The National Economic Council (NEC) has resolved to deepen engagement with stakeholders to boost non-oil revenues in line with the economic blueprint of the administration of President Bola Ahmed Tinubu.
Chairman of the Council, Vice President Kashim Shettima, called for an accelerated transition from oil to a non-oil economy through competitive manufacturing, export diversification and private sector investment.
According to a statement by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, the Council also approved the constitution of a committee on the implementation of the President’s directive on the actualisation of legacy projects.
The committee is to be chaired by the Governor of Cross River State, with one Governor from each sub-region as members: North West (Sokoto), North East (Gombe), North Central (Niger), South East (Abia) and South West (Lagos).
The Permanent Secretary of the Ministry of Budget and Economic Planning, Deborah Odoh, will serve as secretary to the committee, while the Ministers of Works and Transportation will also be members.
NEC’s decisions were taken on Thursday during its 156th meeting and first of the year, held virtually, following a presentation on the economic priorities for 2026 by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The presentation highlighted key reforms implemented by the Tinubu administration, including targeted programmes that have removed distortions in the system, stabilised the economy and placed Nigeria on the path of sustained recovery and prosperity.
It also reflected the country’s current global recognition, which is reinforcing investor confidence in an economy projected to grow at 4.68 per cent in 2026.
According to the minister, key priorities include maintaining Nigeria’s economic competitiveness through sound governance, improving the availability and affordability of food, ensuring human capital development with improved social protection, and the timely payment of debt service, salaries and pensions.
In its resolution, NEC noted and commended the Federal Government’s plans to unlock rapid and sustained job-rich growth, high-quality jobs and entrepreneurship opportunities.
The Council also resolved to dedicate a special session to address salient issues in the country’s food security efforts, particularly those affecting agricultural productivity.
In his opening remarks, Vice President Shettima observed that while “global powers assert their interests with renewed confidence, commodity markets will remain volatile,” with oil prices, exchange rates and capital flows continuing to frustrate national policies.
He noted that the current economic reality has reinforced the urgency of fiscal risk management and the need to reduce Nigeria’s economic and revenue exposure to oil.
According to him, the non-oil economy has emerged as the backbone of Nigeria’s growth story, accounting for about 96 per cent of the country’s GDP and expanding at about four per cent.
“Services, agriculture, and other non-oil sectors are increasingly carrying the weight of the economy. More importantly, non-oil revenues now contribute nearly three-quarters of total government collections.
“This marks a significant, if gradual, departure from our historic dependence on volatile oil receipts. The task before us is to deepen this transition through competitive manufacturing, export diversification, and private sector investment,” he said.
The Vice President, who chairs NEC, acknowledged that although it was the Council’s first meeting for 2026, the consequences of the choices made in the previous year demand coherence, courage and consistency in the new year.
“This moment in our journey calls for neither triumphalism nor despair. What it calls for is perspective. The Nigerian economy has travelled a difficult road over the past year, but it has not travelled it without progress,” he pointed out.
Noting that the economy recorded significant growth in 2025, Senator Shettima attributed the performance to the visionary leadership of President Tinubu.
“In 2025, our economy expanded by 3.9 per cent, the fastest rate of growth in over a decade. Quarter by quarter, this momentum was evident: growth strengthened from 3.13 per cent in the first quarter to 4.23 per cent in the second, before settling at 3.98 per cent in the third.
“This is the outcome of hard decisions taken in difficult circumstances, and this is not a surprise with a visionary like His Excellency, President Bola Ahmed Tinubu, leading the charge,” he said.
He cautioned, however, that acceleration of growth must not be confused with adequacy, stressing that “a growth rate of 3.9 per cent, while encouraging, is not sufficient to decisively reduce poverty, generate jobs at the scale our population demands, or lift per capita incomes in a way that ordinary Nigerians can feel.
“With population growth at about 2.6 per cent annually, this rate of expansion leaves us with little room to absorb inflationary pressures or external shocks. Our ambition, therefore, must be higher,” he added.
As part of other deliberations, the Accountant-General of the Federation briefed the Council on account balances as at January 14, 2026, showing the Excess Crude Account at $535,823.39, the Stabilisation Account at ₦64.65 billion and the Natural Resources Account at ₦97.37 billion.
Council was also briefed on the implementation of President Tinubu’s directives on the Lagos-Calabar and Sokoto-Badagry Super Highways.
It was recalled that the President addressed NEC at its 150th meeting on July 31, 2025, underscoring the need to properly manage setbacks along the corridors to create investments and economic activities.
The NEC Secretariat, interfacing with the Office of the Secretary to the Government of the Federation, was informed that the process had commenced and is being overseen by the SGF’s office, while the Office of the Surveyor-General of the Federation has been moved to the Presidency in compliance with the directive.
On the new World Bank-Nigeria Country Partnership Framework, the World Bank Group outlined its support for Nigeria’s development goals, emphasising a shift to national programmes implemented at the state level and result-based financing to achieve impact at scale.
The presentation highlighted the “First 2,000 days” agenda, focusing on early childhood development, stunting reduction and human capital investment, and set out actions for 2026, including the development of a national, state-driven Early Years programme and alignment of budgets with emerging priorities.
Council lauded the proposed framework and resolved to work closely with the World Bank in implementing President Tinubu’s Renewed Hope Agenda, committing institutional support to the initiative.
An update on Nigeria’s tax reform laws was also presented by the Presidential Fiscal Policy and Tax Reforms Committee, outlining efforts to address inequity, fix a fragmented and regressive tax system, and promote shared prosperity.
Council directed the committee to prepare a comprehensive brief for NEC’s conference in February to prepare sub-national governments for robust implementation and resolved to deepen engagement on the new tax regime.
