The Nation Newspaper

Tag: NEC

  • NEC approves rehabilitation of prisons by states

    NEC approves rehabilitation of prisons by states

    The National Economic Council (NEC) on Thursday resolved that state government with the financial capacity can rehabilitate prisons and provide necessary facilities towards reducing prison decongestion across the country.

    The decision was reached during the 78th session presided over by Acting President Yemi Osinbajo at the Presidential Villa, Abuja.

    The Council had expressed worries over the appalling conditions of structures and logistics in the nation’s prisons after a presentation by the Minister of Interior, Abdulraman Danbazzu and the Comptroller General of Prisons.

    Briefing State House correspondents at the end of the meeting, Ebonyi State Governor, Dave Umahi, said the governors were unanimous on the need to rehabilitate prisons in the country.

    He said: “The situation they painted was quite pathetic. I visited the prisons in my state for the first time recently and what l saw was terrible. So, it was agreed that governors should on their own develop initiatives to manage the prisons. For instance, some have transferred prisons from urban centres.

    “NEC agreed that governors should support the federal government on prison matters. States that have the capacity to build prisons should go ahead and do so, including the involvement of private sector participation.

    “The minister said 70 per cent of inmates are awaiting trial. Some of them can be converted to labour use. 10 per cent of them are condemned, meaning 20 per cent are true prisoners. Some of the prisoners should be engaged in agricultural programme.

    “Governors should do a number of things to decongest prisons. Chief judges of states should frequently visit prisons. Governors should either sign death sentences of those condemned or commit them because it is risky leaving them after their trial had been concluded. NEC resolved that there should be emergency situations on prisons.”

    Also speaking, Gombe State Governor, Ibrahim Dankwambo, gave an update on the Excess Crude Account (ECA) put at $2.3billion as well as Stabilization, Natural Resources Development and Ecological Funds.

    He said that Council also approved extension of budget support to states due to the economic recession.

    He said: “Council was briefed on budget support to states because of dwindling revenue and budget implementation. The programme was meant for a year but because of recession, acting president said the facility should continue pending when other claims of states and local governments would be settled.”

    The Budget Support Loan Facility is an initiative of the Buhari administration to help states boost their funding in the light of the dwindling Federal Accounts Allocation Committee (FAAC) allocations.

     

     

  • APC postpones NEC meeting

    APC postpones NEC meeting

    The All Progressives Congress (APC) yesterday postponed indefinitely, a meeting of its national caucus and National Executive Committee meeting scheduled for Monday, April 24 and Tuesday, April 25, increasing speculations that all may not be well with the party and its leadership.

    Also, a meeting of the National Working Committee of APC and its Progressives Governors Forum failed to hold yesterday.

    No reason was given for the postponement of the two meetings, which were called to address the crisis in the party.

    A statement by the National Publicity Secretary, Mallam Bolaji Abdullahi simply said: “The National Caucus and National Executive Committee (NEC) meetings of the All Progressives Congress (APC), scheduled for April 24 and 25, 2017, respectively have been postponed. The postponement is due to unexpected developments. New dates for the meetings will be communicated in due course.”

    Letters of invitations to members of the national caucus and National Executive Council meeting were despatched before the cancellations.

    Chairman of Northern Governors Forum and Borno State governor had, on Wednesday, announced the cancellation of a scheduled meeting of its governors to enable them attend the APC meeting.

    Before the postponement, there had been speculations whether  President Muhammadu Buhari would want the meeting to hold without his presence, following pressure on the leadership to vacate office.

    Although the Presidency had denied that Wednesday’s Federal Executive Council  (FEC) meeting did not hold because of the President’s health, sources said the party’s NEC and caucus meetings might also have beeen cancelled for the same reason FEC could not hold.

    The Nation gathered some top members of the party NEC had been mobilising their colleagues to pass a vote of no-confidence in the Chief John Odigie-Oyegun-led National Working Committee, who they accused of mismanaging the party.

    Also, no reason was given for the cancellation of the meeting of the governors, but unofficial sources claimed the President may have asked the governors not to attend the meeting.

    Bauchi State Governor Mohammed Abubakar told reporters in Bauchi that the national chairman called to inf, which was supposed to hold on Thursday at the party secretariat.

    Earlier in the month, the party had cancelled its mid-term non-elective national convention because of lack of resources, and said a new date would be announced after the NEC meeting.

  • NEC reconstitutes NSIA board

    NEC reconstitutes NSIA board

    The National Economic Council (NEC) has announced the reconstitution of the Board of Directors of the Nigeria Sovereign Investment Authority (NSIA). The board reconstitution has restored the number of board members to nine directors, three of whom are Executive Directors (EDs).

    The list of nominees was adopted by the council members after the proposed board was tabled before the Council by the Minister of Finance, Mrs. Kemi Adeosun during the Governing Council Meeting held on 16th February 2017at the NEC meeting.

    Subsequently, the list of nominees, which covers all six geo-political zones  was forwarded to and approved by President Muhammdu Buhari.

    Joining the three Executive Directors of the Board are: Olajide Zeitlin (South West) – Chairman; Bello Maccido (North West); Ms. Lois Laraba Machunga-Disu (North Central); Urum Kalu Eke, (South East); Mrs. Halima Buba (North-East) and Asue Ighodalo (South-South).

    The Executive Directors are Uche Orji Chief Executive Officer/ Managing Director; Mrs. Stella Ojekwe Onyejeli, Executive Director/ Chief Risk Officer and Hanspeter Ackerman, Executive Director/ Chief Investment Officer.

    Speaking on the nominations, Mrs. Adeosun said “All six of the newly appointed Board members embody the spirit of the NSIA’s establishment Act and bring talent, expertise and professionalism to the table. The country is fortunate to have them serve in various capacities on the Board of the NSIA”.

    Olajide Zeitlin, the new Chairman, is a private investor with interests in Africa and the United States. He formerly served as a Partner at Goldman, Sachs & Co., where he held a number of senior management positions, including that of Global Chief Operating Officer of their investment bank.

  • Buhari, governors meet in Aso Rock

    Buhari, governors meet in Aso Rock

    President Muhammadu Buhari on Thursday attended an expanded National Economic Council (NEC) meeting in order to meet with the 36 state governors.

    The meeting is normally chaired by Vice President Yemi Osinbajo.

    Before taking his seat in the Council Chamber, Buhari had gone round the hall for handshake with the governors.

    Osinbajo had said that the NEC had been abridged in order to receive the President.

    He then called on the Chairman of the Nigeria Governors’ Forum, Abdulaziz Yari of Zamfara State, to speak on behalf of the governors.

    Journalists were asked to leave the hall when Yari began his speech.

    He was heard thanking the President for his support to the governors.

  • Osinbajo chairs NEC meeting in Aso Rock

    Osinbajo chairs NEC meeting in Aso Rock

    Vice President Yemi Osinbajo on Thursday presided over the National Economic Council (NEC) meeting at the Presidential Villa, Abuja.

    The meeting started when Osinbajo arrived the Council Chamber at 10:11 a.m.

    Most of the state governors were in attendance when the meeting started.

    The meeting may end or go on break by 12:00noon as the governors are expected to visit President Muhammadu Buhari in his office at that time.

    The President, who spent about 50 days on medical vacation in the United Kingdom, returned to the country last Friday.

  • NEC demands review of foreign exchange policy

    The National Economic Council (NEC) on Thursday asked the Central Bank of Nigeria (CBN) to urgently review its foreign exchange policy.

    The NEC chaired by Acting President Yemi Osinbajo noted that the current exchange rate which had adversely affected the prices of goods and services in the country is no longer sustainable.

    Naira presently exchanges for N510 to one Dollar.

    The Deputy Governor of Nassarawa State, Mr Silas Aghara, who was joined by his Rivers State counterpart, Dr Ipalibo Harry Banigo, the Minister of Finance, Mrs Kemi Adeosun and Minister of Agriculture, Mr Audu Ogbeh, briefed State House correspondents at the end of NEC meeting at the Presidential Villa, Abuja.

    He also disclosed that the CBN’s Governor, Godwin Emefiele pleaded for time, patience and understanding of Nigerians in reviving the economy.

    He said: “After a brief presentation on Forex Policy options by the CBN Governor, Council members generally expressed concern over the current situation of the exchange rate and called for an urgent review of the current Forex Policy, especially the gap between interbank and the parallel market rates.  

    “The CBN Governor sued for patience and understanding, assuring that the situation is being closely managed.

    “At today’s council, we were only trying to encourage the CBN governor that given the general outcry in the country so that they can show understanding and patience with the CBN governor in what he is doing to revive the economy. Generally, we support the position of the CBN and we are calling on Nigerians to equally show understanding in what they are doing,” he said

    Adeosun disclosed that the sum of $250 million was approved by NEC to be injected into the Sovereign Wealth Funds, SWF.

    She said that the approval was made after adopting the report and accounts of the Nigerian Sovereign Investment Authority presented by the Managing Director, Mr Uche Orii.

    Adeosun also hinted that the Excess Crude Accounts where the $250 million would be sourced stood at 2,458,382,844.03 as at February 15, 2017.

    She said: “Managing Director/Chief Executive Officer, Mr Uche Orii presented a report to Council on the NSIA annual reports and accounts for the year ended 2015 and update on 2016 activities. 

    “In its report to NEC, Council members were informed that Nigeria Sovereign Wealth Fund (NSWF) has the highest ranking in Africa in terms of performance and capitalization.

    “The report highlights, among others, the following: Financial performance 2014 to Q3 2016; Update and investment strategy on the NSIA; Future Generation Fund (FGF); NSIA infrastructure strategy and Agriculture Fund and NSIA – Old Mutual Real Estate Co-Investment Vehicle, among others.

    “NSIA outlook, among others, are as follows: NSIA plans to increase domestic infrastructure investment in 2017 as there are compelling opportunities in the environment.

    “NSIA will also focus on “Social Infrastructure” including investments in the form of affordable housing and healthcare through the development of specialist hospitals.

    “Council while adopting the report of the NSIA decided to inject a fresh $250 million into the SWF sourced from the ECA.

    “Minister of Finance reported to the Council that the balance in Excess Crude Account (ECA) stood at USD 2,458,382,844.03 as at February 15, 2017.”

    Adeosun also told reporters that approval was given for appointments of members on the Board of Nigerian Sovereign Investment Authority.

    “Minister of Finance reported that a member each from the six geo-political zone has been nominated as follows: North-East  –  Mrs Halima Buba – Non-Executive Director, North West – Mr Bello Maccido – Non-Executive Director,
    North Central – Ms Lois Laraba Machunga-Disu – Non-Executive Director, South West – Mr Babajide Zetilin – Non-Executive Director,
    South East – Mr Urum Kalu Eze – Non-Executive Director, South-South – Mr Abue Ighodalo – Legal Practitioner with 10 
    years post qualification experience.

    “Council members unanimously adopted the nominations for onward consideration by the President for his final approval.”

    Giving updates on the budget support loan, she said that eight accounting firms had been contracted to start the verification process even as she said that the Minister of Budget and National Planning, Senator Udoma Udo Udoma gave highlights of the plans to recover the economy.

    “Minister of Finance reported that Eight Accounting Firms have been appointed to start the verification process of the monthly Budget Support Loan Facility based on the approved Fiscal Sustainability Plan by the States.
     
    “Minister of Budget and National Planning assured the Council members that Federal Government has a recovery plan that will take Nigeria out of the woods.

    “Consultations on the plan are ongoing to firm-up the plan with clear roles for all the stakeholders and the States.

    “He told the Council that the plan addresses the following: Agriculture and food security; Energy sufficiency-power and petroleum availability; Improving transportation infrastructure; Industrialisation, SMEs, and manufacturing; Stabilisation of the macroeconomic environment,” she said.

    On his part, Ogbeh said that the Council was informed of the massive wheat production in the States of Jigawa, Kano, Kebbi and Zamfara among others.

    He said “States, however, appealed to the Federal Government to make plans for the purchase of excess wheat to ensure price stability and sustainable production.

    “Council agreed to discuss and make adequate buy-back arrangements in order to support price stability.”

    NEC had also on Thursday held a valedictory session for the Ondo State Governor Olusegun Mimiko who was attending the meeting for the last time as his tenure expires next week.

  • NEC approves incremental electric power strategy

    NEC approves incremental electric power strategy

    The National Economic Council (NEC) has approved the plan to use incremental electric power strategy as a short term measure towards addressing the energy shortage in the country.

    The NEC is the highest economic advisory body in the country. It is chaired by the vice president.

    According to the talking points of its meeting yesterday released by the NEC secretariat, the Council also endorsed the Federal Government’s plan to shore up revenue through solid minerals sector.

    It approved the appointment of professional revenue consultants to achieve the goal.

    The balance in the Excess Crude Account (ECA) as at this month is $2.4 billion.

    The meeting agreed on the incremental electric power strategy after being briefed by Minister of Power, Works and Housing, Mr. Babatunde Fashola.

    Highlights of the presentation include:

    “Government’s plan is to deliver incremental, stable, and then uninterrupted power to homes and businesses in stages

    “One problem with the power sector is that, there is not enough power to go round.  So government will systematically and decisively deal with the immediate task to harness incremental power from all available sources.

    “DISCOS were authorised in February this year, to partner with private industry that had idle generation capacity from its captive power station, to add 400 MW of embedded generation that would otherwise have been unused or underutilized.

    “DISCOS are encouraged to harness the estimated capacity of over 2,000 MW of unused/underutilized industrial/commercial generators fueled by gas, oil and diesel that can be harvested.

  • PMAN holds NEC meeting

    THE President of the Performing Musicians Employers Association of Nigeria (PMAN), Mr. Pretty Okafor, has scored the caretaker committee under his leadership a pass mark. He said this on Monday at a press briefing at White House Events Centre, Ikeja, Lagos at PMAN’s National Executive Council (NEC) meeting which had delegates from 24 states in the country in attendance.

    “For the record, there has not been any successful NEC meeting of PMAN for many years until the one we just concluded,” said Okafor.

    “This is the first time delegates were flown in from all parts of the country.

    “We have been able to reposition and redirect the union; we have been able to put in place a worthy structure which past leaders of PMAN have not been able to do in the last 34 years. I therefore want to thank members of the executive committee for their unflinching support especially the first Vice President, Mr. Sunny Neji; second Vice President, Tolu Obey; General Secretary, Mr Kenny George; Felix Duke; Ruggedman and Asha, among others.”

    In a communiqué issued at the end of the meeting, PMAN also revealed plans to protect the works of Nigerian artistes through a

  • CAN’s NEC accuses Electoral College of bias

    CAN’s NEC accuses Electoral College of bias

    The Dr Williams Okoye-led Electoral College of the Christian Association of Nigeria (CAN) for the association’s presidential election has been accused of bias in last Thursday’s shadow election.

    Many members of the National Executive Committee (NEC) of the apex Christian body said the poll, in which Rev Supo Ayokunle of Christian Council of Nigeria (CCN) got eight votes to beat Elder Professor Joseph Otubu, who polled two votes,  was unnecessary and malicious.

    Most of those who spoke with our correspondent in confidence, said it was unconstitutional to hold a shadow election when only two candidates were left in the race for the CAN presidency.

    One of them, a delegate from the North, said: “CAN’s constitution stipulates that the Electoral College is to reduce aspirants to two and present them to NEC for proper election.

    “Since only two candidates were left in the race, why was there the need to vote again? You vote only to reduce aspirants to two, not to give the public a false picture of popularity.

    “That singular move has confirmed suspicions that the college was acting under an influence.”

    A delegate from the Southeast accused the 15-member college of bias and premeditated result.

    He said the election umpire’s plot was to scuttle the proper poll slated for June 15 at the Christian Centre in Abuja and orchestrate a caretaker committee to oversee the forthcoming election.

    The delegate said: “We are aware they held some surreptitious meetings until 2 a.m on the day they held the shadow poll. They planned to disrupt the transition process so that a caretaker committee will emerge.

    “By design, the Electoral College wanted to metamorphose into the caretaker committee to conduct the presidential election. It took the stubborn insistence of a member to foil the plot.

    “So, the committee is biased and malicious. They are working towards a predetermined end.”

  • FG suspends deduction of states’ loans

    FG suspends deduction of states’ loans

    The National Economic Council (NEC) meeting on Thursday suspended further deduction of state governments’ loans from their accounts maintained in the Federation Account.

    Many of the states have taken loans which are repaid through monthly deductions from funds accruing to them in the Federation Account.

    The Minister of Finance, Kemi Adeosun, said state governments’ loan repayment to the Federation Account was deferred to allow states have enough money in their coffers to pay workers salaries and meet other obligations in their states.

    She spoke with State House correspondents at the end of the NEC meeting chaired by Vice President Yemi Osinbajo at the Presidential Villa, Abuja.

    She was accompanied by Nasarawa State Governor, Tanko Almakura and Corp Marshal of the Federal Road Safety Commission (FRSC), Oyeyemi Boboye.

    According to her, the current economic situation in the country necessitated the deferral of the loans repayment.

    She said: “On the update of the financial situation of the states, it was discussed extensively that currently the federation account receipt are among the lowest that has been seen in recent memory. We are looking at N299 billion this month and that is because of the very low oil prices that was recorded in January and February.

    “If you remember oil prices went as low as $28 and $31 per barrel and of course that has led to a very low federation account as a result of this, I approached the President and the governors that we defer the loan deductions from the federation account entitlement.

    “The aim of this is to ensure that we support the state governments throughout this difficult period in order for them to meet salary obligations. The government is very committed to stimulating the economy and recognizes that ability of states to meet salary obligations is a very crucial in getting the economy moving again.”