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ECONOMIC STABILITY IS OUR PRIORITY IN 2024 AGENDA – VP SHETTIMA
ECONOMIC STABILITY IS OUR PRIORITY IN 2024 AGENDA – VP SHETTIMA
…As NEC appeals to organized labour to shelve planned strike
By: Michael Mike
The Vice President, Senator Kashim Shettima, has identified stability as one of the primes in the economic agenda of the Tinubu administration for the year 2024.
This is just as the National Economic Council (NEC) has appealed to the Organised Labour to shelve its planned strike, saying President Bola Tinubu remains committed to the welfare of Nigerian workers.
The Vice President stated that government at the federal, state and local government levels must remain committed to reevaluating their priorities, streamlining processes, and making bold decisions that would reflect key social issues, including social protection, social investment and nutrition.

Senator Shettima stated this on Thursday at the 136th meeting of the National Economic Council (NEC) held in the Council Chamber of the Presidential Villa, Abuja.
NEC, a statutory body that has the mandate to advise the President on the nation’s economic affairs, is chaired by the Vice President, with the Governors of the 36 states of the federation, the Governor of the Central Bank of Nigeria (CBN), Minister of Finance and other stakeholders as members.
In his opening address at the NEC meeting titled, ‘Planning for Stability: Our Agenda for Economic Growth in 2024’, Vice President Shetimma reminded the governors and other members of NEC that the weight of the tough decisions to rescue Nigeria’s economy depends on their cooperation and goodwill.
He noted that what has set President Bola Ahmed Tinubu apart as a Nigerian leader is the courage to embark on fixing the country’s economy through bold reforms.
Identifying stability as a major priority in next year’s economic agenda, the VP said, “It took courage to embark on fixing an economy hindered by decades of political lip service. But that’s what has set President Bola Ahmed Tinubu apart: his bold reforms to reposition the economy and save it from further erosion.
Other highlights of the meeting are as follows;
ACCOUNTS BALANCES:
Excess Crude Account: – $473,754.57
Stabilization Account – N34,936,868,803.58
Development of Natural Resources – N128,330,636,441.14
The Governor of Kogi State and chairman of the Committee on impact of Flood and Disaster Across the States in Nigeria, Yahaya Bello, categorized states based on degrees of damage.
He classified the states as:
Group A
States with over 15 points (most affected)
Anambra, Bauchi, Bayelsa, Benue, Borno, Kogi, Nasarawa, Niger, Rivers, Enugu, Kano, Oyo, Yobe, Zamfara
Group B
States with 10-15 points
Cross River, Delta, Jigawa, Kwara, Ondo
Group C
States with less than 10 points
Katsina, Abia, Adamawa, Akwa Ibom, Bauchi, Ebonyi, Edo, Ekiti, Gombe, Imo, Kaduna, Katsina, Kebbi, Lagos, Ogun, Osun, Plateau, Sokoto, Taraba, FCT.
COUNCIL RESOLUTION:
NEC resolved to develop a roadmap for intervention and directed NEMA to provide immediate intervention on relief to affected states. Roadmap to be developed and articulated by NEC with the Chairman of the Nigeria Governors Forum.
Presentation on the Joint Planning Board (JPB) And National Council on Development Planning (NCDP)
The presentation on the National Council on Development Planning (NCDP) and the Joint Planning Board (JPB) meetings serve as a platform for bringing together Senior Officials from Federal and State ministries, as well as other related Agencies responsible for Budget and Economic Planning, Representatives of the Organized Private Sector, the Academia, Development Partners and Civil Society Organizations to engage in in-depth discussions on economic policy issues, with a view to propose an optimal approach for enhancing economic management processes at both National and Sub-national levels.
B. Status Report on the Implementation of Key Resolutions of the 21st Edition of the JPB/NCDP Meetings
i. The FMBEP should collaborate with the States in the process of designing a template for harvesting the status of implementation of the JPB/NCDP resolutions, factoring the peculiarities of each State. i. The FMBEP should collaborate with the States in the process of designing a template for harvesting the status of implementation of the JPB/NCDP resolutions, factoring the peculiarities of each State.
C. Energy Sufficiency for Sustainable Economic Development: Options for Nigeria
i. Government at all levels should promote the migration of Heavy-Duty Industries/Transport systems from fossil fuel to Gas Infrastructure;
ii. Given the new Electricity Act that empowers States and individuals to participate in all components of the energy sector, State Governments should carry out energy audit to determine Energy needs and explore areas for collaboration with the private sector based on their comparative advantage; iii. States should develop small hydropower plants, on or off-grid, and solar, for communities and MSMEs; iv. The three tiers of Government should institute initiatives for the promotion of attitudinal change regarding energy use, wastage, and theft; and v. The government should promote Research and development, Local Content, New Energy (Hydrogen, Biofuels) Prototype Investments for energy sufficiency.
COUNCIL RESOLUTION:
Council noted that the meeting was successful and approved regular interaction and synergy among commissioners of Economic Planning across the federation.
PRESENTATION ON THE PRESIDENTIAL COMMITTEE ON FISCAL POLICY AND TAX REFORMS
The chairman of the Committee Mr. Taiwo Oyedele made presentation to the NEC on the fiscal policy and Tax Reforms, disclosing that the Committee was set up by His Excellency, President Bola Ahmed Tinubu, GCFR, to review and redesign Nigeria fiscal system with respect to:
(1) Revenue mobilisation, both tax and non-tax
(2) Quality of government spending and
(3) Sustainable debt management in addition, the committee will identify relevant measures to make Nigeria an attractive destination for investment and facilitate inclusive Economic growth.
Deliverables and outcomes
The expected outcomes from the work of the committee will include, but not limited to the following:
- Repeal of existing taxes and levies especially those that are suboptimal, obsolete or unduly burdensome and enactment of new harmonised tax laws;
- Preparation of a harmonised list of taxes and levies, not exceeding a single digit in number and covering all levels of government;
- Review of the 2017 National Tax Policy to produce a new National Policy on Tax and Fiscal Policy for ratification by the federal and state governments;
- A national fiscal risk framework for efficient fiscal governance, fiscal consolidation and stability;
- Draft bills for constitutional amendments on fiscal matters to promote fiscal federalism;
- Enhancements to the revenue administration system to improve revenue mobilization and a robust framework for tax revenue accounting and reporting to improve taxpayer trust;
- Establishment of National Office of Tax Ombudsman, Fiscal Policy and Tax Simplification.
COUNCIL RESOLUTION
Council noted the presentation
UPDATES ON PALLIATIVE DISTRIBUTION ACROSS THE STATES
The Governor of Kwara State, Abdulraman Abdulrazaq gave an update on the distribution of palliatives across the States. He told Council that members are making progress and urged them to re-double efforts as states looked forward for more interventions.
ECONOMIC STABILITY IS OUR PRIORITY IN 2024 AGENDA – VP SHETTIMA
News
NESREA Shuts Kano Rice Plant Over Environmental Violations
NESREA Shuts Kano Rice Plant Over Environmental Violations
By: Michael Mike
The National Environmental Standards and Regulations Enforcement Agency (NESREA) has sealed off a rice processing facility in Kano State, Fortune Rice Mills Limited, over alleged violations of environmental regulations relating to air pollution and offensive emissions.
The enforcement action, carried out on Monday, was led by the agency’s North-West Zonal Director, Dr. Mudashiru Raheem, following investigations into public complaints against the company.

According to NESREA, residents had raised concerns over persistent dust emissions and offensive odour emanating from the facility despite earlier compliance notices issued to the company.
The agency said investigations established that the rice mill violated provisions of the National Environmental (Air Quality Control) Regulations 2014 as well as the National Environmental (Food, Beverages and Tobacco Sector) Regulations 2023, prompting the sealing of the plant.
Director-General of National Environmental Standards and Regulations Enforcement Agency, Innocent Barikor, who authorised the shutdown, condemned what he described as the “reckless attitude” of some industrial facilities towards public health and environmental safety.
Barikor stressed that economic interests must not come at the expense of citizens’ wellbeing and environmental sustainability, warning that the agency would continue to enforce compliance with environmental laws across the country.
“The health of citizens and the environment must not be sacrificed on the altar of economic gain,” he said.
He also called on Nigerians to take greater responsibility for environmental protection by reporting environmental infractions and pollution incidents to the agency for prompt action.
The latest enforcement underscores renewed regulatory scrutiny on industrial operators amid growing concerns over environmental pollution and public health risks in several parts of the country.
NESREA Shuts Kano Rice Plant Over Environmental Violations
News
Troops Arrest Suspected Gunrunner in Taraba Over Alleged Sale of 23 Rifles
Troops Arrest Suspected Gunrunner in Taraba Over Alleged Sale of 23 Rifles
By: Zagazola Makama
Troops of the Nigerian Army have arrested a suspected gunrunner in Taraba State over the alleged sale of 23 AK-47 rifles to a rogue vigilante leader.
Security sources said the suspect was apprehended at about 3:30 a.m. on May 17, 2026, during a joint intelligence-led operation conducted by troops of the 20 Model Battalion and operatives of the Defence Intelligence Agency.
According to the sources, the operatives raided the suspect’s residence at Sabon Gida village in Gassol Local Government Area of the state following actionable intelligence.
The sources disclosed that preliminary findings linked the suspect to the supply of 23 AK-47 rifles to a suspected rogue vigilante commander operating within the area.
The suspect has since been taken into custody by the Defence Intelligence Agency for further investigation and possible prosecution.
Security authorities said efforts were ongoing to uncover the wider arms trafficking network connected to the suspect.
Troops Arrest Suspected Gunrunner in Taraba Over Alleged Sale of 23 Rifles
News
The High Cost of Silence: Why President Tinubu Must Sign the Federal Audit Service Bill
The High Cost of Silence: Why President Tinubu Must Sign the Federal Audit Service Bill
By Paul Dasimeokuma
Nigeria currently manages a staggering ₦68.32 trillion budget through an audit framework that is effectively a colonial relic.
The Audit Ordinance of 1956, which remains the primary reference for federal audit reports, technically ceased to be part of Nigerian law in 1990 and is conspicuously absent from the 2004 Laws of the Federation of Nigeria (LFN).
This creates a legal lacuna, a dangerous, silent void where the nation’s financial watchdog is forced to bark using the authority of an obsolete law that has no place in a modern republic. As President Bola Ahmed Tinubu navigates the Renewed Hope agenda, the Federal Audit Service Bill, already passed by the National Assembly, represents a low-hanging fruit for structural reform that can no longer be ignored.
The current auditing function in Nigeria has devolved into a frustrating exercise in report writing without consequence. Under the present system, the Auditor-General for the Federation (AuGF) produces an annual report, which is then sent to the Public Accounts Committees (PACs) of the National Assembly.
The PACs conduct hearings, invite heads of agencies, and eventually produce their own recommendations. Yet, despite this high-level activity, the cycle of financial felonies and misdemeanors continues unabated.
Evidence shows that audit recommendations are treated with levity by Ministries, Departments, and Agencies (MDAs), and follow-ups are virtually non-existent despite clear Financial Regulations.
The result is a culture of impunity where the same infractions: unvouched expenditures, missing assets, and unremitted revenues—appear in reports decade after decade.
This Bill is the structural answer to this stagnation. It seeks to move Nigeria from a limited, department-based audit model to a modern Supreme Audit Institution (SAI) structure, consistent with global best practices. By transforming the office into a Service, the Bill ensures that auditing is a core pillar of national economic security.
The Bill provides for the establishment of an autonomous Federal Audit Service and a Federal Audit Board. This Board will fundamentally strengthen the independence of the AuGF, particularly concerning recruitment, promotion, and discipline.
Currently, the AuGF relies on the Federal Civil Service Commission for staffing, which often leads to a mismatch in specialised skills. An independent Board ensures the office is shielded from political interference and staffed by professionals answering only to the standards of their craft.
For the first time, the Bill explicitly empowers the AuGF with the power of the purse and the power of sanction. It authorises the AuGF to surcharge public officers for expenditures not duly brought into account and, more importantly, to withhold the emoluments of any person who refuses to reply to audit queries within 30 days. This closes the long-standing accountability gap where audit findings were merely advisory.
In the past, an MDA could simply ignore a query with no personal consequence. Under the new Bill, silence carries a direct financial penalty, providing the legal teeth necessary to compel compliance with financial discipline.
Beyond internal accountability, the Bill is a crucial signal to the international community.
Nigeria was successfully removed from the Financial Action Task Force (FATF) grey list in October 2025, a hard-won victory for the nation’s financial reputation. However, this victory must be protected. The FATF framework explicitly monitors audit oversight of public funds as part of its financial integrity assessments. Maintaining a 70-year-old framework that technically does not exist in our current laws risks signaling to global monitors that Nigeria’s anti-corruption reforms are superficial.
Similarly, the International Monetary Fund (IMF), in its June 2025 Article IV Consultation, called for strong expenditure management and transparent reporting. Assenting to this Bill is an act of economic diplomacy. It tells the World Bank and foreign investors that Nigeria is serious about the transparent implementation of its record-breaking budget.
It aligns the country with the Lima Declaration, which mandates that Supreme Audit Institutions must have the functional independence necessary to perform duties without executive overreach.
The reform window is rapidly closing. With the 2027 election cycle approaching, administrative bandwidth for such structural changes will contract. Transitioning from the 1956 framework and constituting the Federal Audit Board requires significant lead time.
Assent in 2026 gives this implementation a fighting chance to take root. President Tinubu has frequently spoken about the need for courage in governance. Signing the Federal Audit Service Bill is an act of such courage. Nigeria cannot build a 21st-century economy on 1950s paperwork. The time for the Audit Act is now.
Paul Dasimeokuma – Centre for Social Justice
The High Cost of Silence: Why President Tinubu Must Sign the Federal Audit Service Bill
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