National Economic Council approves N83.21bn for anti-flood task force, reduces initial budget request by 50%
via Punch Nigeria3 min read
The National Economic Council NEC has approved N83.21bn for an Anticipatory Action Task Force AATF to mitigate flooding and other climate-related disasters across the country. This approval, made at the 158th NEC meeting presided over by Vice President Kashim Shettima, represents a 50 percent reduction from the initial N166.42bn requested by the Minister of Budget and Economic Planning, Atiku Bagudu. Cross River State Governor, Bassey Otu, stated that the funds will be drawn through the Federation Account Allocation Committee to support proactive interventions. He explained that the 50 percent cut was an initial resource-conscious step, not a rejection of the request's urgency, and that the framework would be reviewed in subsequent meetings. Plateau State Governor, Caleb Mutfwang, noted this intervention is the first phase of a broader flood management strategy, including long-term infrastructure. Kano State Governor, Abba Yusuf, added that the Council also considered a proposed National Regional Development Policy 2026–2030 to address spatial inequalities, and governors directed the Minister of Regional Development to circulate the draft for input. Osun State Governor, Ademola Adeleke, disclosed that a proposal to strengthen Nigeria’s agro-export value chain and improve compliance with international port facility security standards was also reviewed, with potential to unlock $50bn in annual agro-export potential. Further consultations on this proposal are directed before fin
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The European Union and a coalition of Civil Society Organisations have established a Joint Election Observation Hub to monitor the upcoming Ekiti State governorship election. This initiative, part of the European Union Support to Democratic Governance in Nigeria program, aims to enhance electoral transparency and public confidence. Accredited observers will be deployed across all local government areas of Ekiti State to provide real-time, evidence-based reports on the electoral process. The coalition includes Yiaga Africa, the International Press Centre, the Centre for Media and Society, TAF Africa, The Kukah Centre, and the Nigerian Women Trust Fund. The hub will coordinate the reception, verification, and analysis of reports from polling units, covering aspects such as poll opening, voter accreditation, voting, vote counting, results collation, media coverage, and compliance with electoral guidelines. Special attention will be given to the participation of women, young people, and persons with disabilities to ensure inclusivity. Verified information will be shared through public updates to counter misinformation and encourage peaceful participation. Laolu Olawumi, Governance Adviser at the European Union Delegation to Nigeria and ECOWAS, stated the EU's commitment to supporting Nigerian institutions and civil society in deepening democratic governance through locally driven initiatives. The Ekiti governorship election, scheduled for June 20, 2026, is seen as a key indicator
Must ReadUS Vice President JD Vance defended the deal to end the Iran war, stating that Iran must perform its obligations to receive benefits. Vance, who has become the public face of the deal signed by President Donald Trump, rejected claims that the agreement rewards Iran without achieving Trump's war aims. He clarified that Iran would only receive benefits, such as oil sales, sanctions relief, and a $300 billion reconstruction fund, if it complies with the terms to be finalized within a 60-day period following the memorandum of understanding. Vance emphasized that "words don't matter... we're about verification." He noted falling oil prices and the lifting of the US blockade on Iran, with the US military allowing over a dozen ships through its naval blockade. Vance plans to travel to Switzerland for technical talks on a long-term deal, possibly this weekend, depending on Iranian availability. This role is seen as a political gamble for Vance, who is expected to run for president in 2028. He also rebuked Israeli critics of the deal, urging them to recognize the US as their primary ally.
Must ReadThe Federal Government has released transition guidelines for the implementation of the Tax Acts 2025, which became effective on January 1, 2026. These guidelines clarify how taxpayers, tax authorities, and other stakeholders should manage obligations during the transition from the old tax regime to the new framework. According to a statement by Efe Ovuakporie, Head of Information and Public Relations Unit at the Federal Ministry of Finance, the document provides direction on tax liabilities, assessments, audits, investigations, disputes, and enforcement actions for periods before and after the new laws. Tax liabilities and related actions from before January 1, 2026, will be treated under the repealed laws, while returns due from that date onward will follow the new framework. The guidelines also cover income taxes, transaction taxes, development levies, tax incentives, exemptions, record-keeping, and transactions spanning both regimes. Existing tax incentives and exemptions remain valid until their expiration, but new applications will be considered under the Tax Acts 2025. Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, stated that the document aims to provide clarity on transitional issues and prevent retrospective application of the new laws. He described the Tax Acts 2025 as a significant milestone in Nigeria’s tax reform, emphasizing clarity, fairness, and administrative certainty. The guidelines are intended to promote uniform implemen