The Anambra Governor, Mr Peter Obi, announced the approval when he briefed State House correspondents on the outcome of the council meeting, presided over by Vice-President Namadi Sambo.
Obi said that the deduction of the fund would be made as first line charge during revenue allocation.
He said the decision was sequel to the consideration of a memorandum on the funding of the Police Reform Programme presented by the Nigeria Police Reform Interim Implementation Committee.
Obi, who is the Chairman of the committee, said that the council agreed that the fund would assist in tackling the issues of security which had become of great concern to the country.
“Today, the committee’s report was considered on how to find extra funding for the Nigerian Police to ensure that they provide effective security delivery.
“The council agreed on the need to fund police appropriately and recommended that one per cent be deducted as a first line charge on monthly revenue allocation to fund the police.
“The funds that will be deducted, the states and local government contributions will be domiciled in the state and will be managed and ensured that it is used in provision of the requirement within that state.
“This will go a long way in funding the police that is today believed to be under-funded,’’ he said.
Obi said that NEC also approved the pruning of the initial overall cost estimate of the Police Reform from N2.8 trillion to N1.5 trillion.
He said the council approved the extension of the reform period from five to six years to ensure the government’s commitment to the transformation of the police for effective security service delivery.
Also at the briefing were the governors of Niger, Dr Babangida Aliyu, and Adamawa, Alhaji Murtala Nyako, as well as the Inspector-General of Police, Muhammad Abubakar.
The ministers of National Planning Dr Shamsudeen Usman, Police Affairs, retired Navy Capt. Caleb Olubolade, and the Minister of State for Finance, Dr Yerima Ngama, were also at the briefing.
The NEC is the highest economic decision making body in Nigeria with the vice-president as chairman and all state governors, minister of FCT and some key ministers as members.