NEC endorses Alternative Oil & Gas Joint Venture funding regime, eliminating cash calls

At its meeting presided over by Vice President, Prof. Yemi Osinbajo, SAN, the National Economic Council, NEC, on Thursday endorsed a new funding regime for the oil and gas industry, eliminating the often arduous and onerous cash call regime which has dragged the industry in about a decade, stalling growth.

This is one of the highlights of the NEC meeting, which is the constitutional body set up to advise the president on the economic affairs of the federation. 

Chaired by the Vice President, governors of all 36 states of the federation and Central Bank governor are statutory members.

The alternative funding stream had been approved earlier this week at the Federal Executive Council meeting on Wednesday and then presented today to NEC, as the body mandated to come up with “measures necessary for the coordination of the economic planning efforts or economic programmes of the various Governments of the Federation.”