As part of his promise to sustain the rejuvenation of the nation’s economy, President Bola Tinubu, on Thursday inaugurated the National Economic Council (NEC).

The event had in attendance, Governors Abdulrahman Abdulrazaq (Kwara State), Ademola Adeleke (Osun State), Yahaya Bello (Kogi State),Biodun Oyebanji (Ekiti state), Abdullahi Sule (Nasarawa State), Umo Eno (Akwa Ibom State), Peter Mbah (Enugu State), Bassey Otu (Cross River State), Caleb Muftwang (Plateau State), Nasir Idris (Kebbi State), Aliyu Radda (Katsina State) and Hycinth Alia (Benue State).

Others include, Zamfara, Dauda Lawal, Ogun, Dapo Abiodun, Anambra Charles Soludo, Yobe, Mai Mala Buni, Taraba, Agbu Kefas, Gombe, Delta, Sheriff Oborevwori, Rivers, Siminalayi Fubara, Niger Mohammed Bago and Sokoto, Ahmad Aliyu.

Others are Ebonyi, Francis Nwifuru, Kaduna, Uba Sani, Edo, Godwin Obaseki, Abia, Alex Otti, Bayelsa, Douye Diri, Kano, Abba Yusuf, Bauchi, Bala Mohammed, Oyo, Seyi Makinde and Borno State Deputy Governor, Umar Kadafur and Deputy Governor of Ondo, Lucky Ayedatiwa

The Secretary to the Government of the Federation, George Akume, Chief of Staff, Femi Gbajabiamila, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, Acting Accountant General of the Federation, Oluwatoyin Madein, Acting Governor of Central Bank, Folashodun Shonubi, Permanent Secretaries Budget and National Planning, Federal Capital Territory Administration, were all in attendance

Addressing members Governors of the federation, President Tinubu tasked the council to join forces to support his administration towards transforming the nation’s economy.

The president also reminded the council of the promise made during his inaugural speech that he would focus on eight priority areas, including Security, Economy, Job creation, Agriculture and Infrastructure among others.

He noted that the task of the growing the economy is quite enormous, but he and the Governors should have no reason to complain, as he underlined the need harness the Nations potential to stimulate serious growth.

The inauguration comes a week after he directed NEC to meet and come up with interventions to mitigate the effects of the petroleum subsidy.

Tinubu, after inaugurating the NEC, reminded members of the council that collaboration is not a crime.

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The National Economic Council (NEC) has suspended the planned removal of subsidies on petroleum products by the end of President Muhammadu Buhari’s administration.

Mrs. Zainab Ahmed, the Minister of Finance, Budget, and National Planning, made this known while briefing State House correspondents at the end of the NEC meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja.

The minister explained that the NEC concluded in its meeting that it is not a favorable time for the action.

Ahmed added that the Council deliberated on the matter and resolved that it cannot be removed for now, but it equally agreed on the need to continue the discussion on the matter and the necessary preparatory work in conjunction with states and representatives of the incoming administration.

The issue of subsidy has been a controversial topic in Nigeria.

Under the Petroleum Industry bill signed by President Muhammadu Buhari in August 2021, part of the Act does not create room for subsidy.

Also, in January 2022, the Federal Government said it will propose an 18 month extension to the national assembly for the implementation of the Petroleum Industry Act (PIA).

The current administration agreed to an extension of the statutory period for the implementation of the removal of subsidy on Premium Motor Spirit (PMS), in line with existing laws.

However, the fuel subsidy should have been fully removed by June, but the current administration said it is not yet time to implement the full removal.

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