The National Economic Council (NEC) has approved a 90-day action plan designed to tackle the high cost of living, improve access to affordable food and remove barriers to investment, as pressure mounts on governments to translate economic reforms into tangible relief for Nigerians.
The proposal, submitted by the Federal Ministry of Finance, was endorsed on Thursday at the council’s 161st meeting, presided over virtually by Vice President Kashim Shettima.
According to a statement by Stanley Nkwocha, Senior Special Assistant to the Vice President on Media and Communications, the plan identifies five priority areas: food affordability, tax harmonisation, the completion of high-impact projects, removal of investment bottlenecks and regulated household support.
The council also approved a national dashboard to monitor projects nationwide, with provisions for greater transparency and accountability, including tracking the use of funds realised from the removal of the petrol subsidy.
Addressing the meeting, Shettima urged state governors and relevant public institutions to focus on the effects of government policies on household welfare rather than relying solely on economic indicators.
He said the ultimate test of the reforms introduced by President Bola Tinubu’s administration would be whether Nigerians experienced improvements in transportation affordability, healthcare, employment prospects and 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,” the vice president said.
Shettima also stressed the need for stronger collaboration between federal and state authorities, warning that differences in their constitutional responsibilities should not become obstacles to delivering essential services.
“Our separate mandates must not become competing excuses. Each governor carries knowledge that no federal document can supply,” he said.
The council’s deliberations placed particular emphasis on reducing transportation expenses, a major concern for households and businesses facing rising living costs.
Read also: DBN’s ₦1.4tn MSME funding reaches 1.6m jobs as bank targets two million businesses
Shettima said the effectiveness of the National Compressed Natural Gas Bus Initiative should be judged by its impact on commuters’ pockets and access to economic opportunities, rather than simply by the number of buses introduced into the system.
“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.
In a related decision, NEC resolved to develop a joint financing arrangement between the Federal Government and state governments to speed up the deployment of compressed natural gas-powered and electric vehicles.
Relevant authorities were also directed to consult transport unions and operators to ensure that any savings generated by the vehicles translate into lower fares for passengers.
The directive signals an effort to link investment in alternative-fuel transport with measurable reductions in the daily expenses of commuters. Its impact, however, will depend on implementation, financing arrangements and effective monitoring of fare reductions.
At the meeting, the Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, briefed members on a reported Ebola outbreak in the Federal Capital Territory and expressed confidence in Nigeria’s capacity to contain the situation.
Pate said the national response would prioritise coordination among relevant agencies, surveillance at points of entry, laboratory testing, the availability of essential response kits and personal protective equipment, as well as public information.
He disclosed that 21 state governments had updated their preparedness and response plans, while urging the remaining 15 states to establish appropriate arrangements.
The council also called on state governments to intensify polio eradication efforts, with particular attention to communities where children had been missed during immunisation campaigns and areas where insecurity had disrupted vaccination activities.
NEC further recognised livestock development as a potential source of employment, economic expansion and improved livelihoods.
Members resolved to strengthen cooperation between the Federal Government and state governments to support the sector’s development.
The decisions from the meeting place food affordability, transport costs, public health preparedness, investment and job creation among the immediate priorities for governments.
The effectiveness of the 90-day plan will ultimately depend on how quickly the approved measures are implemented, how clearly responsibilities are assigned across the different levels of government, and whether the resulting interventions deliver measurable improvements in the daily lives of Nigerians.
The post NEC sets 90-day economic priorities to ease hardship, lower transport costs appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.