Press briefing highlights on the National Economic Council meeting

Lagos Governor Akinwunmi Ambode (Right) with the Governors of Nasarrawa, Niger, Ogun and Ondo States, Umar Tanko Al-Makura, Abubakar Sani Bello, Ibikunle Amosun and Olusegun Mimiko, during the National Economic Council (NEC) meeting chaired by VP Yemi Osinbajo on Thursday October 15 at the State House, Abuja.

A.　Report on Excess Crude Proceeds:

Permanent Secretary, Ministry of Finance briefed the Council that the ECA stood at $2.25 billion as at October 15, 2015

Council took note of the update

B.　Provision of Concessionary Loans to States based on collateralization of the ECA:

CBN Governor briefed the Council that 27 States have made request for the N10 billion facilities and is being processed.

He called on the affected States to complete all the necessary documentation

C.　A brief report on FGN Agencies remitting Dollar revenues in Naira into the Federation Account was given by the CBN Governor.  He said investigations are still on-going:

　　Such agencies include NNPC, NIMASA and NPA

D.　Refund of Expenses incurred on the Repair of Federal Roads by the State Governments:

The Vice President told the Council that the refund of the expenses is under review by the Federal Government.


E.　Update on Flooding in all affected States

The Vice President told the Council of the FG’s readiness to intervene and discussions on the matter is progressing

 - Osinbajo's spokesman Laolu Akande