The National Economic Council (NEC) has endorsed a 90-day economic action plan aimed at reducing the cost of living, improving food affordability, attracting investments that directly benefit Nigerians.
The plan, proposed by the Federal Ministry of Finance, was endorsed on Thursday during NEC’s 161st meeting, held virtually and chaired by Vice President Kashim Shettima.
The development comes as the Federal Government seeks to consolidate the gains of President Bola Tinubu’s economic reforms and translate macroeconomic improvements into better living conditions for citizens.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, in presenting the plan, identified five priority areas: food affordability, tax harmonization, completion of high-impact projects, resolution of investment bottlenecks and regulated household support.
The Council also approved the establishment of a national dashboard to monitor ongoing projects across the country.
Oyedele expressed optimism about the progress of the administration’s economic 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 ensure that economic improvements translate into measurable benefits for households and businesses.
In Shettima’s address to the members of the Council, he urged state governors and relevant government institutions to ensure that the gains of the reforms result in affordable transportation, improved healthcare, employment opportunities and greater financial security for Nigerians.
He maintained that the success of government policies should be measured by their impact on citizens’ daily lives rather than announcements of reforms alone.
“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.
Shettima said the Council’s deliberations on transportation, healthcare, police reform and livestock development were critical to determining the quality of life Nigerians should expect from economic progress.
He called for stronger cooperation between the federal and state governments, stressing that their respective responsibilities should promote the common good rather than hinder the delivery of essential services.
On the National Compressed Natural Gas (CNG) Bus Initiative, the Vice President urged state governments to support affordable transportation systems that would ease the financial burden on commuters.
He said the programme’s success should be measured by affordability and accessibility, rather than the number of vehicles deployed.
“The cost of reaching a livelihood should never consume the livelihood itself,” he said, adding that the passenger’s experience should guide the government’s transportation ambitions.
Shettima also urged governors to incorporate local realities into national policy decisions, stressing that effective implementation required clearly defined responsibilities and practical agreements among the different tiers of government.
Meanwhile, the Council received an update from the Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, on the reported Ebola outbreak in the Federal Capital Territory.
Pate reassured members of the Council about Nigeria’s capacity to respond to the situation, outlining measures being developed by the ministry in collaboration with relevant stakeholders.
He identified coordination and governance, surveillance at points of entry, laboratory testing, the provision of essential medical supplies and personal protective equipment, and effective public communication as critical components of the national response.
The minister said 21 state governments had updated their response plans and urged the remaining 15 states to expedite the establishment of appropriate preparedness and response mechanisms.
The Council also considered the report of its Ad Hoc Committee on Polio Eradication, chaired by Gombe State Governor Muhammadu Inuwa Yahaya.
It resolved that states should conduct post-campaign reviews, particularly in communities where children were missed during immunisation exercises and in areas affected by insecurity.
NEC further emphasised the need for timely release of counterpart funds, stronger routine immunisation programmes, improved coordination with security agencies and increased cooperation among states to improve vaccination coverage.
The Council said sustained commitment from governors, traditional rulers and security agencies remained essential to eradicating polio in Nigeria.
On livestock development, NEC received a report from its Ad Hoc Committee on Livestock Development, chaired by Kebbi State Governor Nasir Idris.
The Council acknowledged the sector’s potential to stimulate economic growth, generate employment and improve livelihoods.
It noted that all states had expressed interest in supporting the Federal Government’s livestock development initiatives and resolved to strengthen collaboration between the federal and state governments to accelerate reforms and unlock the sector’s economic potential.
In another resolution, NEC agreed to establish a joint financing framework between the federal 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 should deliver tangible benefits to citizens by reducing transportation costs rather than merely increasing the number of alternative-energy vehicles on the roads.
It also called on 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.
NEC in a bid to implement the decision, agreed to constitute a committee to coordinate the arrangement, engage stakeholders and develop practical measures to make transportation more affordable, accessible and sustainable for Nigerians.
