From Juliana Taiwo-Obalonye, Abuja
The National Economic Council (NEC) presided over by Vice President Kashim Shettima has endorsed a 90-day economic action plan aimed at easing the cost of living, improving food affordability and accelerating projects capable of delivering immediate benefits to Nigerians, as the Federal Government seeks to translate its economic reforms into tangible improvements in household welfare.
The Council also 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, with a specific directive that savings from cheaper alternative fuels must translate into lower transport fares for commuters.
The decisions were taken on Thursday at the 161st meeting of NEC, chaired virtually by Shettima, following a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.
According to the statement by Vice President’s media aide, Stanley Nkwocha, the 90-day plan identifies five priority areas: food affordability, tax harmonisation, completion of high-impact projects, removal of investment bottlenecks and regulated household support.
The Council also approved the establishment of a national dashboard to monitor projects across the federation, including transparent tracking of proceeds from fuel subsidy removal and how the funds are being utilised.
The resolutions come as the administration of President Bola Tinubu faces the challenge of ensuring that its economic reforms translate into relief for households and businesses grappling with the cost of basic necessities.
Addressing the Council, Shettima charged governors and relevant government institutions to move beyond policy declarations and ensure that economic reforms deliver affordable transportation, accessible healthcare, employment opportunities and greater financial security for citizens.
He maintained that the effectiveness of government policies should be measured by their impact on the daily lives of Nigerians rather than by announcements of reforms or improvements in economic indicators 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 Federal and State Governments must work together to ensure that the broader objectives of Tinubu’s economic reform programme translate into improved living conditions, stressing that the country’s federal structure should promote cooperation rather than impede service delivery.
“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 said.
He urged governors to bring their knowledge of local conditions into national policy decisions, arguing that effective implementation would depend on clearly defined responsibilities and practical agreements between the different tiers of government.
“Our separate mandates must not become competing excuses. Each governor carries knowledge that no federal document can supply,” he added.
A major component of the Council’s deliberations was the National Affordable Compressed Natural Gas Transit Programme, presented by the Chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles, Ismaeel Ahmed.
NEC resolved to establish a joint financing framework between the Federal and State Governments to accelerate the deployment of CNG-powered and electric vehicles across the country.
However, the Council stressed that the programme must be judged by its impact on commuters rather than the number of alternative-energy vehicles deployed.
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 passengers through reduced fares.
Shettima said affordable transportation was essential to economic inclusion, warning that the cost of travelling to work and other productive activities should not consume the income people earn.
“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.
To implement the decision, NEC agreed to constitute a committee to coordinate the financing arrangement, engage stakeholders and develop practical measures for ensuring that the programme delivers affordable, accessible and sustainable transportation.
The initiative is expected to require coordinated action by federal and state authorities, alongside transport operators, to ensure that the benefits of alternative fuels reach ordinary Nigerians.
Presenting the economic outlook, 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.
According to him, the next phase of the reform programme would require stronger coordination between federal and state institutions, targeted interventions and the removal of barriers constraining investment.
The presentation emphasised the need to translate improvements in macroeconomic indicators into measurable benefits for households and businesses through better fiscal coordination and the accelerated implementation of high-impact projects.
The 90-day action plan is intended to provide a framework for concentrating government efforts on interventions that can improve affordability, encourage investment and strengthen economic activity.
The national project dashboard approved by NEC is also expected to improve transparency and accountability in the implementation of projects across the federation, particularly those financed with proceeds from fuel subsidy removal.
Meanwhile, NEC received an update on the reported Ebola situation in the Federal Capital Territory from the Minister of Health and Social Welfare, Prof Muhammad Ali Pate, who sought to allay fears of a major public health crisis.
Pate assured members that Nigeria had the institutional capacity to contain the situation, while outlining steps being taken by the ministry and relevant stakeholders to strengthen the national response.
He identified coordination and governance, surveillance at points of entry, laboratory testing capacity, logistics for essential kits and personal protective equipment, and effective public communication as critical elements of the response.
The minister said 21 states had updated their preparedness and response plans, urging the remaining 15 states to expedite action to establish appropriate mechanisms.
His briefing placed emphasis on the need for a coordinated national response, effective detection and preparedness across states to limit the risk of further spread.
NEC also considered the report of its Ad Hoc Committee on Polio Eradication, chaired by Gombe State Governor Muhammadu Inuwa Yahaya, and resolved to direct states to conduct post-campaign reviews, particularly in communities where children were missed during immunisation exercises.
The Council identified insecurity and gaps in immunisation coverage as areas requiring urgent attention, stressing the importance of timely release of counterpart funds and stronger routine immunisation programmes.
It also called for improved coordination with security agencies and closer cooperation among states to ensure better coverage during subsequent vaccination campaigns.
NEC emphasised that sustained political commitment from governors, traditional rulers and security agencies would be essential to achieving the complete eradication of polio in Nigeria.
On livestock development, the Council received the report of its Ad Hoc Committee on Livestock Development, chaired by Kebbi State Governor Nasir Idris.
Members acknowledged the sector’s potential to stimulate economic growth, create employment and improve livelihoods across the country.
The Council noted that all states had expressed interest in supporting the Federal Government’s livestock development initiatives and resolved to strengthen collaboration between the two tiers of government to accelerate reforms and unlock the sector’s economic potential.
The livestock initiative was considered alongside other interventions aimed at expanding productive activities, creating jobs and strengthening economic opportunities across the country.
NEC’s deliberations underscored the administration’s reliance on federal-state cooperation to implement economic policies and deliver essential services.
Shettima challenged members to assess policy proposals by their 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,” he said.
The vice president reiterated that the success of the economic reform programme would ultimately depend on the ability of governments at all levels to convert national policy objectives into practical improvements in the lives of citizens.
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