TheCable

Vice-President Yemi Osinbajo says the national economic council will have to send a request through the president to get a briefing from the newly appointed economic advisory council (EAC).

Osinbajo made this statement on Thursday in response to a request for clarification by members of the national economic council regarding their relationship with the newly appointed council.

A statement by Laolu Akande, Osinbajo’s senior special assistant on media & publicity, quoted the vice president as saying both councils are for the benefit of the president.

“If NEC wants to be briefed regularly by the Economic Advisory Council, EAC, we will request the President to do that,” he said.

Clem Agba, the minister of state for budget and national planning, gave the balance of the federation accounts as at September 17 as:

• Excess crude account: $274,583,856
• Stabilization account: N23,796,349,487.76
• Development natural resource account fund: N105,135,613,817

Agba also said state governments are expected to start servicing their budget support loans from September 2019 and the repayment will be done over 240 months.

“Council resolved that Governors should meet with the Ministry of Finance and Central Bank of Nigeria to sort out the details of repayment modalities and the Vice President will ensure same and ensure the meeting between the Governors, CBN and Finance Ministry in order to facilitate the speedy resolution of the matter,” the statement read.

The national economic council is made up of the 36 state governors and the governor of Central Bank of Nigeria (CBN).

The NEC is empowered by section 18 of the 1999 constitution to advise the president on the necessary measures for coordinating the economic planning efforts and economic programmes of the various governments of the federation.

The president, on Monday, disbanded the economic management team headed by the vice president and appointed an economic advisory council in its stead.