9 takeaways from the virtual National Economic Council Meeting held on Thursday, May 21st, 2020.

The NEC is to see to ways of providing mass housing, increase agricultural production, ensure massive local productivity by among several other options, increasing support to MSMEs, and majorly to improve avenues to put more cash in the hands of our people and also make them productive. - VP.

1. Anew committee led by Delta State Governor, Dr. Ifeanyi Okowa and comprising of other members including the governors of Lagos, Kano, Bauchi, Anambra, Plateau, and the F.C.T minister, has been set up to liaise and work with the Presidential Task Force (PTF) on the best way to re-open the Nigerian Economy post lockdown.

2. NEC will work hand in hand with the Economic Sustainability Committee set up by the President and chaired by the Vice-President to coordinate an Economic Sustainability Plan for the country. The Economic Sustainability Plan will involve introducing a financial stimulus package that could run into trillions of Naira. This package will support Nigerians and productivity in sectors such as agriculture, power, infrastructure, technology, and several others. Another meeting is scheduled for next week.

3. COVID-19 has created the most challenging economic situation Nigeria has ever gone through. It has negatively impacted Oil Prices, trickling down to Nigeria's Federation Revenues and Foreign Exchange Earnings with net oil and gas revenue dropping 31.1% of the prorated amount to N940.91 billion.

4. FG is supporting the financial viability of states and reducing their financial burdens by temporarily suspending repayments of ISPOs as well as other deductions tied to bailout loans with effect from April 2020.

5. The Economic Sustainability Committee will be responsible for the overall implementation and direction of these financial strategies.

6. So far, the FG has taken measures including an N500 billion stimulus package that supports healthcare, relief for taxpayers, and an incentive for employers to maintain staff and avoid mass employee cuts. The social register for households benefiting from the cash transfer program and the social safety net has also increased from 1 million to 3.6 million.

7. The World Bank has proposed two aids. One will be a support package for fiscal relief to ensure economic stability and stimulus packages for the poor, while the other will be financial support to be dedicated to state governments and used for expenditure and interventions.

8. Update from Minister of Health: Nigeria might be certified wild-polio free by the WHO African Region as early as June 2020 with no cases of the virus recorded in the past 44 months. State governments have been urged to step up with providing structures that reduce the chances of transmission.

9. The Power Sector Reform Working Group headed by the Vice President is currently working on the review of the status of ownership structures concerning DISCOs based on a presentation by the Governor of Kaduna state.