National Economic Council Set To Tackle Crude Oil Theft, Constitutes Committees

By Ayodele Oni

In a bid to derive maximum benefits from the country’s crude oil, the Vice President, Kashim Shettima, and state governors have set up committees on crude oil theft and management as well as economic affairs.

This decision was taken during the 138th meeting of the National Economic Council (NEC) which was held virtually on Thursday.

A statement by the Senior Special Assistant to the Vice President on Media and Communications, Stanley Nkwocha, on Friday, explained that the committees will be headed by the Kwara State Governor AbdulRahman AbdulRazak and his Imo State counterpart, Hope Uzodimma, respectively.

He said the meeting followed “deliberations on critical economic matters and assessments of potential short-term, medium and long-term strategies for addressing pressing economic issues.”

The Economic Matters committee is tasked with preparing a clear roadmap for dealing with petroleum subsidy, including a framework for defending wage negotiations.

It will also address exchange rate management and fiscal consolidation sustainability, liquidity management and inflation, medium-term investment and growth, fiscal transparency and accountability, as well as state of emergency on food production for 2024.

Members of the committee include the Gombe State Governor, representing North East; Governor of Lagos (South West); the Governor of Akwa Ibom (South-South); the Governor of Anambra (South East); the Governor of Niger (North Central), and Governor of Kaduna (North West).

The Special Adviser to the President on NEC and Climate Change, Rukaiya El-Rufai, would serve as its Secretary.

The Crude Oil Theft and Management Committee, an existing NEC committee, was reconstituted with Governor Hope Uzodimma of Imo State as its chairperson.

Other members are the Governor of Ogun State representing South West; the Governor of Plateau State (North Central); the Governor of Rivers (South-South) Governor of Borno (North East); Governor of Jigawa State (North West); the Governor of Abia State (South East); Minister of Budget and Economic Planning; Minister of Finance and Coordinating Minister of the Economy; CBN Governor; GCEO of NNPCL, NDDC Chairman, and Service Chiefs.

The secretariat will be domiciled at the Ministry of Budget and Economic Planning. The Special Adviser to the President on Economic Matters, Dr Tope Fasua, will serve on the committee.