Vice President Kashim Shettima is currently presiding over the National Economic Council in the Council Chambers of the State House, Abuja.
The meeting comes amid spiralling inflation and hardship caused by the economic policies of the federal government.
This however makes it the third NEC meeting of the President Bola Tinubu administration.
The council consists of the 36 state governors, the governor of the Central Bank of Nigeria (CBN) and other government officials.
During its previous meeting in July, NEC outlined plans to mitigate the effects of petrol subsidy removal and the unification of the exchange rate.
The council had also suggested that states should implement a cash transfer programme based on their own social registers.
Another suggestion called for a six-month monetary incentive programme for public employees.