The National Economic Council has resolved to deepen engagement with stakeholders to boost non-oil revenues in line with the economic blueprint of the administration of President Bola Tinubu.
This is just as the chairman of the council, Vice-President Kashim Shettima, called for an accelerated transition from an oil-based to a non-oil-based economy through competitive manufacturing, export diversification, and private-sector investment.
The council also approved the constitution of a committee to implement the president’s directive on the actualisation of the legacy projects, a statement on Friday by the vice-president’s spokesman, Stanley Nkwocha, said.
The committee is chaired by the governor of Cross River, while a governor from each sub-region will serve as a member of the committee, as follows: North-West (Sokoto), North-East (Gombe), North-Central (Niger), South-East (Abia), and South-West (Lagos). The permanent secretary of the Ministry of Budget and Economic Planning, Deborah Odoh, will serve as secretary, while the ministers of works and transportation will also serve on the committee.
NEC’s decision, taken on Thursday during its 156th meeting and the first of the year, which was held virtually, followed a presentation on the economic priorities for 2026 by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The presentation highlighted key reforms implemented by the Tinubu administration, including targeted programmes that have removed distortions in the system, stabilised the economy and put Nigeria on the path of sustained recovery and prosperity.
The presentation also reflected the country’s current global recognition, which is reinforcing investor confidence in the economy, projected to grow at 4.68% in 2026.
The key priorities, according to the minister, include maintaining Nigeria’s economic competitiveness through sound governance, improving the availability and affordability of food, and ensuring human capital development through improved social protection and the timely payment of debt service, salaries, and pensions.
In its resolution, NEC noted and commended the federal government’s plans to unlock rapid and sustained job-rich growth, high-quality jobs, and entrepreneurship opportunities. The council also resolved to hold a special session to address salient issues in the country’s food security efforts, particularly those related to agricultural productivity.
In his opening remarks, Mr Shettima observed that while “global powers assert their interests with renewed confidence, commodity markets will remain volatile”, oil prices, exchange rates, and capital flows will frustrate the nation’s policies.
He noted that the current economic reality has reinforced the urgency of fiscal risk management and the need to reduce the nation’s economic and revenue exposure to oil. According to him, the non-oil economy has emerged as the backbone of Nigeria’s growth story, accounting for about 96 per cent of the country’s GDP and is expanding at about 4 per cent.
“Services, agriculture, and other non-oil sectors are increasingly carrying the weight of the economy. More importantly, non-oil revenues now contribute nearly three-quarters of total government collections.
“This marks a significant, if gradual, departure from our historic dependence on volatile oil receipts. The task before us is to deepen this transition through competitive manufacturing, export diversification, and private sector investment,” said Mr Shettima.
