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We have to go through Buhari to get briefing from new economic council, Osinbajo to NEC

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By Toby Prince

Vice-President Yemi Osinbajo has told the national economic council that they will have to send a request through the president to get a briefing from the newly appointed economic advisory council (EAC).

Osinbajo made this statement on Thursday in response to a request for clarification by members of the national economic council regarding their relationship with the newly appointed council.

A statement by Laolu Akande, Osinbajo’s senior special assistant on media & publicity, quoted the vice president as saying both councils are for the benefit of the president.

“If NEC wants to be briefed regularly by the Economic Advisory Council, EAC, we will request the President to do that,” he said.

Clem Agba, the minister of state for budget and national planning, gave the balance of the federation accounts as at September 17 as:

  • Excess crude account: $274,583,856
  • Stabilization account: N23,796,349,487.76
  • Development natural resource account fund: N105,135,613,817

Agba also said state governments are expected to start servicing their budget support loans from September 2019 and the repayment will be done over 240 months.

“Council resolved that Governors should meet with the Ministry of Finance and Central Bank of Nigeria to sort out the details of repayment modalities and the Vice President will ensure same and ensure the meeting between the Governors, CBN and Finance Ministry in order to facilitate the speedy resolution of the matter,” the statement read.

The national economic council is made up of the 36 state governors and the governor of Central Bank of Nigeria (CBN).

The NEC is empowered by section 18 of the 1999 constitution to advise the president on the necessary measures for coordinating the economic planning efforts and economic programmes of the various governments of the federation.

The president, on Monday, disbanded the economic management team headed by the vice president and appointed an economic advisory council in its stead.

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Support our journalism with a contribution of any size

Nigeria's media space is swamped with falsehood, deceit and delusion. Just a handful abides by the truth. TheNigerian is one of the unique platforms helping to shape the global narrative about Nigeria and her citizens across the world. It's quite costly to maintain this brand of journalism, however.

Readers from around the world, like you, make TheNigerian's work possible. We need your support to deliver quality, investigative journalism – and to keep it open for everyone. At a time when factual, honest reporting is critical, your support is essential in protecting our editorial independence. Every contribution, however big or small, is so valuable for our future.

Our brand of professional citizens' journalism requires a contribution from members of the public, patronage and sponsorship to thrive. We rely on this financial support to be able to carry out our numerous obligations of training, running cost, production, printing and general services. We also embark on Corporate Social Responsibilities through educational programs on our TV, newspaper and blogs.

Make a token donation to support us:
Account Name: Patriot and Sage Digital Communication Ltd
Account No: 1015619537
Bank Name: Zenith Bank

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