The National Economic Council (NEC) has approved the formation of a committee to oversee the implementation of President Bola Tinubu’s directive on the execution of key legacy projects, including the Lagos–Calabar Coastal Highway and the Sokoto–Badagry Super Highway.
The Council also resolved to deepen engagement with stakeholders to boost non-oil revenue generation in line with the economic blueprint of the Tinubu administration.
These decisions were taken at the 156th NEC meeting—the first of 2026—held virtually on Thursday, according to a statement issued on Friday by the Senior Special Assistant to the President on Media and Communications (Office of the Vice President), Stanley Nkwocha.
The committee on legacy projects will be chaired by the Governor of Cross River State, Umo Eno. One governor from each geopolitical zone will serve as members: Sokoto (North-West), Gombe (North-East), Niger (North-Central), Abia (South-East) and Lagos (South-West).
The Permanent Secretary of the Ministry of Budget and Economic Planning, Deborah Odoh, will serve as Secretary, while the Minister of Works, David Umahi, and the Minister of Transportation are also members of the committee.
According to the statement, NEC was briefed on the level of implementation of the President’s directive on the Lagos–Calabar and Sokoto–Badagry highways.
“Council was called to note that the President, Federal Republic of Nigeria, Senator Bola Tinubu, GCFR, addressed the National Economic Council during the 150th meeting held on Thursday, July 31, 2025, where he underscored the need to properly manage the setbacks along the highways to create some form of investments and economic activities,” the statement said.
It added that the NEC Secretariat had interfaced with the Office of the Secretary to the Government of the Federation, which confirmed that the process had commenced. In line with the President’s directive, the Office of the Surveyor-General of the Federation has also been moved to the Presidency.
The Council’s resolutions followed a presentation on Nigeria’s 2026 economic priorities by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. The presentation highlighted key reforms introduced by the Tinubu administration, including targeted programmes aimed at removing systemic distortions, stabilising the economy and positioning the country for sustained recovery and prosperity.
The presentation also reflected Nigeria’s improving global outlook, reinforcing investor confidence in an economy projected to grow by 4.68 per cent in 2026.
NEC commended the Federal Government’s plans to unlock rapid, job-rich economic growth, create high-quality employment and expand entrepreneurship opportunities. It also resolved to dedicate a special session to address key issues around food security, particularly agricultural productivity.
In his opening remarks, Vice President Kashim Shettima noted that global economic uncertainties—such as volatile commodity markets, oil prices, exchange rates and capital flows—continue to challenge national policy efforts. He stressed the urgency of fiscal risk management and the need to reduce Nigeria’s dependence on oil revenues.
According to Shettima, the non-oil economy has become the backbone of Nigeria’s growth, accounting for about 96 per cent of GDP and expanding at roughly four 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,” he said, adding that Nigeria must deepen this transition through competitive manufacturing, export diversification and private sector investment.
He observed that although it was NEC’s first meeting in 2026, the decisions taken in the previous year required coherence, courage and consistency in the new year.
Shettima said Nigeria’s economy recorded significant growth in 2025, expanding by 3.9 per cent—the fastest rate in over a decade—with quarterly growth rising from 3.13 per cent in Q1 to 4.23 per cent in Q2 before settling at 3.98 per cent in Q3. He attributed the performance to the leadership of President Tinubu.
However, the Vice President cautioned that economic acceleration should not be mistaken for adequacy.
“A growth rate of 3.9 per cent, while encouraging, is not sufficient to decisively reduce poverty, generate jobs at the scale required, or raise per capita incomes meaningfully,” he said, noting population growth of about 2.6 per cent annually.
Council was also briefed on the World Bank Group’s Country Partnership Framework consultations, which emphasise national programmes implemented at state level using result-based financing. The World Bank outlined its 2026 agenda, including plans for a national, state-driven Early Years programme under the Human Capital Development 2.0 Strategy.
NEC welcomed the framework and resolved to work closely with the World Bank to implement President Tinubu’s Renewed Hope Agenda.
On tax reforms, the Presidential Fiscal Policy and Tax Reforms Committee reported that the ongoing reforms aim to address inequity, simplify Nigeria’s fragmented tax system and reduce the burden on citizens and businesses. Council directed the committee to present a more detailed brief at NEC’s February conference to prepare sub-national governments for effective implementation.
The Accountant-General of the Federation also presented an update on account balances as of January 14, 2026. The Excess Crude Account stood at $535,823.39, the Stabilisation Account at N64.65bn, and the Natural Resources Account at N97.37bn.
Elijah Adeyemi
