Nigeria’s National Economic Council, NEC, has approved the review of the National Social Protection Policy, NSPP.
The approval was given on Thursday at the meeting of the Council’s virtual meeting presided over by Vice President Yemi Osinbajo.
Governor of Ebonyi State, David Umahi, who briefed State House correspondents after the meeting, said the new policy would replace the National Social Protection Policy 2017-2022.
The approval followed a memorandum presented at the meeting by the Minister of Finance, Budget and National Planning, Zainab Ahmed.
Umahi said that the Minister’s memorandum indicated that the review was done in consultation with all the states and other stakeholders.
“It is subject to review every five years for updates and accommodation of some of the emerging issues, which include pandemics, insecurity and responsive social protection,” Umahi explained.
Benefits
According to Mr. Umahi, the benefits expected from the revised NSPP include reduction of multi-dimensional poverty; promotion of social justice and equity; and inclusive growth.
He said that the revised policy also targets reduction of unemployment; mitigation of social and economic vulnerabilities; as well as tackling other threats to sustainable development.
“Council endorsed the presentation and the prayer of the minister and it is to be transmitted to the FEC for its own endorsement after which it will go to the National Assembly,” he stated.
Deductions from states’ accounts.
The meeting of the National Economic Council also approved a review of the plan for immediate deductions of funds from states by the Central Bank of Nigeria, CBN.
Umahi said that “the governors are saying with the constant reduction in FAAC allocation to states, it would be very suicidal if the CBN goes ahead to carry out their proposed recovery of state loans.
“So, it was agreed that these deductions would have to be reviewed to seek other ways; that if it goes ahead the states would suffocate and that would not be good for the nation.”
Governor Umahi said that the NEC agreed to set up a committee to engage with the CBN governor and the Finance Minister on the issue.
“The governors and NEC applauded the President, the Vice President, Minister of Finance and the CBN Governor for their efforts and commitment to states, while noting that a lot of funds that were hidden from the states before the present administration have also been graciously given to states by the president and his team.
“That has helped the states very much so while commending them, NEC agreed to engage the CBN governor with the Minister of Finance and the Governors’ Forum and the NEC committee.”
Flooding
Governor Umahi said that the Council also discussed the flood that has affected many states in Nigeria, and offered condolences to the victims and their families.
He said it was also agreed at the meeting that a committee be set up to look at the immediate solutions and interventions to the flooding.
Lateefah Ibrahim
