VP Osinbajo Presides Over National Economic Council Meeting

Barely 24 hours after the Federal Executive Council another major executive meeting; the National Economic Council (NEC) meeting, has been summoned by the Presidency.

The meeting, presided over by Vice President Yemi Osinbajo, has most of the governors in attendance.

The meeting which ended at about 4:50PM, discussed the lingering fuel scarcity and the need for state authorities to pay salaries.

Also discussed were strategies to boost Nigeria’s reserves in the Excess Crude Account and then the power challenges in the country.

At the Federal Executive Council meeting held on Wednesday, short-term and long-term plans were made to revamp the nation’s refineries before the end of 2017 and also put an end to importation of petrol by 2019.

The FEC also said that petrol supply would be available before the end of May, with Port Harcourt and Kaduna Refineries supporting supplies.

It is expected that the ongoing National Economic Council meeting would be discussing ways to implement the plans by the Federal Executive Council.

The National Economic Council (NEC) held its retreat in March this year.

The retreat, according to the Vice President, was to provide a forum for in-depth discussions by NEC members of the policy actions that the states and the Federal Government could consider in order to stimulate local production, cut costs and enhance public revenues among other measures to stimulate the economy.

The NEC is made up of the 36 state governors, the Governor of the Central Bank of Nigeria and other co-opted members.

The NEC is chaired by the Vice President, Yemi Osinbajo.

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