As the Federal Government continues its monthly Budget Support Facility to the States, a verification process to ensure that benefiting State governments comply with the mutually agreed Fiscal Sustainability Plan prescribed by the National Economic Council, NEC, has started.
This disclosure emerged at the first NEC meeting in 2017, presided over by Vice President Yemi Osinbajo.
NEC is composed by all the 36 State Governors, the FCT Minister and the Central Bank Governor.
According to the Finance Minister, Mrs. Kemi Adeosun,who briefed the Council on Thursday, eight accounting firms have been appointed and have already begun the audit process.
The Finance Minister reported to the Council that the balance in Excess Crude Account (ECA) stood at USD 2,458,382,844.03 as at February 15, 2017
On the economic recovery plan, The Minister of Budget and National Planning, Udoma Udo Udoma, assured the Council members that Federal Government has a recovery plan that will take Nigeria out of the woods.
•Consultations on the plan are ongoing to firm-up the plan with clear roles for all the stakeholders and the States.
•He told the Council that the plan addresses the following:
◦Agriculture and food security
◦Energy sufficiency-power and petroleum availability
◦Improving transportation infrastructure
◦Industrialization, SMEs, and manufacturing
◦Stabilization of the macro-economic environment
On the foreign policy, after a brief presentation on Forex Policy options by the CBN Governor, Godwin Emefiele, Council members generally expressed concern over the current situation of the exchange rate and called for an urgent review of the current Forex Policy, especially the gap between interbank and the parallel market rates.
However, the CBN Governor sued for patience and understanding, assuring that the situation is being closely managed.
