The following are highlights from the National Economic Council Meeting that held yesterday in Abuja;

– The Minister of Finance, Kemi Adeosun reported to the council that the balance on the Excess Crude Account is $2.3 Billion. She also informed the council that nominees have been selected to form a search committee which will be in charge of bringing up names of potential board members for the Nigerian Sovereign Investment Authority (NSIA)

– The CBN Governor, Godwin Emefiele reported that a total sum of N689.5 billion has now been disbursed as salary assistance loan to States and additional N310 billion disbursed as Excess Crude Account-backed loans to States.

– Kemi Adeosun also informed the Council that President Muhammadu Buhari has approved the suspension of monthly deduction at source for this month, and that no such deductions would be made this month from the FAAC allocations to the States. This act is intended by the President to provide the States with some financial relief at this time despite the fact that FAAC allocations are dwindling following the drop in oil prices.

– The Federal Road Safety Commission, Corps Marshall Boboye Oyeyemi was in attendance to present the Nigeria Road Safety Strategy Document (NRSS – 2014-2018) to the Council. The document serves to address current overlaps, streamline the role and responsibilities of all participants in order to maximize the benefits of investment in road safety management activities.

The highlights were published by the Vice President, who presided over the meeting. The Road Safety Strategy Document was endorsed by the council during the meeting and the VP further stated that where the suspension of States monthly deductions were concerned, the President would “continue to review the situation of the States on an ongoing basis and take appropriate relief measures as necessary and when possible.”

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Author: Aderonke Adeleke

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