The National Economic Council (NEC), chaired by Vice-President Kashim Shettima, has endorsed a 90-day economic action plan proposed by the Federal Ministry of Finance to address the effects of President Bola Tinubu’s economic reforms and ease the cost-of-living burden on Nigerians.
The plan focuses on reducing living costs, improving food affordability, attracting investment and accelerating the completion of projects expected to deliver direct benefits to citizens.
The council endorsed the proposal on Thursday following a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, during its 161st meeting held virtually.
According to NEC, the action plan 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 emphasis on transparency, accountability and accurate reporting on the utilisation of proceeds from petrol subsidy removal.
Shettima Tasks Governments on Economic Reforms
Addressing council members, Shettima said although Tinubu’s economic reform programme was designed to achieve broader national prosperity, governments at all levels had a responsibility to ensure that its benefits translated into improved living conditions.
He urged governors and relevant government institutions to prioritise affordable transportation, improved healthcare, employment opportunities and greater financial security for Nigerians.
The vice-president said the success of economic policies should be measured by their impact on citizens’ daily lives rather than announcements of reforms.
“The first dividend of prosperity should be the confidence to plan a life. Our task is to make such confidence less dependent on fortune,” he said.
Shettima noted that discussions on transportation, healthcare, police reform and livestock development represented important decisions about the quality of life Nigerians should expect from economic progress.
“Our separate jurisdictions must serve a common public interest,” he said, stressing that Nigeria’s federal structure should promote cooperation rather than hinder the delivery of essential services.
He also called on state governments to support affordable transportation systems, particularly through initiatives designed to reduce commuting costs.
FG Targets Lower Inflation and Interest Rates
Presenting the economic outlook, Oyedele expressed optimism about progress under the administration’s reform programme and the prospects for further economic recovery.
He identified reducing headline inflation and interest rates to single digits by 2027 as key policy objectives.
The minister said the next phase of reforms would require coordinated implementation across federal and state institutions to ensure that economic gains translated into tangible benefits for Nigerians.
The 90-day action plan is expected to strengthen efforts to address food affordability, attract investment and accelerate projects capable of supporting economic growth and improving household welfare.
FG, States to Jointly Finance CNG, Electric Vehicles
NEC also resolved to establish a joint financing framework between the Federal Government and state governments to accelerate the deployment of compressed natural gas (CNG) 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, Barrister Ismaeel Ahmed.
The council directed that the programme should deliver tangible benefits to citizens through reduced transportation costs rather than merely increasing the number of alternative-energy vehicles on the roads.
It also resolved that relevant authorities should engage transport unions and operators to ensure that savings from the adoption of CNG and electric vehicles are passed on to commuters through lower fares.
To implement the decision, NEC agreed to establish a committee to coordinate the proposed financing arrangement, engage relevant stakeholders and develop practical measures to ensure affordable, accessible and sustainable transportation.
NEC Receives Update on Ebola Response
Meanwhile, the council 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 reassure council members about Nigeria’s capacity to manage the situation, highlighting ongoing efforts to establish a coordinated national response in collaboration with relevant stakeholders.
He identified coordination and governance, detection at points of entry, laboratory testing capacity, logistics for essential kits and personal protective equipment, and effective public communication as critical components of the response.
The briefing formed part of NEC’s wider deliberations on public welfare and the government’s responsibility to protect citizens while pursuing economic reforms.
The council’s endorsement of the 90-day action plan comes amid continuing concerns about the cost of food, transportation and other essential goods and services, with its implementation expected to test the ability of federal and state governments to translate policy commitments into measurable improvements in Nigerians’ living conditions.
