The National Economic Council (NEC) has endorsed a 90-day economic action plan aimed at reducing the cost of living, improving food affordability, attracting investment and accelerating projects that directly benefit Nigerians.
The plan, proposed by the Federal Ministry of Finance, was endorsed at the Council’s 161st meeting held virtually on Thursday and chaired by Vice President Kashim Shettima.
The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, presented the plan as part of efforts to consolidate the gains of President Bola Tinubu’s economic reforms and translate them into tangible improvements in the living conditions of Nigerians.
The 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 track ongoing projects across the country, with emphasis on transparency, accountability and the utilisation of funds saved from fuel subsidy removal.
Presenting the economic outlook, Oyedele expressed optimism about the progress of the administration’s reform programme, identifying the reduction of headline inflation and interest rates to single digits by 2027 as key policy objectives.
He stressed the need for coordinated implementation of reforms by federal and state governments to ensure that macroeconomic improvements translate into measurable benefits for households and businesses.
Speaking at the meeting, Shettima charged state governors and relevant government institutions to ensure that the gains of economic reforms result in affordable transportation, improved healthcare, job opportunities and greater financial security for Nigerians.
He said the success of economic policies should be measured by their impact on citizens’ daily lives rather than announcements and policy declarations.
“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 emphasised that the federal structure should promote cooperation among the different tiers of government rather than hinder the delivery of essential services.
He urged governors to bring their knowledge of local conditions into national policy decisions, noting that effective implementation required clear responsibilities and practical agreements between federal and state authorities.
On transportation, the Vice President called on state governments to support initiatives designed to reduce the cost of commuting, particularly the National Compressed Natural Gas (CNG) Bus Initiative.
He said the programme’s success should be assessed by its affordability and accessibility to commuters rather than the number of vehicles deployed.
“The cost of reaching a livelihood should never consume the livelihood itself,” he said, adding that the passenger’s experience should guide efforts to improve public transportation.
In a related development, NEC resolved to establish a joint financing framework between the Federal Government and state governments to accelerate the deployment of compressed natural gas and electric vehicles across the country.
The decision followed a presentation by the Chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles, Barrister Ismaeel Ahmed.
The Council directed relevant authorities to engage transport unions and operators to ensure that savings from the adoption of CNG and electric vehicles are reflected in lower fares for commuters.
It also agreed to constitute a committee to coordinate the financing arrangement, engage stakeholders and develop measures to make the programme affordable, accessible and sustainable.
NEC Reviews Ebola Preparedness
Meanwhile, the Council received an update on the reported Ebola outbreak in the Federal Capital Territory from the Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, who assured members that Nigeria had the institutional capacity to contain the situation.
Pate briefed the Council on the national response efforts, highlighting coordination and governance, surveillance at points of entry, laboratory testing, the availability of essential medical supplies and personal protective equipment, as well as strategic communication.
He disclosed that 21 state governments had updated their preparedness and response plans, urging the remaining 15 states to establish appropriate mechanisms to strengthen their readiness.
States Directed to Strengthen Polio Eradication
The Council also considered the report of its Ad Hoc Committee on Polio Eradication, chaired by Gombe State Governor, Alhaji Muhammadu Inuwa Yahaya.
It directed state governments to conduct post-campaign reviews, particularly in areas where children were missed during immunisation exercises and communities affected by insecurity.
NEC further emphasised the need for timely release of counterpart funds, stronger routine immunisation, improved coordination with security agencies and increased cooperation among states to achieve better vaccination coverage.
It stressed that sustained commitment from governors, traditional rulers and security agencies remained essential to eliminating 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, Comrade Nasir Idris.
The Council acknowledged the sector’s potential to drive economic growth, create jobs 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 authorities to accelerate reforms and unlock the sector’s economic potential.
