Vice-President Yemi Osinbajo says
the national economic council will have to send a request through the president
to get a briefing from the newly appointed economic advisory council (EAC).
Osinbajo made this statement on
Thursday in response to a request for clarification by members of the national
economic council regarding their relationship with the newly appointed council.
A statement by Laolu Akande,
Osinbajo’s senior special assistant on media & publicity, quoted the vice
president as saying both councils are for the benefit of the president.
“If NEC wants to be briefed
regularly by the Economic Advisory Council, EAC, we will request the President
to do that,” he said.
Clem Agba, the minister of state
for budget and national planning, gave the balance of the federation accounts
as at September 17 as:
- Excess crude account: $274,583,856
- Stabilization account: N23,796,349,487.76
- Development natural resource account fund: N105,135,613,817
Agba also said state governments
are expected to start servicing their budget support loans from September 2019
and the repayment will be done over 240 months.
“Council resolved that Governors
should meet with the Ministry of Finance and Central Bank of Nigeria to sort
out the details of repayment modalities and the Vice President will ensure same
and ensure the meeting between the Governors, CBN and Finance Ministry in order
to facilitate the speedy resolution of the matter,” the statement read.
The national economic council is
made up of the 36 state governors and the governor of Central Bank of Nigeria
(CBN).
The NEC is empowered by section
18 of the 1999 constitution to advise the president on the necessary measures
for coordinating the economic planning efforts and economic programmes of the
various governments of the federation.
The president, on Monday,
disbanded the economic management team headed by the vice president and
appointed an economic advisory council in its stead.
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