FG Endorses 90-Day Plan to Ease Cost of Living
The National Economic Council (NEC) has endorsed a 90-day economic action plan aimed at reducing the cost of living, improving food affordability and accelerating projects that directly benefit Nigerians.
The decision followed a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, at the Council’s 161st meeting held virtually on Thursday and chaired by Vice President Kashim Shettima.
Shettima, in a statement by his Senior Special Assistant on Media and Communications, Stanley Nkwocha, charged state governors and relevant government institutions to translate the gains of President Bola Tinubu’s economic reforms into affordable transportation, improved healthcare, employment opportunities and greater financial security for Nigerians.
The 90-day 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 track ongoing projects across the country, with emphasis on transparency, accountability and accurate reporting of how proceeds from fuel subsidy removal are being utilised.
Presenting the economic outlook, Oyedele expressed optimism about the progress of the administration’s reforms, identifying the reduction of headline inflation and interest rates to single digits by 2027 as key policy objectives. He stressed the need for coordinated implementation across federal and state institutions to translate macroeconomic improvements into tangible benefits for households and businesses.
Shettima said the success of economic policies should be measured by their impact on citizens’ daily lives, rather than announcements and policy declarations.
“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.
The Vice President urged governors to bring their knowledge of local conditions into national policy decisions, stressing that cooperation among the tiers of government was essential to delivering essential services.
On transportation, NEC resolved to establish a joint financing framework between the Federal and State Governments to accelerate the deployment of Compressed Natural Gas (CNG) and electric vehicles across the country.
The Council, which received a presentation from the Chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles, Ismaeel Ahmed, also agreed to constitute a committee to coordinate the financing arrangement and engage transport unions and operators to ensure that savings from alternative-energy vehicles translate into lower fares for commuters.
Meanwhile, the Council received an update on the reported Ebola outbreak in the Federal Capital Territory from the Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, who assured members that Nigeria had the institutional capacity to contain the situation.
Pate identified coordination, surveillance at points of entry, laboratory testing, logistics for essential medical kits and personal protective equipment, and strategic communication as critical components of the national response. He said 21 states had updated their response plans and urged the remaining 15 to establish appropriate preparedness and response mechanisms.
On polio eradication, NEC directed states to conduct post-campaign reviews, particularly in areas where children were missed during immunisation exercises and communities affected by insecurity. It also called for timely release of counterpart funds, stronger routine immunisation and improved coordination with security agencies.
The Council further emphasised the importance of sustained commitment from governors, traditional rulers and security agencies to achieving complete polio eradication in Nigeria.
On livestock development, NEC acknowledged the sector’s potential to stimulate economic growth, create jobs and improve livelihoods. It noted that all states had indicated interest in supporting the Federal Government’s initiatives and resolved to strengthen collaboration between the two tiers of government to accelerate reforms and unlock the sector’s economic potential.
