National Economic Council (NEC) meets in Abuja
The National Economic Council, statutorily chaired by the Vice President, meets once a month, bringing together the 36 State Governors, Minister of Finance, Central Bank Governor and other senior Federal Government officials. The June 2017 meeting held on Thursday June 29, 2017, at the State House, Abuja.

Highlights of the Meeting:

1. Budget Support Facility: Acting President Osinbajo directed that the Budget Support Facility to the States be continued for now. The BSF was introduced in 2016 as a Conditional Loan Programme to State Governments, to help States meet shortfalls in their monthly allocations (on account of low oil prices), and be able to pay salaries and pensions. The Conditions attached to the Facility are designed to enhance fiscal prudence and transparency, efficiency in public expenditure, as well as ensure that the funds are used for the payment of salaries and pensions.

These conditions are contained in a Fiscal Sustainability Plan (FSP) agreed to by all participating States. The Federal Ministry of Finance has the right to query, suspend or withhold funds as part of the conditions of the Budget Support Facility. The Ministry of Finance has since appointed a number of accounting firms to carry out Audit verification of States' compliance with the FSP.

State of Prisons Nationwide: It was agreed that States should endeavour to support the Federal Government by:
*Building/rehabilitating/expanding prisons.
*Reviewing cases regularly to see which sentences deserve to be commuted, so as to decongest the prisons.

2. Public Sector Funding for HIV/AIDS: The Director General of the National Agency for the Control of AIDS (NACA) made a presentation arguing for the prioritisation of HIV/AIDS spending by State Governments, and recommending that at least 0.5% to 1% of monthly allocations to each State should be set aside for financing the implementation of HIV/AIDS prevention and treatment programmes. He also recommended that States should abolish user fees for Antenatal Care services and Prevention of Mother-To-Child Transmission services.

3. Update on the status of the 3 Special Accounts maintained on behalf of the Federal, State and Local Governments:
*Stabilisation Fund ('Rainy Day' savings) 0.5% of the Federation Account): Balance of 28.5 billion Naira as at June 28, 2016
*Natural Resources Fund (Established to support funding and development of Agriculture, Water Resources and Mining; 1.68% of Federation Account): Balance of 87.67 billion Naira as at 28 June 2017
*Ecological Fund (Intervention facility established to address the ecological problems ravaging communities across the country; 2% of the Federation Account): Balance of 28.9 billion Naira as at 29 June 2017.

4. Update on the status of the Excess Crude Account: Current balance of US$2.3 billion.