ABUJA – The National Economic Council (NEC), rose from its monthly meeting on Thursday, approving the auditing of the Ecological Fund to be carried out by a Committee of Governors and federal ministers.
This is one of the highlights of the National Economic Council, NEC, meeting presided over by Vice President Yemi Osinbajo, Thursday, at the Council Chambers of the Presidential Villa.
Consequently, the Committee set up is comprised of the Governors of Oyo, Borno, Imo, Kaduna, Anambra, Akwa Ibom, Benue States, and the Ministers of Finance and Environment.
This Committee will audit the Ecological Fund and come up with policy recommendations on how the fund should be managed and disbursed.
Council also decided that States and Local Governments now to keep their share of Resources Fund and Ecological Fund for use of intervention as the need arises in their respective jurisdictions.
As at March 31, the Ecological Fund balance stood at N33.645 billion.
While updating the Council which is made up of all 36 State Governors, the Central Bank Governor and Minister of the FCT, about the progress in the implementation of the Social Investment Programmes (SIPs), Prof. Osinbajo noted that in all the States and FCT, different aspects of the programmes are operational.
The SIPs include the N-Power job programme for unemployed graduates where 200,000 have been engaged in all States and FCT, the Homegrown School Feeding Programme now operational in at least 7 states feeding over one million primary school pupils one hot meal daily, the Conditional Cash Transfer in 9 States and the Government Enterprise & Empowerment Programme, GEEP, a micro-credit scheme meant to grant soft loans to well over one million Nigerians.
The Vice President informed Council on impediments and other observed programme implementation delays noticed as the SIPs have become operational across the country. Some of the obstacles have been identified within the Federal Government/State Government’s collaboration mechanism.
For instance while all States have appointed a Focal Person to interface with the FG in ensuring the implementation at the state level, the need has emerged for an upgrade of such coordination unit to be directly located in the Office of State Governor for better delivery results, faster and more effective implementation.
The Council therefore resolved to end all identified obstacles for a successful implementation of the Social Investment programme (SIP) and decided to locate State Coordination units in the Office of the Governor for more effective collaboration.
The Minister of Finance, Kemi Adeosun, gave an update on the disbursement of the Paris Club refunds and addressed issues about the next round of the payments to the States after the first disbursements.
State Governors at the meeting expressed appreciation to the President for the previous disbursements of the refund, which is more than 10 years overdue, and noted their expectations for the next round of refund from the FG.
Adeosun, also told Council that the Balance in the Excess Crude Account as at April 26, 2017 stands at US$2.2billion.
