Eshioromeh Sebastian in Abuja
The National Economic Council (NEC) has resolved to establish a high-level bi-partisan committee to oversee the implementation of President Bola Ahmed Tinubu’s signature legacy infrastructure projects, most notably the Lagos-Calabar and Sokoto-Badagry Coastal Highways.
The decision was reached during the Council’s 156th meeting, which was also its first session of the year 2026, held virtually on Thursday. The committee’s formation directly executes a directive issued by President Tinubu during the NEC’s meeting in July 2025, where he emphasized the need to strategically manage the economic setbacks and investment corridors created by these monumental highway projects.
The newly constituted committee will be chaired by the Governor of Cross River State, Senator Bassey Otu. Its membership is designed to ensure geopolitical inclusivity and effective coordination, comprising one governor from each of the nation’s six zones.
The appointed state governors are Sokoto (North West), Gombe (North East), Niger (North Central), Abia (South East), and Lagos (South West). To integrate federal oversight and technical expertise, the Ministers of Works and Transportation will also serve on the committee. The Permanent Secretary of the Ministry of Budget and Economic Planning, Deborah Odoh, is to act as Secretary.
The Council was informed that preparatory work, supervised by the Office of the Secretary to the Government of the Federation, is already underway. In a related administrative adjustment to enhance project coordination, the Office of the Surveyor-General of the Federation has been relocated to the Presidency.
The broader context of the meeting focused intensely on accelerating Nigeria’s economic diversification.
In his opening remarks, Vice President Kashim Shettima, who presides over the NEC, underscored the critical urgency of transitioning the economy away from its historical dependence on oil. He observed that global volatility in commodity markets, including oil prices and exchange rates, continues to frustrate national policy, reinforcing the need for prudent fiscal risk management.
Shettima presented data indicating the non-oil economy’s dominant role, accounting for approximately 96 per cent of the nation’s Gross Domestic Product (GDP) and contributing nearly three-quarters of total government revenue.
He stated that sectors like services and agriculture are increasingly bearing the economy’s weight, marking a significant, though gradual, shift. “The task before us is to deepen this transition through competitive manufacturing, export diversification, and private sector investment,” Shettima asserted.
The Council received a detailed presentation from the Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, outlining the economic priorities for 2026.
The presentation highlighted key reforms implemented by the Tinubu administration, which it credited with removing systemic distortions, stabilizing the economy, and setting a course for sustained recovery and prosperity. The Minister projected an economic growth rate of 4.68 per cent for 2026.
The outlined priorities include maintaining national economic competitiveness through sound governance, improving food availability and affordability, ensuring human capital development with enhanced social protection, and guaranteeing the timely payment of debt service, salaries, and pensions.
While acknowledging progress, Vice President Shettima cautioned against complacency. He noted that the economy expanded by 3.9 per cent in 2025, the fastest growth rate in over a decade, which he attributed to President Tinubu’s visionary leadership and the difficult decisions taken by the administration. However, he clearly stated that this level of growth is insufficient.
“A growth rate of 3.9 per cent, while encouraging, is not sufficient to decisively reduce poverty, generate jobs at the scale our population demands, or lift per capita incomes in a way that ordinary Nigerians can feel,” Shettima explained. He pointed out that with an annual population growth of about 2.6 per cent, the current economic expansion leaves little room to absorb inflationary pressures or external shocks, necessitating higher ambitions.
In other significant resolutions, the NEC commended the Federal Government’s plans to unlock rapid, job-rich growth and entrepreneurship opportunities. The Council specifically resolved to dedicate a forthcoming special session solely to addressing salient issues impeding the country’s food security efforts, with a particular focus on bottlenecks affecting agricultural productivity. Furthermore, the Council resolved to deepen its engagement with various stakeholders to boost non-oil revenue streams in alignment with the administration’s economic blueprint.
The Council also deliberated on a briefing from the World Bank Group on a proposed new Country Partnership Framework for Nigeria. The presentation emphasized a strategic shift towards supporting large-scale national programmes implemented at the state level and increased use of result-based financing. A core pillar of the proposed framework is an intense focus on early childhood development, dubbed the “First 2,000 days” initiative, which aims to invest in stunting reduction and early cognitive development to secure Nigeria’s human capital future.
The World Bank set an agenda for 2026, requesting that states agree to develop a national, state-driven Early Years programme, nominate focal persons, and signal willingness to align their budgets with these emerging priorities. The NEC lauded the proposed framework and resolved to provide institutional support and commitment to its implementation, aiming to work with the World Bank to channel resources effectively towards President Tinubu’s Renewed Hope Agenda.
Additionally, the Council received an update from the Presidential Fiscal Policy and Tax Reforms Committee. The update characterized the previous tax system as broken, fragmented, complex, and regressive, placing a high burden on Nigerians and businesses while being unconducive to growth. The reform aims to promote equity and shared prosperity. The Council directed the committee to prepare a more comprehensive brief for presentation at the NEC’s forthcoming conference in February, which will be designed to prepare sub-national governments for the robust nationwide implementation of the new tax laws.
The committee’s concluding prayers sought political leadership from states to support the reforms, enactment of state-level Tax Harmonisation Laws, adoption of a presumptive tax regime for the informal sector, improved resourcing for State Internal Revenue Services, and approval of a National Fiscal Policy.
The Council also received standard updates on the nation’s fiscal accounts as of January 14, 2026. The balances reported were: Excess Crude Account, $535,823.39; Stabilisation Account, N64,652,693,552.36; and Natural Resources Account, N97,369,382,081.96. The meeting was concluded with a communique signed by Stanley Nkwocha, Senior Special Assistant to the President on Media & Communications in the Office of the Vice President.
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