President Bola Tinubu yesterday inaugurated the National Economic Council (NEC) headed by Vice President, Kashim Shettima.

The inauguration came a week after he directed NEC to meet to come up with interventions to mitigate the effects of the petroleum subsidy.

He charged the council to support his administration in transforming the economic Fortunes of the country.

He said the task of growing the nation’s economy is quite enomous adding that no excuse for failure.

According to him, Nigerians want reforms and they want it quickly, adding, “we even begged and danced for the job.”

Tinubu restated his administration’s commitment to delivering on its promises to Nigerians as contained in his inaugural speech on May 29.

“It is worthy of note that the monthly meeting of NEC, chaired by the Vice President has remained the official economic platform for robust dialogue among the federal government, the 36 state governors, the Central Bank of Nigeria, and other key stakeholders.

“In my inaugural speech of May 29, year 2003, I expressed this administration’s commitment to improving the lives of Nigerians in a manner that’s not just our humanity, encourages compassion towards one another, and duly reward  our collective effort to resolve the social ills that seek to divide us.

“I also listed the principles that will guide our administrations and it is as follows: To be impartial, to govern according to the Constitution, and the rule of law;

“To defend the nation from terror and all forms of criminality;

“To promote economic growth and development, through job creation, food security, and an end to poverty;

“To prominently feature women and youth in all our activities, and to take proactive steps such as championing a credit culture to discourage corruption, while strengthening the effectiveness and efficiency of various anti-corruption agencies.

“I also highlighted eight priority areas to which this administration would focus, security, economy,  jobs, agriculture and infrastructure.

“We have already taken significant steps by ending the fuel subsidy and unifying the foreign exchange rate. This government will continue to transform our nation’s fortunes and bring about unprecedented development through good governance.

“We are committed to sustainable initiatives and programmes that will stimulate the rejuvenation of the economy without causing inflation. The plans and ideas we have presented underscore our confidence in our ability to meet the challenges of the day and pave the way for a better future.

“The NEC meetings have over the years, been very constructive and productive and key outcomes, resolutions and recommendation are translated into brilliant government policies.

“It is also evident that the task of growing our economy is quite enormous, but you and I asked for it, we campaigned for it, we even dance for it, we begged for it. So, we have no reason to complain.

“We must harness the growth potential of Nigeria and bring about serious development to bring us from a potential nation  to pragmatic economic development in a rapid manner.

“Their expectation is on NEC as a veritable source of articulating policies and programmes that are people oriented. I cannot over emphasize that.

“It is also reassuring to note that the populace, members of this country are behind us, they want reforms and they want it quick to have a meaningful impact on their lives.

“We have enormous challenges facing us, it is you and I, we have all the 36 governors and stakeholders and you have the flexibility of using the local government to rapidly develop the infrastructure within the local government areas.

“Collaboration is not a crime. Please let us do so.”

NEC meets monthly and has the mandate 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 of the 36 state Governors, Governor of the Central Bank of Nigeria and other co-opted Government officials.

Those in attendance as at the time the meeting commenced were Kwara, Abdulrahman Abdulrazaq, Osun, Ademola Adeleke, Kogi, Yahaya Bello, Ekiti, Biodun Oyebanji, Nasarawa, Abdullahi Sule, Akwa Ibom, Umo Eno and Enugu, Peter Mbah Cross River, Bassey Otu, Plateau, Caleb Muftwang, Kebbi, Nasir Idris, Katsina, Aliyu Radda and Benue Hycinth Alia.

Others are Zamfara, Dauda Lawal, Ogun, Dapo Abiodun, Anambra Charles Soludo, Yobe, Mai Mala Buni, Taraba, Agbu Kefas, Gombe, Delta, Sheriff Oborevwori, Rivers, Siminalayi Fubara, Niger Mohammed Bago and Sokoto, Ahmad Aliyu.

Others are Ebonyi, Francis Nwifuru, Kaduna, Uba Sani, Edo, Godwin Obaseki, Abia, Alex Otti, Bayelsa, Douye Diri, Kano, Abba Yusuf, Bauchi, Bala Mohammed, Oyo, Seyi Makinde and Borno State Deputy Governor, Umar Kadafur and Deputy Governor of Ondo, Lucky Ayedatiwa

Secretary to the Government of the Federation, George Akume, Chief of Staff, Femi Gbajabiamila, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, Acting Accountant General of the Federation, Oluwatoyin Madein, Acting Governor of Central Bank, Folashodun Shonubi, Permanent Secretaries Budget and National Planning, Federal Capital Territory Administration, and State House.

Sun