NEC Endorses 90-Day Economic Plan to Ease Cost of Living

By Adedapo Adesanya

The National Economic Council (NEC) has endorsed a 90-day economic action plan proposed by the Federal Ministry of Finance to reduce the cost of living, improve food affordability and strengthen the gains of President Bola Tinubu’s economic reforms.

The plan focuses on five priority areas, including food affordability, tax harmonisation, completion of high-impact projects, removal of investment bottlenecks and regulated household support.

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

According to a statement by Mr Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications in the Office of the Vice President, the council also approved the establishment of a national dashboard to track ongoing projects across the federation.

The dashboard is expected to promote transparency, accountability and accurate reporting on the utilisation of proceeds from fuel subsidy removal.

Presenting the economic outlook, Mr Oyedele said the next phase of reforms would require coordinated implementation across federal and state institutions.

He identified reducing headline inflation and interest rates to single digits by 2027 as key policy objectives.

The VP also stressed the need to translate macroeconomic improvements into measurable benefits for households and businesses through targeted interventions, improved fiscal coordination and the removal of barriers to investment.

Speaking at the meeting, Mr Shettima urged state governors and relevant institutions to ensure that the benefits of economic reforms translate into improved living conditions for Nigerians.

He identified affordable transportation, improved healthcare, employment opportunities and greater financial security as priorities for governments at all levels.

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

He said the programme should be assessed by its affordability and accessibility rather than the number of vehicles deployed, adding that the cost of transportation should not undermine people’s ability to earn a living.

NEC also resolved to establish a joint financing framework between the Federal Government and state governments to accelerate the deployment of CNG and electric vehicles across the country.

The council directed relevant authorities to engage transport unions and operators to ensure that savings from alternative-energy vehicles translate into lower fares for commuters. It also agreed to constitute a committee to coordinate the financing arrangement and develop measures to ensure affordable and accessible transportation.

Meanwhile, the council received an update from the Minister of Health and Social Welfare, Professor Muhammad Ali Pate, on the reported Ebola outbreak in the Federal Capital Territory.

Pate assured members that Nigeria had the institutional capacity to contain the situation, highlighting efforts to strengthen coordination, surveillance at points of entry, laboratory testing, logistics and public communication.

He said 21 state governments had updated their response plans and urged the remaining 15 states to establish appropriate preparedness and response mechanisms without delay.

On polio eradication, NEC directed states to conduct post-campaign reviews, particularly in areas where children were missed during immunisation exercises and communities affected by insecurity.

The council also emphasised timely release of counterpart funds, stronger routine immunisation and improved coordination with security agencies to strengthen vaccination coverage.

In the livestock sector, NEC acknowledged its potential to stimulate economic growth, create jobs and improve livelihoods. It resolved to strengthen collaboration between federal and state governments to accelerate livestock development initiatives.

The council said all states had indicated interest in supporting the federal government’s livestock development programmes.