Minister of Finance, Kemi Adeosun, has disclosed  that a balance of $2.3 billion is now in the Excess Crude account of the Federal Government . This was one of the highlights of the 66th NEC meeting held Thursday,  presided over by Vice President Yemi Osinbajo.

The minister also disclosed that President Muhammadu Buhari has approved the suspension of  monthly deduction at source for this month, and no such deductions would be made this month from the FAAC allocations to the States. This is expected to provide a cushion for some states operating under extreme financial pressure. Below are full highlights from the meeting.

B      UPDATE ON CONSTITUTION OF EXECUTIVE SEARCH COMMITTEE OF THE BOARD OF NIGERIA SOVEREIGN INVESTMENT AUTHORITY (NSIA) WAS MADE BY MINISTER OF FINANCE

• Minister of Finance, Mrs Kemi Adeosun gave an update to the Council on the progress regarding the constitution of the NSIA Board.

• The Minister told the Council that nominees have been selected to form a Search Committee that will bring up names of potential Board members of the NSIA.

C      RECONSTUTION OF BAORD OF NIGER DELTA HOLDING COMPANY (NDPHC)

• The Vice President and Chairman of Council informed the Council of the reconstitution process of the Niger Delta Power Holding Company, NDPHC, with representatives from States based on the

six geo-political zones as follows:

(i)     North-Central                  –       Plateau State

(ii)    North-East                       –       Adamawa State

(iii)   North-West                      –       Kebbi State

(iv)   South-East                      –       Anambra State

(v)    South-West                      –       Lagos State

(vi)   South-South                    –       Edo State

D    UPDATE ON STATES THAT HAVE RECEIVED BAILOUT FUNDS

• CBN Governor reported to the Council that a total sum of

N689.5 billion has now been disbursed as salary assistance loan to States and additional N310 billion disbursed as Excess Crude Account-backed loans to States.

• Regarding the salary assistance loans, the Finance Minister informed Council that President Muhammadu Buhari has approved the suspension of  monthly deduction at source for this month, and no such deductions would be made this month from the FAAC allocations to the States.

• This is meant by the President to give the States some financial relief at a time the FAAC allocations are dwindling due to the drop in oil prices.

• The Vice President, Prof. Osinbajo added that the President will continue to review the situation of the States on an ongoing basis and take appropriate relief measures as necessary and possible.

F      NIGERIA ROAD SAFETY STRATEGY DOCUMENT (NRSS)

• FRSC Corps Marshall Boboye Oyeyemi was also in attendance to present the Nigeria Road Safety Strategy Document (NRSS – 2014-2018) to the Council.

• The document serves to address current overlaps, streamline the role and responsibilities of all participants in order to maximize the benefits of investment in road safety management activities.

NEC endorsed the Strategy at today’s meeting.