Federal Government announces significant boosts in Nigeria's economy

Friday, June 28, 2024 
The Federal Government has reported significant boosts in the nation’s economy, with the Excess Crude Account standing at 473.75 million dollars and the Stabilisation account at over N28.7 billion. 

The government also said that the nation’s natural resources fund stood at over N53.89 billion.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this at the 142nd National Economic Council (NEC) meeting, presided over by its Chairman, Vice President Kashim Shettima, in Abuja.

A statement on the NEC meeting was made available to newsmen by Mr Stanley Nkwocha, the Senior Special Assistant to the President on Media. 

Nkwocha said the Vice President linked the boost in Nigeria’s economic outlook to the financial prudence and transparency framework adopted by President Bola Tinubu.

According to the statement, VP Shettima said: “At the helm of the nation’s affairs is a leader who always reminds us of the necessity of making the right calls to deliver on our promises to the nation.” 

Shettima added: ”The President is Jagaban (the front-row commander); he has a rare political virtue that has made him the unifying nub of the zeal to serve the country. 

”We highlighted Nigeria’s improved credit outlook by Fitch Ratings, owing to Mr. President’s transparency and effective financial management to further the nation’s economic progress. 

“Today, as we prepare for the agenda of the day, I am excited by the presence of His Excellency, President Tinubu, a reservoir of ideas, a visionary extraordinaire, as he guides us towards finding common ground.

“Nobody can do so better than he does, and it is this rare political virtue that has made him the unifying nucleus of our aspirations to serve the nation. He is the Jagaban, the front-row commander, for a reason.”

Also in the statement, Nkwocha said that NEC ratified the nomination of six state governors as members of the Board of Niger Delta Power Holding Company (NDPHC). He said the governors, representing the six geopolitical zones, were from Borno, Katsina, Imo, Ekiti, Kwara, and Akwa Ibom States. 

Nkwocha said NEC noted the importance of NDPHC to the country’s economic development in approving the nominations. 

He added that the meeting saw the presentation of key updates and recommendations from various ad hoc committees.


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