The National Economic Council (NEC) has endorsed a 90-day economic action plan proposed by the Federal Ministry of Finance to consolidate the gains of President Bola Tinubu’s economic reforms, with a focus on reducing the cost of living and improving food affordability.
The plan also prioritises attracting investment, removing bottlenecks to economic activities and accelerating the completion of projects with direct benefits to Nigerians.
According to a statement by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications in the Office of the Vice President, the endorsement followed a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, at NEC’s 161st meeting held virtually on Thursday and chaired by Vice President Kashim Shettima.
The five priority areas identified in the plan are 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 federation, with emphasis on transparency, accountability and accurate reporting on the utilisation of proceeds from fuel subsidy removal.
Presenting the economic outlook, Oyedele expressed optimism about progress under the Tinubu 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 presentation also highlighted the need to translate macroeconomic improvements into measurable benefits for households and businesses through targeted interventions, improved fiscal coordination and the removal of barriers to investment.
Addressing Council members, Shettima said that although President Tinubu’s economic reforms were designed to achieve broader national prosperity, governments at all levels must ensure that the objectives translate into improved living conditions for Nigerians.
He charged state governors and relevant institutions to focus on affordable transportation, improved healthcare, employment opportunities and greater financial security.
“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 described the Council’s deliberations on transportation, healthcare, police reform and livestock development as critical to determining 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 strengthen cooperation 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. The passenger’s experience must guide our ambition, because the value of public transport resides in the journeys it makes possible. We should assess success through affordability and access, rather than fleet size alone,” he said.
Shettima urged governors to bring their knowledge of local conditions into national policy decisions, adding that effective implementation required clear responsibilities and practical agreements among the tiers of government.
“Our separate mandates must not become competing excuses. Each Governor carries knowledge that no federal document can supply,” he said.
He added that every policy proposal should be assessed by its ability to reduce uncertainty, create opportunities and strengthen public confidence in government.
“Nigerians deserve institutions on which they can organise their lives. Providing that assurance is among the most consequential uses of public authority. That is the assurance we owe them,” he said.
NEC Reviews Ebola Response, Tasks States On Preparedness
Meanwhile, NEC 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 allayed fears of a major public health crisis, assuring Council members that Nigeria had the institutional capacity to contain the situation.
He outlined efforts by the ministry and relevant stakeholders to establish a robust national response system, identifying coordination and governance, detection at points of entry, laboratory testing, logistics for essential kits and personal protective equipment, and strategic communication as critical components.
The minister said 21 state governments had updated their response plans and urged the remaining 15 states to establish appropriate preparedness and response mechanisms without delay.
NEC Directs States To Strengthen Polio Eradication Efforts
Council also received the report of the NEC Ad Hoc Committee on Polio Eradication, chaired by Gombe State Governor, Muhammadu Inuwa Yahaya.
It resolved to direct states to conduct post-campaign reviews, particularly in areas where children were missed during immunisation exercises and communities affected by insecurity.
NEC stressed the need for timely release of counterpart funds, stronger routine immunisation, improved coordination with security agencies and closer cooperation among states to improve coverage in subsequent campaigns.
It also emphasised that sustained political commitment from governors, traditional rulers and security agencies would remain critical to eradicating polio in Nigeria.
NEC Moves To Unlock Livestock Sector’s Economic Potential
On livestock development, Council received the report of its Ad Hoc Committee on Livestock Development, chaired by Kebbi State Governor, Nasir Idris.
NEC acknowledged the sector’s potential to stimulate economic growth, create employment and improve livelihoods across the country.
It noted that all states had indicated interest in supporting the Federal Government’s livestock development initiatives and resolved to strengthen collaboration between federal and state governments to accelerate reforms and unlock the sector’s economic potential.
FG, States To Establish Joint Financing Framework For CNG, Electric Vehicles
Council also considered a presentation on the National Affordable Compressed Natural Gas (CNG) Transit Programme by the Chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles, Ismaeel Ahmed.
It resolved to establish a joint financing framework between the Federal and State Governments to accelerate the deployment of CNG and electric vehicles across the country.
NEC directed that the programme must deliver tangible benefits to citizens through reduced transportation costs, rather than limiting its impact to the provision of alternative-energy vehicles.
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, Council agreed to constitute a committee to coordinate the proposed financing arrangement, engage relevant stakeholders and develop measures to ensure that the programme delivers affordable, accessible and sustainable transportation for Nigerians.
The post NEC Endorses 90-Day Economic Plan To Ease Cost Of Living For Nigerians appeared first on Channels Television.