NEC approves board members for NDPHC

The National Economic Council (NEC) has ratified the nomination of six state governors as members of the Board of Niger Delta Power Holding Company (NDPHC).

The governors, representing the six geopolitical zones, are from Borno, Katsina, Imo, Ekiti, Kwara, and Akwa Ibom states.

The NEC stressed the importance of NDPHC to the country’s economic development in approving these nominations.

The 142nd NEC meeting presided over by its chairman, Vice President Kashim Shettima, saw the presentation of key updates and recommendations from various ad hoc committees.

Notable among them was the Ad Hoc Committee on Flood, Erosion, Drought and Desertification (Mitigation, Adaptation, Preparedness and Response), presented by the Governor of Kogi state, Ahmed Usman Ododo, which called for the revitalization of State Emergency Management Agencies (SEMAs) and improved coordination between different levels of government.

The council also resolved that the Vice President, Minister of Finance and Coordinating Minister of the Economy, the Minister of Agriculture and Food Security, Minister of Water Resources and Sanitation, and the Minister of Budget and Economic Planning meet on Monday to strategize on funding sources to mitigate the climate challenges facing the states.

The outcome of the meeting will be presented to the President on Tuesday.

The ouncil also resolved to adopt the recommendations of the committee’s report on implementation and provision of funds to states and relevant MDAs to address the problems.

On Update from NEC Ad-Hoc Committee on Economic Affairs presented by Governor of Kwara state, Alhaji AbdulRahman AbdulRazaq, the council resolved that the committee aligns its mandate with the National Economic Management Team [NEMT] to come up with robust solutions to the nation’s economic challenges.

The committee is working closely with states to address challenges related to foreign exchange loan facilities and fuel pricing.

The Ad-Hoc Committee on Crude Oil Theft Prevention and Control, chaired by Imo State Governor, Hope Uzodinma, presented key recommendations as part of interim measures to improve security at oil and gas terminals and enhance regulatory oversight in the sector.

Governor Seyi Makinde of Oyo state was co-opted into the committee as a subject matter expert, just as the committee was mandated to submit its final report to council within one month.

The council also received an update on the ongoing discussions regarding the establishment of state police, urging states to expedite their submissions on the matter.

In a move to bolster food security, Vice President Shettima announced the presidential approval for operationalising the Presidential Food System Coordinating Unit, tasked with developing robust economic solutions for the country’s food system.

The council also received updates on the nation’s financial standing by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, with the Excess Crude Account reported at $473,754.57, the Stabilization Account at ₦28,738,722,369.83, and the Natural Resources fund at ₦53,891,102,650.71.

Earlier in his opening remarks, Vice President Shettima linked the boost in Nigeria’s economic outlook to the financial prudence and transparency framework adopted by President Bola Ahmed Tinubu.

“At the helm of the nation’s affairs is a leader who always reminds us of the necessity of making the right calls to deliver on our promises to the nation.

“Again, we highlighted Nigeria’s improved credit outlook by Fitch Ratings, owing to Mr. President’s transparency and effective financial management to further the nation’s economic progress.

“Today, as we prepare for the agenda of the day, I am excited by the presence of His Excellency, President Bola Ahmed Tinubu, a reservoir of ideas, a visionary extraordinaire, as he guides us towards finding a common ground.

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