The National Economic Council (NEC) has resolved to deepen engagement with key stakeholders to boost non-oil revenue in line with the economic blueprint of President Bola Ahmed Tinubu’s administration.
This was disclosed on Thursday by the Vice-President, who chairs the Council, after presiding over the 156th meeting of NEC, the first for the year, held virtually.
The Vice-President said the resolution was aimed at accelerating Nigeria’s transition from an oil-dependent economy to a more diversified and sustainable non-oil economy.
According to him, the Council also approved the constitution of a committee to implement the President’s directive on the actualisation of legacy projects across the country.
He explained that the committee would be chaired by the Governor of Cross River State, with one governor from each of the six geopolitical zones serving as members.
“The governors representing the sub-regions are Sokoto State for the North-West, Gombe State for the North-East, Niger State for the North-Central, Abia State for the South-East, and Lagos State for the South-West,” he said.
The Vice-President added that the Permanent Secretary of the Ministry of Budget would serve as Secretary of the committee, while the Ministers of Works and Transportation would also be members.
In his charge to council members, he called for an accelerated transition from an oil-dependent economy to a non-oil-driven one, stressing the need to prioritise competitive manufacturing, export diversification and increased private sector investment.
He noted that strengthening non-oil revenue streams was critical to achieving sustainable economic growth, fiscal stability and job creation.
The Vice-President reaffirmed the commitment of the Federal Government to implementing policies and reforms that would stimulate productivity, attract investment and enhance economic resilience.