By Gloria Ogbonna
Led by Vice President Kashim Shettima, the National Economic Council (NEC) initiated key committees addressing economic concerns, with a focus on crude oil theft, economic affairs, and the nation's financial stability.
Governor AbdulRahman AbdulRazak of Kwara State heads the Economic Matters committee, tasked with outlining strategies to manage petroleum subsidies, wage negotiations, exchange rates, fiscal consolidation, investment and growth, fiscal transparency, and food production emergencies for 2024.
The Crude Oil Theft and Management Committee, chaired by Governor Hope Uzodimma of Imo State, concentrates on safeguarding oil resources and involves multiple state representatives and federal authorities.
Vice President Shettima urged council members to prioritize governance over festive holidays, emphasizing the responsibility to alleviate burdens faced by Nigerians. He underscored the need for effective leadership, echoing President Bola Tinubu's belief in surmounting inherited challenges through visionary strategies.
VP Shettima stressed the urgency of citizens feeling the positive impacts of government reforms, particularly in fuel subsidy removal and forex unification, addressing global economic challenges like high inflation and increased living costs.
The Council also received updates on financial accounts, revealing figures for the Excess Crude Account, the Stabilization Account, and the Development of Natural Resources Account as of October 31, 2023, showcasing the country's financial standings.
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