Lagos to host National Economic Monitoring Committee this week

Lagos State Government has announced that the Implementation Monitoring Committee (IMC) of the National Economic Council (NEC) will pay a two-day working visit to Lagos state from Tuesday, December 8 to Wednesday, December 9, 2020.

This disclosure was made in a press release issued by Lagos State Government on Sunday 6th December 2020.

In line with the information contained in the press release, the Implementation Monitoring Committee (IMC) of the National Economic Council (NEC), which will be led by the Minister of State for Budget and National Planning, Prince Clem Ikanade Agba, will monitor and evaluate major projects of the State government.

However, the two-day working visit by the IMC is needed to chart a way forward for the commencement of the 2nd phase of projects monitoring across the States by IMC. This is also part of Federal Government efforts to reposition the National economy and protect the states against recession.

In a bid to facilitate the activities of the monitoring committee, all Commissioners of Economic Planning & Budget are expected to populate with choice projects in their States, in line with the 71 resolutions set by the National Economic Council to achieve strong and sustainable economic growth in the respective states of the Federation.

While the visiting team, comprising representatives of the National Economic Council (NEC), Office of the Vice President, and the Nigeria Governors Forum, will monitor and evaluate projects executed in Lagos.

The reports of the Implementation Monitoring Committee will be presented to the National Economic Council in February 2021 for consideration and further action.

Why this matters

• This exercise is necessary given the mandate captured in the 71 Resolutions of the National Economic Council, which covers major thematic areas such as Agriculture, Infrastructure, Solid Minerals, Investment, Industrialisation, Empowerment, Revenue Generation, amongst other areas.
• It is important to note that the Implementation Monitoring Committee (IMC) was set up to deploy a Monitoring and Evaluation (M&E) mechanism so as to facilitate effective implementation of resolutions, and the implementation of the 71-point National Economic Council (NEC) retreat resolutions aimed at improving socio-economic and political development in the country.
• However, with the current disruption in the economy coupled with structural bottlenecks and the heightened vulnerabilities in the economy, this exercise is expected to aide the repositioning of the National economy and strengthen the protection of the states against recession.

What you should know

At a special retreat held between 21st and 22nd March 2016, the National Economic Council (NEC) adopted a 71-point Resolution covering seven major thematic areas to be adopted by States to enhance rapid and sustainable economic growth, in response to the economic downturn in the country.

In line with this, the National Economic Council in its efforts to ensure successful implementation of the 71 resolutions, set up two committees:

• The Implementation Steering Committee (ISC), chaired by the Vice President, Professor Yemi Osinbajo.
• The Implementation Monitoring Committee, chaired by the Honourable Minister of State, Budget and National Planning, Prince Clem Ikanade Agba.

The Implementation Monitoring Committee embarked on Phase 1 of the monitoring exercise, which covered about 27 States of the Federation in 2017.