NEC adopts non-kinetic approach to curb insecurity

…asks states to address unemployment, poverty

…says only 12 states pass harmonised tax laws

After two days of deliberations, the National Economic Council (NEC), has adopted the use of non- kinetic measures to address ongoing security challenges facing the nation.

The Council, in a communique issued after the two-day deliberation, rolled out some key policy recommendations, including that the States “should align with the national security framework under the Renewed Hope Agenda and adopt non-kinetic approaches to address unemployment and poverty as part of efforts to curb insecurity.”

The Council also asked all tiers of Government to move from haphazard growth financing to catalysing growth by strengthening cooperative federalism, translating macroeconomic reforms into real impact for citizens, and driving Nigeria towards a one-trillion-dollar economy.

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In other recommendations, it urged Governments at all levels to identify and prioritise bankable, growth-generating projects across strategic sectors, including agriculture, manufacturing, energy, transport and logistics, and digital infrastructure.

The Council also asked the Federal Government to ensure optimal investment in the oil and gas sector while diversifying into domestic refining and non-oil sectors to enhance energy security, reduce import dependence, strengthen value chains, and create employment.

NEC implored Governments at all levels to key into the Renewed Hope Agenda by developing technology and artificial intelligence skills to remain competitive in the global economy and support the goal of a one-trillion-dollar economy.

The conference, which examined the ongoing tax reforms, also urged the States to adopt the harmonise tax law to address multiple taxation and complement ongoing tax reforms.

It observed that only 12 out of the 36 States passed the harmonised tax law and encouraged the 13 States with pending legislation to conclude the process

Although the Council did not provide details of the States, it however called on the remaining 11 States yet to conclude the process to accelerate passage.

Earlier, the Conference provided a platform for a holistic examination of key economic issues and a shared understanding of policy options for addressing the nation’s economic challenges, with a view to advancing inclusive growth and sustainable development.

The Conference also discussed effective collaboration and synergy with the 36 States and the Federal Capital Territory, providing a platform for stakeholders to align with the administration’s strategic vision under the Renewed Hope Agenda.

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It equally produced far-reaching policy recommendations for States and Local Governments to align with the Federal Government’s long-term economic agenda.

A total of seven panel sessions were conducted, with nine lead papers presented by resource persons and experts on various sub-themes, including the economy, interstate collaboration, fiscal governance, human capital development, security, domestic production, and partnership frameworks for economic growth.