President Bola Tinubu has inaugurated the national economic council (NEC) which is headed by Vice-President Kashim Shettima.
The council was inaugurated on Thursday at the council chambers of the presidential villa, Abuja.
While addressing members of the NEC, the president asked the council to support his administration in transforming the economic fortunes of the country.
The NEC, which will meet monthly, is mandated to “advise the president concerning the economic affairs of the federation, and in particular on measures necessary for the coordination of the economic planning efforts or economic programmes of the various governments of the federation”.
Membership of the NEC comprises the 36 state governors, the governor of the Central Bank of Nigeria (CBN) and other government officials.
Tinubu, who inaugurated the NEC at 11:25 am, said the task of growing the nation’s economy is quite enormous.
“Therefore, there will be no excuse for failure or complain as all the elected officials, asked, campaigned and danced for the job,” the president said.
The president also urged the council to work together and support his administration’s mandate to transform the economic fortunes of the country saying “Collaboration is. Not a crime. Please let you do so.”
Afterward, the president departed the chambers for his office as VP Shettima steered the discussions amongst council members.
The NEC was established by the provisions of the Constitution of the Federal Republic of Nigeria, 1999, as amended; Section 153(1) and Paragraphs 18 & 19 of Part I of the Third Schedule.