NEC Moves to Boost Non-Oil Revenue, Sets Up Committee on Legacy Projects
NEC Moves to Boost Non-Oil Revenue, Sets Up Committee on Legacy Projects
The National Economic Council has resolved to intensify engagement with stakeholders to boost non-oil revenue and accelerate Nigeria’s transition from an oil-dependent economy, in line with the economic agenda of President Bola Ahmed Tinubu.
The resolution was reached on Thursday during the council’s 156th meeting, its first of the year, held virtually and chaired by Vice President Kashim Shettima.
The council also approved the creation of a special committee to implement the President’s directive on key legacy infrastructure projects.
The committee will be chaired by the Governor of Cross River State, with one governor from each geopolitical zone serving as members. Sokoto, Gombe, Niger, Abia and Lagos states will represent the North West, North East, North Central, South East and South West respectively.
The Permanent Secretary of the Ministry of Budget and Economic Planning will serve as secretary, while the Ministers of Works and Transportation will also be members.
Briefing the council, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, presented the administration’s economic priorities for 2026.
He said recent reforms had stabilised the economy, removed structural distortions and strengthened investor confidence, with Nigeria’s economy projected to grow by 4.68 per cent in 2026.
Edun listed key priorities to include maintaining economic competitiveness, improving food availability and affordability, strengthening human capital development, and ensuring timely payment of salaries, pensions and debt obligations.
The council commended the Federal Government’s plans to unlock job-rich growth and expand entrepreneurship opportunities.
The NEC also resolved to hold a special session to address challenges in food security, particularly agricultural productivity.
In his remarks, Shettima said volatility in global commodity markets and oil prices had reinforced the urgency of reducing Nigeria’s dependence on oil revenue.
He disclosed that the non-oil sector now accounts for about 96 per cent of the country’s GDP and contributes nearly three-quarters of total government revenue.
He added that services, agriculture and other non-oil sectors are increasingly driving economic expansion, stressing the need to deepen the transition through competitive manufacturing, export diversification and private sector investment.
Shettima noted that Nigeria recorded economic growth of 3.9 per cent in 2025, the fastest in over a decade, but warned that the rate remains insufficient to significantly reduce poverty or generate jobs at the scale required. He called for sustained policy coherence and fiscal discipline in the new year.
The council also received updates on federal account balances, progress on the Lagos-Calabar and Sokoto-Badagry highway projects, Nigeria’s new World Bank Country Partnership Framework, agricultural value-chain programmes, and ongoing tax reforms.
It resolved to intensify engagement with states to ensure effective implementation of tax reform laws and broader economic policies.
