National Economic Council Tackles Flooding Crisis, Economic Reforms, and IDP Support(Video)

National Economic Council Tackles Flooding Crisis, Economic Reforms, and IDP Support(Video)

The National Economic Council (NEC), chaired by Vice President Kashim Shettima, recently convened to address critical national concerns, including Nigeria’s flooding crisis, economic reform measures, and enhanced support for internally displaced persons (IDPs). The discussions underscored the Council’s commitment to promoting effective disaster management, balanced economic policies, and sustainable support for vulnerable populations.

A major focus of the meeting was the ongoing severe flooding affecting the country, which has now reached emergency levels. With over 34 states and 217 local government areas impacted, more than 1.3 million people have been affected, including 740,000 displaced and 321 fatalities recorded. The Council highlighted the need for improved coordination between state and federal emergency response agencies to better manage such crises. To reduce future risks, NEC members proposed an integrity review of national waterways and dams, alongside annual dredging programs, aimed at enhancing the nation’s flood resilience.

NEC also reviewed reforms in Nigeria’s tax system, with the goal of achieving a fairer tax structure, responsible borrowing practices, and more sustainable government spending. Emphasizing broad-based stakeholder consultation, the Council recommended withdrawing the current tax reform bill from the National Assembly to allow for further discussions. This approach aims to foster a balanced tax regime that serves all Nigerians.

In addition to tax reforms, the Council discussed strengthening Nigeria’s educational and manufacturing sectors. Recognizing the impact of the Student Loan Board and Tertiary Education Trust Fund (TETFUND), the Council emphasized the role of the National Agency for Science and Engineering Infrastructure (NASENI) in boosting local manufacturing. By bolstering these agencies, NEC aims to decrease Nigeria’s reliance on hydrocarbons and foster a resilient, diversified economy.

The meeting also included updates on a World Bank-supported program dedicated to improving conditions for IDPs and their host communities. This initiative seeks to expand access to essential services, infrastructure, and economic opportunities for affected individuals. The Federal Ministry of Budget and Economic Planning will lead project implementation, supported by the North East Development Commission to accelerate outcomes.

In summary, the NEC meeting showcased vital initiatives in disaster preparedness, economic reform, and support for the displaced, reflecting the Council’s proactive approach to building a resilient, inclusive Nigeria.