By Dennis Okechukwu
The National Economic Council (NEC) has endorsed a 90-day economic action plan aimed at reducing the cost of living, improving food affordability and strengthening Nigeria’s economic recovery.
The plan, proposed by the Federal Ministry of Finance, is designed to consolidate the gains of President Bola Tinubu’s economic reforms while ensuring that improvements in the economy translate into tangible benefits for households and businesses.
The endorsement followed a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, at the 161st NEC meeting held virtually on Thursday and chaired by Vice President Kashim Shettima.
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 plan focuses on 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 ongoing projects across the federation, with particular emphasis on transparency, accountability and accurate reporting on the utilisation of funds generated from fuel subsidy removal.
Presenting the economic outlook, Oyedele expressed optimism about the progress of the 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, stressing that the next phase of reforms would require coordinated implementation by federal and state governments.
The presentation highlighted the need to translate macroeconomic improvements into measurable gains for Nigerians through targeted interventions, better fiscal coordination and the removal of barriers to investment.
Addressing Council members, Shettima said governments at all levels must ensure that the objectives of the President’s economic reforms translate into improved living conditions for citizens.
He urged state governors and relevant institutions to prioritise affordable transportation, accessible 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,” the Vice President 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.
He emphasised that cooperation among the three tiers of government was essential to delivering essential services and achieving shared national objectives.
“Our separate jurisdictions must serve a common public interest,” he said.
### CNG initiative to reduce transport costs
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 success of the programme should be measured by the affordability and accessibility of transportation services rather than the number of vehicles deployed.
“The cost of reaching a livelihood should never consume the livelihood itself,” Shettima said, adding that the passenger’s experience must guide the government’s transportation ambitions.
He urged governors to bring their knowledge of local conditions into national policy decisions, noting that effective implementation required clearly defined responsibilities and practical agreements among the different tiers of government.
The Council also considered a presentation on the National Affordable 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 Government and state governments to accelerate the deployment of CNG-powered and electric vehicles.
NEC further directed relevant authorities to engage transport unions and operators to ensure that savings from the adoption of alternative-energy vehicles are passed on to commuters through lower fares.
A committee will be constituted to coordinate the financing arrangement, engage stakeholders and develop measures to ensure that the programme delivers affordable, accessible and sustainable transportation.
### NEC reviews Ebola response
Meanwhile, the Council 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 members that Nigeria had the institutional capacity to contain the situation.
He identified coordination and governance, detection at points of entry, laboratory testing, logistics for essential kits and personal protective equipment, and strategic communication as critical components of the national response.
The minister disclosed that 21 state governments had updated their response plans and urged the remaining 15 states to establish appropriate preparedness and response mechanisms without delay.
### States directed to strengthen polio eradication
NEC also considered the report of its Ad Hoc Committee on Polio Eradication, chaired by Gombe State Governor, Muhammadu Inuwa Yahaya.
The Council directed states to conduct post-campaign reviews, particularly in areas where children were missed during immunisation exercises and communities affected by insecurity.
It stressed the importance of timely release of counterpart funds, stronger routine immunisation, improved coordination with security agencies and closer cooperation among states to increase vaccination coverage.
NEC further emphasised that sustained political commitment from governors, traditional rulers and security agencies would be critical to eradicating polio in Nigeria.
### NEC seeks to unlock livestock sector’s potential
On livestock development, the Council received a report from 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 expressed 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.