Tag Archives: National Executive Council (NEC)

National Economic Council Holds Retreat March 21-22

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The National Economic Council (NEC), will hold a two-day retreat on March 21 and March 22, Vice President’s spokesman, Laolu Akande, said in statement in Abuja on Thursday.

 

The statement said President Muhammadu Buhari will deliver the keynote address during the formal opening session on Monday while Vice President Yemi Osinbajo will preside over the retreat.

 

Osinbajo is Chairman of NEC, an advisory body to the President.

It also said governors from the 36 states of the federation, Central Bank Governor and Budget & Planning Minister among other top government functionaries would attend.

 

It said the objective of the NEC Retreat “is to provide a forum for in-depth discussions by NEC members of the policy actions that the States and the Federal Government can consider.

“This is in order to stimulate local production, cut costs and enhance public revenues among other measures to stimulate the economy.’’

It, however, explained that contrary to suggestions, “the retreat is not an emergency national economic conference.

“The idea was mooted at the last regular NEC meeting in January, where members requested an intensive session to review economic trends and evolve strategies to cope’’, it stated.

 

 

(NAN)

Salary Arrears: CBN approves bank loans for 27 states

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The Central Bank of Nigeria (CBN) has approved the request by banks to provide financial succour for States under the salary debt burden to enable them pay the backlog of salaries of their workers.

 

This follows the decision by the National Executive Council (NEC) at its meeting in June requesting the CBN, in collaboration with other stakeholders, to appraise and consider ways of liquidating the outstanding staff salaries owed by state and local governments.

 

Out of the 27 states involved, funds have been disbursed to two states, namely, Zamfara and Kwara, which met the requirements of their respective banks.

 

 

CBN said efforts will be made in the coming days to conclude disbursements to other states so that all outstanding salaries to civil servants can be cleared.

 

The conditions for accessing the loan facility, according to the CBN, include resolutions of the State Executive Council authorizing the borrowing and State House of Assembly consenting to the loan package, as well as issuance of Irrevocable Standing Payment Order (ISPO) to ensure timely repayment.