The National Economic Council has urged state governments in Nigeria to adopt stringent conservative measures in handling their finances for the next three years.
Minister for Budget and National Planning, Udoma Udo Udoma disclosed this while briefing State House Correspondents at the end of the monthly meeting.
He said the Council reached the decision in order to address the dwindling resources available to government at all levels.
The National Economic Council meeting, which reviews the position of the economy and looks at options available to government for improvement was presided over by the Vice President, Yemi Osinbajo.
Addressing newsmen after the meeting, Budget and National Planning Minister Udoma Udo Udoma said the Council emphasized the need for the federal and state governments to work closely on economic matters.
“We briefed the council about government’s revenue and expenditure projection for the next three years, our view in terms of the global outlook and macro economic framework and we also urged states of the country to look towards improving their internally generated revenue and blocking financial leakages in the system. We emphasized the need in planning for the economy, for the federal government and the states to work very closely together,” he said.
Taraba state Governor, Darius Ishaku said the country’s excess crude account gained an interest of over 599 thousand dollars, and the current balance of the account stood at 2.2 billion Dollars.
Sokoto State Governor, Aminu Tambuwal also briefed State House Correspondents at the meeting.
He said the Central Bank Governor gave an update on current challenges being faced as a result of the fall in the price crude oil, which he said had affected Nigeria’s foreign reserve.
“The Governor of the Central Bank gave an update on monetary policy measures and foreign exchange management strategy. He reported to the Council about many challenges being faced as a result of the global economy recession. He also reported that a drop in oil prices has caused serious pressure on Nigeria’s reserve, which currently stands at 29 billon Dollars,” Tambuwal explained.
He said as a monetary policy, the Central Bank Governor announced the adoption of the use of pre-loaded debit cards by travelers instead of cash exchange demand, to reduce the buying of dollar cash for illicit businesses.