a one-week ultimatum.
The National Economic Council (NEC) which gave the order yesterday after its 146th meeting explained that the Council will take its decision on the creation of state police next month.
The NEC chaired by the Vice President, is a critical economic advisory body to the President.
It is made up of governors and members of the Federal Government Economic Team.
Given a report after yesterday’s meeting, Bayelsa State Governor, Douye Diri said: “Council was updated with the submission of the establishment of state police, and it was reported that 33 states have submitted their positions, while three states are yet to do so, and these three states are Adamawa, Kebbi and, incidentally, Kwara, which is the chairman of our forum, and the FCT, are yet to submit their positions.
“The council mandated these remaining states and FCT to make their submissions within the next one week, and resolved to present a consolidated states’ position on the state police to the National Economic Council at our next meeting”.
The council also took some decisions on power, revenue and the Special Agro-Processing Zones (SAPZs).
The NEC resolved to press on with the implementation of the National Electrification Strategy.
Vice President Shettima told members that access to energy is a fundamental right and not a privilege because electricity is the oxygen of economic growth.
Accordingly, the Council has constituted a committee on National Electrification to help address the challenges in the power sector.
Also , Ondo State Governor, Lucky Aiyedatiwa said the committee headed by Cross River State Governor, Bassey Otu, is to work towards deepening states’ engagements within the Electricity Reform Act 2023 and the National Electrification Strategy and Implementation Plan.
Following a presentation by the Managing Director of the Rural Electrification Agency (REA), NEC observed that Nigeria needs a reformed and diversified electricity system, noting that by empowering states, accessibility and affordability of electricity can be enabled, ensuring that all regions effectively meet their specific energy needs.
Members of the committee include Governors Dikko Radda of Katsina, Inuwa Yahaya of Gombe, Ademola Adeleke of Osun, Hope Uzodimma of Imo, and Caleb Mutfwang of Plateau.
Others are Ministers of Finance, Mr Wale Edun; Budget and Economic Planning, Sen. Atiku Bagudu; Power, Mr Adebayo Adelabu; Special Adviser to the President on NEC and Climate Change; Special Adviser to the President on Power; Managing Director REA, and Managing Director, Niger Delta Power Holding Company.
Shettima stated: “The past few months of collapses in our national power grid compel us to reinforce the pace with which we are adopting and implementing the National Electrification Strategy. Energy access is a fundamental right, not a privilege. It is the oxygen of economic growth.
The Vice President also urged the Council to take Nigeria’s creative industry seriously, saying it presents an avenue to redefine the nation’s economic trajectory.
According to him, new technologies have not only amplified the global appeal of our arts, crafts, and culture but also opened up revenue streams and job opportunities for Nigerians.
“Our music, films, art, and cultural heritage are not just global symbols of Nigeria’s soft power but also vital engines of economic growth. We cannot afford to relegate the promise of turning creativity into wealth, empowering our youth, and positioning Nigeria as a hub of innovation and cultural excellence,” he added.
Council also deliberated on a range of other issues, including the critical funding challenges faced by the Revenue Mobilization, Allocation, and Fiscal Commission (RMAFC), and ratified the Board of the Nigeria Sovereign Wealth Investment Authority (NSIA).
Minister of Budget and Economic Planning, Senator Atiku Bagudu, who spoke on these presentations, explained that the Council received a presentation from the chairman of the RMAFC on alternative funding mechanisms for the commission.
The presentation highlighted the RMAFC’s constitutional mandate to ensure equitable revenue allocation but underscored severe underfunding as a major obstacle to its effectiveness. The Council acknowledged the funding challenges and directed its secretariat to study the commission’s financial proposal and assess the legal implications of the request.
The Council also reviewed the nation’s account balances as of November 20, 2024, as presented by the Accountant-General of the Federation. The balances were reported as follows:
Excess Crude Account: $473,754.57
Stabilization Account: N33.32 billion
Natural Resources Account: N26.85 billion.
Also the Council received a presentation on Special Agro-Processing Zones (SAPZs) from its National Coordinator, Dr Kabir Yusuf.
The programme is currently being implemented at varying stages in seven states and the FCT namely; Kano, Kaduna, Kwara, Oyo, Ogun, Imo, Cross River, and FCT, under phase 1 of the Special Agro-Industrial Processing Zones.
Under the second phase, 24 states were visited by the selection team to assess their readiness for the programme. The implementation model is a government and private sector-led (SPV) arrangement hence, discussions are underway to partner with private developers & co-financiers on the project estimated to cost about $1 billion.
A presentation by the Executive Vice Chairman/CEO of the National Agency for Science and Engineering Infrastructure (NASENI) showed the agency’s latest innovations and strategic initiatives including products like a solar irrigation pump, electric vehicles, coal-based fertilizer, NASENI solar home systems, and smart devices.
States were urged to leverage NASENI’s tailored support for manufacturing, industrial development, and access to public sector markets, alongside infrastructure and policy benefits to enhance economic growth.
In its resolutions, Council directed NASENI to repair tractors and other agricultural machinery across the country and scale up the establishment of lithium battery factories in regions rich in raw materials.
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