NEC Charts New Economic Direction at First Meeting of 2026, Targets Non-Oil Revenue Growth
NEC Charts New Economic Direction at First Meeting of 2026, Targets Non-Oil Revenue Growth
NEC Charts New Economic Direction at First Meeting of 2026, Targets Non-Oil Revenue Growth
The National Economic Council (NEC) has resolved to deepen engagement with stakeholders to significantly boost non-oil revenues as part of efforts to strengthen Nigeria’s economic resilience under the administration of President Bola Ahmed Tinubu.
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The resolution was reached on Thursday during the 156th meeting of the Council—the first for the year 2026—held virtually and chaired by Vice President Kashim Shettima.
At the meeting, Vice President Shettima emphasized the urgency of accelerating Nigeria’s transition from an oil-dependent economy to a diversified, non-oil-driven growth model anchored on competitive manufacturing, export diversification, agriculture, and private sector investment.
According to him, global economic volatility, fluctuating oil prices, exchange rate pressures, and unstable capital flows have reinforced the need for fiscal risk management and reduced dependence on oil revenues.
“The non-oil economy has emerged as the backbone of Nigeria’s growth story, accounting for about 96 per cent of GDP and expanding at roughly 4 per cent,” the Vice President said, noting that non-oil revenues now contribute nearly 75 per cent of total government collections.
He added that while Nigeria recorded a growth rate of 3.9 per cent in 2025—the fastest in over a decade—it remains insufficient to tackle poverty, unemployment, and rising population pressures, stressing the need for bolder economic ambitions in 2026.
Legacy Projects Committee Approved
NEC also approved the constitution of a Presidential Committee to implement President Tinubu’s directive on the actualisation of key legacy projects, including the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Super Highway.
The committee will be chaired by the Governor of Cross River State, with governors from Sokoto, Gombe, Niger, Abia, and Lagos States representing the six geopolitical zones. The Permanent Secretary of the Ministry of Budget and Economic Planning, Mrs. Deborah Odoh, will serve as Secretary, while the Ministers of Works and Transportation are members.
Economic Outlook and Priorities
A presentation by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, outlined Nigeria’s economic priorities for 2026, highlighting reforms that have stabilized the economy, improved investor confidence, and positioned the country for projected growth of 4.68 per cent in 2026.
Key priorities include food security, human capital development, social protection, timely payment of salaries and pensions, debt servicing, and maintaining macroeconomic competitiveness.
NEC commended the Federal Government’s plan to unlock job-rich growth and resolved to dedicate a special session to address challenges affecting agricultural productivity and food security.
Account Balances Update
Council received updates on key national accounts as of January 14, 2026, including:
- Excess Crude Account: $535,823.39
- Stabilization Account: ₦64.65 billion
- Natural Resources Account: ₦97.37 billion
World Bank Partnership and Tax Reform
NEC was also briefed on the new World Bank–Nigeria Country Partnership Framework, which prioritizes early childhood development, human capital investment, and large-scale, result-based national programmes implemented at the state level.
Additionally, the Presidential Fiscal Policy and Tax Reforms Committee presented updates on Nigeria’s tax reform laws aimed at addressing inequity, simplifying the tax system, and promoting shared prosperity. NEC directed the committee to prepare a comprehensive brief for its February conference to ensure effective implementation by states.
The meeting concluded with a call for stronger political support at the sub-national level, tax harmonisation, improved revenue administration, and sustained collaboration to deliver on the Renewed Hope Agenda.
NEC Charts New Economic Direction at First Meeting of 2026, Targets Non-Oil Revenue Growth
