Nigeria’s National Economic Council (NEC) has endorsed a 90-day economic action plan aimed at reducing living costs, improving food affordability and attracting investment across the country.
The plan, proposed by the Federal Ministry of Finance, was approved during the council’s 161st meeting, chaired virtually by Vice-President Kashim Shettima on Thursday. It is designed to translate the gains of President Bola Tinubu’s economic reforms into practical improvements for households and businesses.
The initiative focuses on five priority areas: making food more affordable, harmonising taxes, completing major development projects, resolving barriers to investment and providing regulated support to households.
NEC also approved a national dashboard to monitor projects across the country. The platform is expected to improve transparency and accountability, including tracking how funds saved from the removal of petrol subsidies are being used.
Government Targets Further Economic Improvements
Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, presented the plan and outlined the government’s economic outlook. He identified reducing inflation and interest rates to single-digit levels by 2027 as key policy objectives.
Shettima urged state governors and relevant government institutions to ensure that economic reforms lead to tangible improvements in transportation, healthcare, employment and household financial security.
He stressed that government policies should be judged by their effect on people’s daily lives, saying, “The first dividend of prosperity should be the confidence to plan a life.”
The vice-president also called for stronger cooperation between federal and state governments to improve service delivery and ensure that national policies reflect local needs.
NEC Pushes for More Affordable Transportation
The council resolved to establish a joint financing framework for the deployment of compressed natural gas (CNG) and electric vehicles. Authorities will also engage transport operators and unions to ensure that savings from alternative-energy vehicles translate into lower fares for commuters.
Beyond the economic plan, NEC reviewed Nigeria’s preparedness for the reported Ebola situation in the Federal Capital Territory and urged states to strengthen their response arrangements. It also called for improved coordination and funding to support polio eradication.
The council further encouraged collaboration between federal and state governments to develop the livestock sector, create jobs and improve livelihoods.
The success of the 90-day plan will depend on how effectively the proposed measures are implemented and whether they deliver measurable relief to Nigerians facing high living costs.
