The National Economic Council (NEC) chaired by Vice-President Kashim Shettima has endorsed a 90-day economic action plan proposed by the Federal Ministry of Finance to tackle the fallout of President Bola Ahmed Tinubu’s economic reforms.
The plan NEC said will focus “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 of the plan on Thursday followed a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, during the 161st meeting held virtually.
This is as the Vice President said 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, Oyedele expressed optimism about the progress recorded under the present 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.
Meanwhile, addressing members of NEC, Shettima charged 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,” 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.
Meanwhile, Council also received an update on the Ebola outbreak in the Federal Capital Territory from the Minister of Health and Social Welfare, Prof. Muhammad Ali 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 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.
FG, States to establish Joint Financing on CNG, electric vehicles
Also part of the deliberations, 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, Barrister 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.
Council 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, 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.
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