The National Economic Council (NEC) has approved the nomination of six state governors as members of the board of the Niger Delta Power Holding Company (NDPHC).

The 142nd council meeting was presided over by Vice-President Kashim Shettima on Thursday, according to a statement by Stanley Nkwocha, his media aid.

The governors, representing the six geopolitical zones, include Babagana Umara Zulum of Borno, Dikko Umar Radda (Katsina), Hope Uzodinma (Imo), Abiodun Oyebanji (Ekiti), AbdulRahman AbdulRazaq (Kwara), and Umo Eno (Akwa Ibom).

The council stressed the importance of NDPHC to the country’s economic development in approving these nominations. 

In 2005, Nigeria incorporated the NDPHC as a limited liability company with initial funding from the excess crude account which statutorily belongs to the federal, state and local governments.

Under the management of private individuals, the NDPHC serves as the legal vehicle to hold the national integrated power project (NIPP) — an initiative conceived in 2004 to fast-track government-funded initiative to stabilise Nigeria’s electricity supply system

The NDPHC now oversees many projects across Nigeria’s power sector value chain.

Further speaking at the meeting, Shettima announced the presidential approval for operationalising the presidential food system coordinating unit.

The vice-president said the move was in a bid to bolster food security, adding that the coordinating unit is expected to develop robust economic solutions for the country’s food system.

Shettima also linked the boost in Nigeria’s economic outlook to the financial prudence and transparency framework adopted by President Bola Ahmed Tinubu.

“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,” he said.

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

The council meeting also featured numerous presentations on key updates and recommendations from various ad hoc committees, according to the statement.

The council was said to have received an update on the ongoing discussions regarding the establishment of state police, urging states to expedite their submissions on the matter.

‘STABILISATION FUND AT N28.7 BILLION’

The NEC also received updates on the nation’s financial standing from Wale Edun, the minister of finance and coordinating minister of the economy, who reported the excess crude account (ECA) at $473,754.57, the stabilisation account at ₦28,738,722,369.83, and the natural resources fund at ₦53,891,102,650.71.

Also giving updates from the NEC ad-hoc committee on economic affairs presented by Abdulrahman Abdulrazaq, governor of Kwara, the council resolved that the committee aligns its mandate with the national economic management team [NEMT] to come up with robust solutions to the nation’s economic challenges. 

The committee said it is working closely with states to address challenges related to foreign exchange (FX) loan facilities and fuel pricing.

NEC also resolved that the vice-president, minister of finance and coordinating minister of the economy, minister of agriculture and food security, minister of water resources and sanitation, and the minister of budget and economic planning meet on July 1 to strategise on funding sources to mitigate the climate challenges facing the states.

The outcome of the meeting will be presented to the president on July 2, the statement said.