The NEC advises the President on economic affairs and measures necessary for the coordination of the economic planning in the country.
A statement issued by the presidency after the meeting, which was chaired by Vice-President Yemi Osibajo, said the Council equally endorsed the work of the President’s Economic Management Team (EMT) which he also chairs.
The EMT is working on plan to generate immediate larger injection of fund into the economy through “asset sales, advance payment of license renewals, infrastructure concessioning, and use of recovered funds etc to reduce funding gaps.
Others are implementation of Fiscal Stimulus/Budget Priorities; fast-tracking procedures through legislation and implementation of Strategic Implementation Plan (SIP) of the budget; meaningful diversification of the economy and cutting down importation.
The NEC meeting, which had many state governors in attendance, was reported to have specifically commended the Budget & Planning Minister, Udoma Udo Udoma; and Finance Minister, Kemi Adeosun.
Udoma and Adeosun had a day earlier come under fire over their handling of the current economic challenges of recession, by some senators, particularly Deputy Senate President Ike Ekweremadu and Senator Dino Melaye, who demanded the redeployment or sack of the two ministers.
”Council members in response commended the Economic Management Team and generally welcomed the presentation and expressed support for the plan to steer the nation out of recession
”Council members expressed confidence in and unanimously commended the EMT and both the Budget & National Planning and Finance Ministers for the presentations to the Council, praising their efforts, competence and capabilities”, said the statement.
Governors Abubakar Bagudu (Kebbi) and Abiola Ajimobi (Oyo) as well as Deputy Governor of Ogun State, Yetunde Onanuga briefed journalists after the NEC meeting.