ABUJA, Nigeria — The National Economic Council (NEC) has endorsed a 90-day economic action plan aimed at easing the cost of living, improving food affordability and accelerating projects expected to deliver direct benefits to Nigerians.
The plan, proposed by the Federal Ministry of Finance, was endorsed on Thursday during the council’s 161st meeting, chaired virtually by Vice-President Kashim Shettima.
The council said the initiative would focus on reducing living costs, attracting investment, improving access to affordable food and accelerating the delivery of projects with direct benefits to citizens.
The endorsement comes amid persistent concerns over the impact of President Bola Tinubu’s economic reforms on household incomes and the cost of essential goods and services.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, presented the plan, which identifies five priority areas: food affordability, tax harmonisation, completion of high-impact projects, resolution of investment bottlenecks and regulated household support.
The council also approved the establishment of a national dashboard to track ongoing projects across the federation, with particular emphasis on transparency, accountability and the utilisation of proceeds from fuel subsidy removal.
Presenting the economic outlook, Oyedele expressed optimism about the progress of the administration’s reform programme and prospects for further economic recovery.
He identified reducing headline inflation and interest rates to single digits by 2027 as key policy objectives, stressing that the next phase of reforms would require coordinated implementation by federal and state institutions.
Shettima: Reforms must improve Nigerians’ lives
Addressing council members, Shettima said the success of economic reforms should be measured by their impact on citizens’ daily lives rather than policy announcements.
He urged state governors and relevant government institutions to ensure that the benefits of the administration’s economic policies translated into affordable transportation, improved healthcare, employment opportunities and greater financial security.
“The first dividend of prosperity should be the confidence to plan a life. Our task is to make such confidence less dependent on fortune,” the Vice-President said.
He noted that the council’s deliberations on transportation, healthcare, police reform and livestock development involved critical decisions about the quality of life Nigerians should expect from economic progress.
“Our separate jurisdictions must serve a common public interest,” he said, emphasising that Nigeria’s federal structure should encourage cooperation rather than hinder the delivery of essential services.
Shettima also highlighted the National Compressed Natural Gas (CNG) Bus Initiative, urging state governments to support affordable transportation systems that would reduce the financial burden on commuters.
FG, states to jointly fund CNG, electric vehicles
In a related development, NEC resolved to establish a joint financing framework between the Federal Government and state governments to accelerate the deployment of compressed natural gas and electric vehicles across the country.
The decision followed a presentation on the National Affordable Compressed Natural Gas Transit Programme by the Chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles, Ismaeel Ahmed.
The council directed that the programme must deliver measurable benefits to Nigerians through lower transportation costs, rather than merely increasing the availability of alternative-energy vehicles.
It further resolved that relevant authorities should engage transport unions and operators to ensure that savings from the adoption of CNG and electric vehicles were passed on to commuters through reduced fares.
To implement the decision, the council agreed to establish a committee to coordinate the proposed financing arrangement, consult relevant stakeholders and develop practical measures to make transportation more affordable, accessible and sustainable.
The initiative places responsibility on both federal and state authorities to ensure that investments in alternative-energy transportation translate into tangible savings for passengers.
NEC receives Ebola outbreak briefing
The council also received an update on the Ebola outbreak in the Federal Capital Territory from the Minister of Health and Social Welfare, Prof. Muhammad Ali Pate.
Pate sought to allay fears of a major public health crisis, assuring members that Nigeria had the institutional capacity to contain the situation.
He briefed the council on efforts by the ministry and relevant stakeholders to operationalise a coordinated national response system.
The minister identified coordination and governance, screening at points of entry, laboratory testing capacity, the supply of essential kits and personal protective equipment, and effective public communication as critical components of the response.
The briefing formed part of the council’s broader deliberations on national priorities, including public health preparedness and the delivery of essential services.
The 90-day economic action plan, meanwhile, is expected to provide a framework for coordinated federal and state interventions on living costs, food affordability, investment and infrastructure delivery.
Its impact will depend on how quickly the identified priorities are implemented and whether the measures produce tangible improvements in household purchasing power and access to essential services.
