The National Economic Council meeting is yet to get the report of its committee set up to probe the accounts of the Nigerian National Petroleum Corporation, (NNPC).

At its inaugural meeting in June 2015, the Council had set up a committee consisting of the governors of Kaduna, Akwa Ibom, Edo and Gombe to look at the books of the NNPC, the Excess Crude Account and the federation account.

After a closed-door meeting presided over by the Vice President, Professor Yemi Osinbajo, Governor Akinwunmi Ambode told journalists that the Council was hoping to get the report of the committee at next month’s meeting.

The Council, however, received a briefing from the permanent secretary from the Ministry of Finance on the management of the excess crude proceeds.

He informed the members that the savings in the account currently stands at 2.078 billion dollars.

The Council then directed the committee probing the NNPC to work with the Accountant-General of the Federation to resolve the gaps observed in the account.

They were also told that the Central Bank of Nigeria (CBN) had worked out a restructuring of the existing state loans and salary arrears.

A committee that includes the governors of Bauchi, Rivers, Ondo and Osun States would follow up with the Central Bank of Nigeria to work out the issues of excess crude collateral for the states.

The Economic Council also discussed the insurgency in the north-east and efforts to combat the Boko Haram sect.

The National Economic Council is the highest advisory body to the President on the economic affairs of the nation. (Channels TV)

•Photo shows VP Osinbajo.

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