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.
Tinubu said the task of growing the nation’s economy is enormous while he admonished the NEC members that there is “no excuse for failure”.
The president said Nigerians want reforms and “they want it quickly”, adding that “we even begged and danced for the job”.
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.
Governors and deputy governors were in attendance at the inauguration of the council.
George Akume, secretary to the government of the federation; Femi Gbajabiamila, chief of staff; and Mele Kyari, group chief executive officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, were in attendance.
Oluwatoyin Madein, acting accountant-general of the federation, and Folashodun Shonubi, acting CBN governor, were also present at the meeting.