The National Economic Council (NEC) has agreed to strengthen collaboration with various stakeholders to enhance non-oil revenue sources, aligning with President Bola Ahmed Tinubu's economic strategies.
During this development, Vice President Kashim Shettima, who leads the council, emphasized the urgency of transitioning from an oil-dependent economy to one that prioritizes competitive manufacturing, diversifies exports, and attracts private investment.
The council also greenlit the formation of a committee responsible for fulfilling the president's directives related to the realization of legacy projects.
This committee will be led by the Governor of Cross River State, with one governor representing each geopolitical zone: North West (Sokoto), North East (Gombe), North Central (Niger), South East (Abia), and South West (Lagos).
Deborah Odoh, the Permanent Secretary for the Ministry of Budget and Economic Planning, will act as the committee's Secretary, joined by the Ministers of Works and Transportation.
NEC's decision was made during its 156th meeting, the first one of the year, which convened virtually after an economic priorities presentation by Minister of Finance and Coordinating Minister for the Economy, Wale Edun, targeting the economic roadmap for 2026.
The presentation illustrated key reforms of the Tinubu administration aimed at correcting systemic distortions, stabilizing the economy, and guiding Nigeria towards enduring recovery and prosperity.
It also indicated Nigeria's growing international recognition, which enhances investor confidence in an economy predicted to expand by 4.68% in 2026.
According to the finance minister, vital objectives include maintaining Nigeria's economic edge through effective governance, enhancing food accessibility, developing human capital, and ensuring the timely settlement of debts, salaries, and pensions.
NEC commended the federal government's strategy to foster rapid and sustained job creation, focusing on quality jobs and entrepreneurship.
The council intends to dedicate a specific session to addressing important matters surrounding the nation's food security challenges, particularly agricultural productivity concerns.
In his introductory remarks, VP Shettima pointed out that as "global powers assert their interests with renewed strength, commodity markets will continue to see volatility, with oil prices and exchange rates complicating national policies."
He stated that the current economic climate highlighted the necessity for fiscal risk management and an urgent need to decrease Nigeria's economic vulnerability derived from oil revenues.
According to him, the non-oil economy has emerged as a fundamental pillar of Nigeria's growth, making up approximately 96% of the nation's GDP and progressing at a rate of around 4%.
"Industries such as services and agriculture are increasingly sustaining the economy. More significantly, non-oil revenues now constitute nearly 75% of the total government earnings."
"This represents a notable, if gradual, shift from our previous heavy reliance on fluctuating oil income. Our challenge is to strengthen this transition through competitive manufacturing, export diversification, and attracting private sector involvement," he articulated.
VP Shettima, as the NEC Chair, recognized that although this was the first council meeting of 2026, the implications of decisions made in the preceding year required consistency and courage going forward.
"This moment in our journey necessitates not just triumph or despair but perspective. The Nigerian economy has faced a challenging year but has made significant strides," he observed.
He highlighted that the Nigerian economy saw remarkable growth in 2025, attributing this growth to the forward-thinking leadership of President Bola Ahmed Tinubu.
"In 2025, our economy recorded a growth of 3.9%, the highest in over a decade. Growth momentum was evident quarterly: from 3.13% in the first quarter rising to 4.23% in the second, and stabilizing at 3.98% in the third quarter."
"This is the result of difficult decisions made under challenging circumstances and is unsurprising with a visionary leader like President Tinubu at the helm."
However, the Vice President cautioned against conflating the acceleration of economic growth with adequacy, noting, "A growth rate of 3.9% is encouraging but insufficient to significantly alleviate poverty, create the volume of jobs required by our population, or increase per capita income appreciably for the average Nigerian."
"Given that population growth is around 2.6% annually, this growth rate leaves little margin to absorb inflationary pressures or external shocks. Thus, our ambitions must be elevated," he added.
Key deliberations and resolutions from the NEC meeting included:
ACCOUNT BALANCES UPDATE AS OF JANUARY 14, 2026
The Accountant-General of the Federation provided the council with updates concerning the following accounts:
\- Excess Crude Account: $535,823.39
\- Stabilization Account: N64,652,693,552.36
\- Natural Resources Account: N97,369,382,081.96
UPDATE ON PRESIDENT TINUBU'S DIRECTIVES TO THE NEC REGARDING THE CONSTRUCTION OF LAGOS-CALABAR AND SOKOTO-BADAGRY HIGHWAYS
The council was informed about the progress on implementing the directives concerning the Lagos-Calabar and Sokoto-Badagry Super Highways in alignment with the administration's goals.
It was noted that President Bola Tinubu addressed the NEC during its 150th meeting on July 31, 2025, emphasizing the importance of effectively managing setbacks along the highways to stimulate investments and economic activities.
Following this discussion, the NEC Secretariat engaged with the Office of the Secretary to the Government of the Federation to oversee the initiation of this process.
Additionally, the Office of the Surveyor-General of the Federation has transitioned to report directly to the Presidency, per the President's orders.
PRAYER
Council is reminded of the ongoing implementation of the President's directives to form a committee focused on realizing the administration's legacy projects, particularly concerning the Lagos-Calabar and Sokoto-Badagry Coastal Highways along with relocating the Office of the Surveyor-General from the Federal Ministry of Works to the Presidency.
COUNCIL RESOLUTION
The NEC formed a Presidential Committee tasked with executing the President's directives.
The committee, headed by the Governor of Cross River State, will have one representative from each geopolitical zone including North West (Sokoto), North East (Gombe), North Central (Niger), South East (Abia), and South West (Lagos).
The Secretary of the Ministry of Budget will serve as the committee's Secretary, complemented by the Ministers of Works and Transportation.
PRESENTATION ON THE NEW WORLD BANK-NIGERIA COUNTRY PARTNERSHIP FRAMEWORK
The Council received a presentation from the World Bank Group on Partnership Framework Consultations (CPF), which covered how the bank supports Nigeria’s developmental initiatives.
It underscored the focus on national programs implemented at the state level and outcome-based financing strategies aimed at achieving substantial impacts through fewer, larger programs.
The discussion also addressed critical early childhood development initiatives.
The World Bank Group established a 2026 agenda that includes:
\- January 2026: Agreement on developing a state-driven Early Years program under HCD 2.0 Strategy of the National Economic Council.
\- January 2026: Nomination of a focal person for HCD and a senior budget officer to lead state engagement.
\- January - June 2026: Support for a diagnostic and multisector dialogue process for state-specific investment approaches.
The presentation posited that strengthening Nigeria’s human capital is essential for joining wealthier nations.
NIGERIA'S SUSTAINABLE AGRICULTURAL VALUE-CHAINS FOR GROWTH (AGROW)
The discussion showcased agricultural value chains, revealing a $500M Results- Based Program that promotes accountability through a unified national platform.
This program is designed collaboratively with states, private sector entities, and development partners for effective ownership and sustainability.
COUNCIL RESOLUTION
The council expressed approval for the World Bank Group’s proposed Country Partnership Framework consultations aimed at investing in young Nigerian children and delivering tangible early results for Nigeria’s future workforce.
NEC committed to spearheading efforts in collaboration with the World Bank to implement President Bola Ahmed Tinubu’s Renewed Hope Agenda, demonstrating capacity to effectively manage both local and international resources.
The council asserted its readiness to provide institutional support and commitment to the World Bank’s frameworks for Nigeria.
UPDATE ON NIGERIA'S TAX REFORM LAWS BY THE PRESIDENTIAL FISCAL POLICY AND TAX REFORMS COMMITTEE
A report was presented to the council concerning ongoing tax reforms intended to fix inequities and promote shared prosperity within Nigeria's tax system, which had been criticized as regressive and burdensome on citizens and businesses.
The committee reviewed the entire tax framework, outlining priorities, challenges, and opportunities for economic transformation.
The council instructed the committee to develop a detailed report for presentation at the upcoming NEC conference in February to prepare sub- national bodies for robust implementation of the revised tax laws nationwide.
CONCLUSIONS AND PRAYERS
The council sought the backing of the states to ensure effective implementation by providing:
1\. Political endorsement for the tax reform.
2\. Passage of Tax Harmonisation Laws by states.
3\. Adoption of a presumptive tax system for the informal sector.
4\. Resources for state internal revenue services to enhance operational capacity.
5\. Approval for a National Fiscal Policy.
COUNCIL RESOLUTION
The council resolved to promote greater engagement concerning the new tax system during its February conference.
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