
According to a statement by presidential spokesman, Laolu Akande , the Committee to be led by Delta State Governor, Dr. Ifeanyi Okowa, also includes the Governors of Lagos, Kano, Bauchi, Anambra, Plateau, and the FCT Minister.
According to the Vice President, the Committee will ensure that there would be an even more effective collaboration and coordination between the Federal Government’s Presidential Task Force and the States of the Federation including the FCT.
Besides, NEC also resolved to cooperate with the Economic Sustainability Committee set up by the President and chaired by the Vice President in the development of a national Economic Sustainability Plan.
He said such a plan is expected to introduce a substantial stimulus package running into a couple trillion Naira, ensure that Nigeria as a country gets through the COVID-19 economic challenges and in fact chart a path of growth and development for the Nigerian economy by ensuring massive productivity in several sectors including agriculture, power, infrastructure, technology and several others.
He said “To this end the NEC resolved to hold a meeting next week with the ESC. The Council would be represented at the meeting by its earlier constituted Special COVID-19 Committee. This was resolved after the Finance Minister made a presentation at the NEC meeting regarding the ESC and related issues.
In her briefing , minister of finance , budget and National planning, Zainab Ahmed said her ministry reported to Council the funds theyhave in three special accounts.
She said “So, in the Excess Crude Account, we reported the balance at of 21st of May, 2020, the balance of US$72.04million.
“We also reported to Council that in the Stabilization Account we have as today a balance of N39.337billion.
“In the Natural Resource Development Fund Account, we have a balance as at today, N125.19billion.