The National Economic Council, NEC held its monthly meeting on Thursday, presided over by the Chairman of the Council, the Vice President Yemi Osinbajo, SAN.
Senior Special Assistant-Media & Publicity in the Office of the Vice President, Laolu Akande confirmed that besides other key highlights, the Council approved a Fiscal Sustainability Plan which is aimed at helping the states of the federation navigate the current economic conditions including a massive drop in Federation Account allocation funds.
NEC which is composed of all 36 State Governors and the CBN Governor, meets monthly.
HIGHLIGHTS
A. REPORT ON EXCESS CRUDE PROCEEDS
Honourable Minister of Finance (HMF) reported to the Council that the balance in the ECA stood at (USD 2,259,688,878.06 billion) as at 30th April, 2016. She disclosed that interest accrued on the account is USD 429,903.55 for the month of April 2016 experiencing a little drop in interest.
