Nigeria’s Excess Crude Account (ECA) has been put at $473,754.57, the Stabilisation Account at N28,738,722,369.83, and the Natural Resources Fund at N53,891,102,650.71.
The minister of finance and coordinating minister of the economy, Wale Edun, presented this to the National Economic Council (NEC) yesterday.
The ECA is the government fiscal account created to save revenues generated from oil sales exceeding the budgetary benchmark price.
At the meeting, NEC 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. NEC, in approving these nominations, noted the importance of NDPHC to the country’s economic development.
The 142nd NEC meeting was presided over by its chairman, Vice President Kashim Shettima, who presented 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 revitalisation of State Emergency Management Agencies (SEMAs) and improved coordination between different levels of government.
