NEC endorses 90-day plan to ease cost of living for Nigerians, but no specific details yet

The National Economic Council (NEC) has endorsed what it described as a “90-day economic action plan” to ease the cost-of-living crisis caused by government policies and worsened by international wars.

The plan was announced by the spokesperson to Vice President Kashim Shettima, Stanley Nkwocha, in a statement on Thursday.

The statement did not, however, contain specific details of the plan but stated that
“The plan focuses on reducing the cost of living, improving food affordability, attracting investment, and accelerating the delivery of projects with direct benefits to Nigerians.”

Mr Nkwocha added that “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.”

PREMIUM TIMES reports that Nigerians have, since President Bola Tinubu assumed office, been experiencing the country’s worst cost-of-living crisis in a generation. This was first caused by government policies, including the removal of petrol subsidies and the deregulation of the foreign exchange market. The wars between the US/Israel and Iran, as well as the Russia-Ukraine war, exacerbated the crisis.

The government has repeatedly argued that the policies were essential to stave off a government collapse and that Nigerians will soon enjoy the benefits of the policies.

The policies have improved Nigeria’s macro-economy, with external reserves and foreign investment increasing significantly. However, most of Nigeria’s 200 million people have had to grapple with higher food costs than when Mr Tinubu assumed office.

The 90-day plan was presented by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, during the NEC’s 161st meeting held virtually and chaired by Vice President Kashim Shettima on Thursday.

According to Mr Nkwocha, the NEC also deliberated on Nigeria’s preparedness following the detection of a case of Ebola virus in Abuja, as well as the efforts to eradicate all types of polio from the country.

PREMIUM TIMES reports that the NEC is statutorily headed by the vice president and includes all sitting state governors.

Read Mr Nkwocha’s full statement below.

The National Economic Council (NEC) has endorsed a 90-day economic action plan proposed by the Federal Ministry of Finance to consolidate gains from President Bola Tinubu’s economic reforms.

The plan focuses on reducing the cost of living, improving food affordability, attracting investment, and accelerating the delivery of projects with direct benefits to Nigerians.

The council’s endorsement on Thursday followed a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, during its 161st meeting held virtually and chaired by Vice President Kashim Shettima.

This is just as the vice president said that while President Tinubu’s economic reform programme was designed to achieve broader national prosperity, governments at all levels have a responsibility to translate its objectives into improved living conditions for Nigerians.

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 track ongoing projects across the federation, with particular emphasis on transparency, accountability and accurate reporting of how proceeds from fuel subsidy removal are being utilised.

Presenting the economic outlook, Mr Oyedele expressed optimism about the progress recorded under the Tinubu administration’s reform programme and the prospects for further economic recovery.

He identified the reduction of 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 finance minister’s presentation placed particular emphasis on translating macroeconomic improvements into measurable benefits for households and businesses through targeted interventions, improved fiscal coordination and the removal of barriers to investment.

Addressing members of council, Vice President Shettima charged state governors and relevant government institutions to ensure that the gains of the administration’s economic reforms translate into affordable transportation, improved healthcare, employment opportunities and greater financial security for Nigerians.

He said the success of economic policies must ultimately be measured by their impact on citizens’ daily lives, stressing that the responsibility of government extends beyond announcing reforms to building institutions that enable Nigerians to plan their futures with 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,” he said.

According to him, the council’s deliberations on transportation, healthcare, police reform, and livestock development represent critical decisions about the quality of life Nigerians should expect from economic progress.

“Our separate jurisdictions must serve a common public interest,” Mr Shettima said, emphasising that Nigeria’s federal structure must strengthen cooperation rather than become an obstacle to the delivery of essential services.

On the National Compressed Natural Gas (CNG) Bus Initiative, the vice president underscored the need for state governments to support affordable transportation systems that would reduce the financial burden on commuters.

He maintained that the success of the programme should be determined 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.

Mr Shettima maintained that President Tinubu’s economic reform programme was designed to achieve broader national prosperity, noting that governments at all levels have a responsibility to translate its objectives into improved living conditions.

“His Excellency, President Bola Ahmed Tinubu, GCFR, has made economic reform the instrument of a larger national ambition. Our contribution must give that ambition social depth and productive strength,” he stated.

He urged governors to bring their understanding of local realities into national policy decisions, insisting that effective implementation requires 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.

The vice president challenged members of the Council to judge every policy proposal by its capacity 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,” the vice president said.

NEC Reviews Ebola Response, Tasks States On Preparedness

Meanwhile, the council received an update on the reported Ebola outbreak in the Federal Capital Territory from the Minister of Health and Social Welfare, Muhammad Pate, who allayed fears of a major public health crisis, assuring members that Nigeria possesses the institutional capacity to contain the situation.

The minister briefed the council on efforts by the ministry, in collaboration with relevant stakeholders, to operationalise a robust national response system.

He identified coordination and governance, detection at points of entry, laboratory testing capacity, logistics for essential kits and personal protective equipment, and effective strategic communication as critical components of the response.

The minister acknowledged the efforts of 21 state governments that had updated their response plans and urged the remaining 15 states to expedite the establishment of appropriate preparedness and response mechanisms.

NEC directs states to strengthen polio eradication efforts

The council also received the report of the NEC Ad Hoc Committee on Polio Eradication, chaired by the Governor of Gombe State, Muhammadu Yahaya, and resolved to direct states to conduct post-campaign reviews, particularly in areas where children were missed during immunisation exercises and communities affected by insecurity.

The council emphasised the need for timely release of counterpart funds, strengthened routine immunisation, improved coordination with security agencies and closer cooperation among states to ensure better coverage in subsequent campaigns.

It further stressed that sustained political commitment from governors, traditional rulers and security agencies would remain critical to achieving the complete eradication of polio in Nigeria.

NEC moves to unlock livestock sector’s economic potential

On livestock development, the council received the report of the NEC Ad Hoc Committee on Livestock Development, chaired by the Governor of Kebbi State, Nasir Idris, and acknowledged the sector’s potential to stimulate economic growth, create employment and improve livelihoods across the country.

The council noted that all states had indicated 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.

FG, States to establish joint financing framework for CNG, electric vehicles

In another major resolution, the council received 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, and 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.

The council specifically 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 further resolved that relevant authorities should engage transport unions and operators to ensure that savings arising from the adoption of CNG and electric vehicles are passed on to commuters through lower fares.

To give effect to the decision, the council agreed to constitute a committee to coordinate the proposed financing arrangement, engage relevant stakeholders and develop practical measures to ensure that the economic benefits of the programme translate into affordable, accessible and sustainable transportation for Nigerians.

Stanley Nkwocha
Senior Special Assistant To The President on Media & Communications
(Office of The Vice President)
22nd October, 2026