FG, states partner on economic stability plan

MEMBERS of the National Economic Council rose from their first virtual meeting today with a resolution to ensure a more effective synergy between the Federal Government and the sub-nationals especially in matters related to the fallouts of the COVID-19 pandemic, including how to effectively and efficiently reopen the Nigerian economy after the lockdowns and shutdowns across the country.

  Chaired by Vice President Yemi Osinbajo, the Council which is composed of all the 36 State Governors, the FCT Minister, Central Bank Governor and other top officials of the Federal Government, specifically decided today to set up a lean committee of seven to work with the Presidential Task Force on COVID-19. The Committee to be led by Delta State Governor, Dr. Ifeanyi Okowa, also includes the Governors of Lagos, Kano, Bauchi, Anambra, Plateau, and the FCT Minister.

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According to the Vice President, the Committee will ensure that there would be an even more effective collaboration and coordination between the Federal Government’s Presidential Task Force and the States of the Federation including the FCT.

Besides, NEC also resolved to cooperate with the Economic Sustainability Committee set up by the President and chaired by the Vice President in the development of a national Economic Sustainability Plan.

Such a plan is expected to introduce a substantial stimulus package running into a couple trillion Naira, ensure that Nigeria as a country gets through the COVID-19 economic challenges and in fact chart a path of growth and development for the Nigerian economy by ensuring massive productivity in several sectors including agriculture, power, infrastructure, technology and several others.

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To this end the NEC resolved to hold a meeting next week with the ESC. The Council would be represented at the meeting by its earlier constituted Special COVID-19 Committee. This was resolved after the Finance Minister made a presentation at the NEC meeting regarding the ESC and related issues.

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