President Bola Tinubu today inaugurated the National Economic Council (NEC) at the Council Chamber of the Presidential Villa.

The council, chaired by Vice-President Kashim Shettima, consists of the 36 State Governors, the Minister of the Federal Capital Territory, the Attorney General of the Federation, the Governor of the Central Bank of Nigeria, and other government officials.

The NEC’s inaugural meeting, held at the Council Chamber in the Presidential Villa, follows the President’s directive to address the impact of petrol subsidy.

During the meeting, President Tinubu delivered a crucial message to the attending governors and NEC members, outlining his administration’s priorities and plans for economic growth.

The gathering featured state representatives, including Governors Abdulrahman Abdulrazaq of Kwara, Ademola Adeleke of Osun, Yahaya Bello of Kogi, Biodun Oyebanji of Ekiti, Abdullahi Sule of Nasarawa, Umo Eno of Akwa Ibom, Peter Mbah of Enugu, Bassey Otu of Cross River, Caleb Muftwang of Plateau, Nasir Idris of Kebbi, Aliyu Radda of Katsina, and Hycinth Alia of Benue.

Additional attendees included Governors Dauda Lawal of Zamfara, Dapo Abiodun of Ogun, Charles Soludo of Anambra, Mai Mala Buni of Yobe, Agbu Kefas of Taraba, Sheriff Oborevwori of Delta, Siminalayi Fubara of Rivers, Mohammed Bago of Niger, Ahmad Aliyu of Sokoto, Francis Nwifuru of Ebonyi, Uba Sani of Kaduna, Godwin Obaseki of Edo, Alex Otti of Abia, Douye Diri of Bayelsa, Abba Yusuf of Kano, Bala Mohammed of Bauchi, Seyi Makinde of Oyo, as well as Umar Kadafur, Deputy Governor of Borno, and Lucky Ayedatiwa, Deputy Governor of Ondo.

Prominent figures from various government sectors were also in attendance, including Secretary to the Government of the Federation George Akume, Chief of Staff Femi Gbajabiamila, Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Acting Accountant General of the Federation Oluwatoyin Madein, Acting Governor of the Central Bank Folashodun Shonubi, and Permanent Secretaries from Budget and National Planning, the Federal Capital Territory Administration, and the State House.

During his speech, President Tinubu called upon the Council to support his administration’s efforts in reviving the country’s economy. He stressed the magnitude of the task at hand but emphasised that failure was not an option, as he remained steadfast in delivering on his promises to the Nigerian people.

The President outlined eight priority areas requiring immediate attention and urged collective action to stimulate a robust economy that caters to the needs of the impoverished and vulnerable. These areas include security, job creation, agriculture, infrastructure, monetary policy, and fuel subsidy.

President Tinubu reaffirmed his commitment to addressing the challenges that hinder the progress and well-being of Nigerians. He expressed his determination to promote transparency, inclusivity, and good governance, with a specific focus on empowering women and youth. Furthermore, he emphasised the need to combat corruption and strengthen the effectiveness of anti-corruption agencies.

He said, “It is worthy of note that the monthly meeting of NEC chaired by Vice President Kashim Shettima has remained officially the economic platform for robust dialogue among the federal government, the 36 State Governors, the CBN, and other key stakeholders.

In my inaugural speech of May 29th, 2023, I expressed this administration’s commitment to improving the lives of Nigerians in a manner that not just reflects our humanity, but encourages compassion towards one another and duly rewards our collective efforts to resolve the social ills that seek to divide us.

“I also listed the principles that will guide our administration and it is as follows: to be impartial and govern according to the constitution and ensure the rule of law; to defend the nation from terror and all forms of criminality; to promote economic growth and development through job creation, food security and putting an end to poverty; to prominently feature women and youths in all our activities; to take proactive steps such as championing a credit culture and; to discourage corruption while strengthening the effectiveness and efficiency of various anti-corruption agencies,’’ the President said.

“It is evident that the task of growing our economy is enormous but you and I asked for it. We campaigned for it, we even danced for it, we begged for it, so we have no reason to complain. We must harness the growth potential of Nigeria and bring about serious development that will take us from ‘a potential nation’ to a pragmatic economic development in a rapid manner,’’ he noted.

The President acknowledged the NEC’s vital role as the primary platform for extensive dialogue between the federal government, state governors, the Central Bank of Nigeria, and other key stakeholders. He called for robust discussions and innovative ideas that would improve the livelihoods of Nigerians, particularly in combating poverty.

President Tinubu highlighted the necessity of collaboration among all levels of government, including local government councils, to ensure comprehensive policy ownership and inclusiveness.

He reiterated his administration’s commitment to sustainable initiatives and programs that promote economic rejuvenation without causing inflation.

The NEC, established by the Nigerian constitution, meets monthly and advises the President on economic affairs, providing coordination for the economic planning efforts of the various governments of the federation.