NEC Endorses 90-Day Plan to Ease Cost of Living, Targets Single-Digit Inflation

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.

The plan aims to reduce the cost of living, improve food affordability, attract investment and accelerate the completion of projects expected to deliver direct benefits to Nigerians.

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.

Presenting the economic outlook, Oyedele expressed optimism about the progress recorded 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, noting that the next phase of reforms would require coordinated implementation across federal and state institutions.

The 90-day action plan identifies five priority areas: food affordability, tax harmonisation, completion of high-impact projects, resolution of investment bottlenecks and regulated household support.

NEC also approved the establishment of a national dashboard to monitor ongoing projects across the country, with particular emphasis on transparency, accountability and accurate reporting on the utilisation of proceeds from fuel subsidy removal.

Shettima Tasks Governors on Improved Living Conditions

Addressing council members, Shettima said that although Tinubu’s economic reforms were designed to achieve broader national prosperity, governments at all levels had a responsibility to ensure that the benefits translated into improved living conditions for Nigerians.

He urged state governors and relevant government institutions to prioritise affordable transportation, improved healthcare, employment opportunities and greater financial security.

According to the Vice-President, the success of economic policies should ultimately be measured by their impact on citizens’ daily lives, rather than by the announcement of reforms alone.

He stressed the need to build institutions that would enable Nigerians to plan their futures with greater confidence.

“The first dividend of prosperity should be the confidence to plan a life. Our task is to make such confidence less dependent on fortune,” Shettima said.

He added that NEC’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 promote cooperation rather than hinder the delivery of essential services.

FG, States to Jointly Finance CNG, Electric Vehicles

On transportation, Shettima called on state governments to support affordable systems that would reduce the financial burden on commuters.

The council received a presentation on the National Affordable Compressed Natural Gas (CNG) Transit Programme from the Chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles, Ismaeel Ahmed.

Following the presentation, NEC resolved to establish a joint financing framework between the Federal Government and state governments to accelerate the deployment of CNG-powered and electric vehicles nationwide.

The council said the initiative must deliver tangible benefits to Nigerians through reduced transportation costs, rather than focusing solely on the provision of alternative-energy vehicles.

It also directed relevant authorities to 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 constitute a committee to coordinate the financing arrangement, engage relevant stakeholders and develop practical measures to make transportation more affordable, accessible and sustainable.

NEC Reviews Ebola Preparedness

Meanwhile, the council received an update on the reported Ebola outbreak in the Federal Capital Territory from the Coordinating Minister of Health and Social Welfare, Professor Muhammad Ali Pate.

Pate sought to reassure council members that Nigeria had the institutional capacity to contain the situation.

He outlined ongoing efforts by the ministry and relevant stakeholders to establish and operationalise a coordinated national response system.

The minister identified coordination and governance, screening at points of entry, laboratory testing, logistics for essential medical kits and personal protective equipment, and effective public communication as key components of the response.

The council’s deliberations also covered other areas, including police reform and livestock development, as part of broader efforts to improve public services and strengthen economic opportunities across the country.