The National Economic Council (NEC) has approved a 90-day economic action plan aimed at reducing the cost of living, making food more affordable and improving economic conditions for Nigerians.
Politics Nigeria reports that the plan, proposed by the Federal Ministry of Finance, also seeks to attract investment, remove barriers to business activities and accelerate the completion of projects expected to deliver direct benefits to citizens.
The approval followed a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, at NEC’s 161st meeting held virtually on Thursday. The meeting was 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 is designed to build on the gains of President Bola Tinubu’s economic reforms.
The five priority areas are food affordability, tax harmonisation, completion of high-impact projects, removal of investment bottlenecks and regulated household support.
NEC also approved a national dashboard to monitor ongoing projects across the country, with a focus on transparency, accountability and accurate reporting on the use of proceeds 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 the need for coordinated implementation by federal and state governments.
The presentation also highlighted the need to ensure that improvements in macroeconomic indicators translate into tangible benefits for households and businesses through targeted interventions, better fiscal coordination and the removal of investment barriers.
Addressing Council members, Shettima said governments at all levels must ensure that the objectives of the Tinubu administration’s economic reforms result in better living conditions for Nigerians.
He urged state governors and relevant institutions to prioritise affordable transportation, improved healthcare, job creation 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,” he said.
Shettima described the Council’s deliberations on transportation, healthcare, police reform and livestock development as crucial to determining how Nigerians benefit from economic progress.
He also called for stronger cooperation among the tiers of government, warning that their separate responsibilities should not hinder the delivery of essential services.
“Our separate jurisdictions must serve a common public interest,” he said.
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 pressure on commuters.
He said the programme’s success should be measured by its affordability and accessibility rather than the number of vehicles deployed.
“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.
Shettima further urged governors to use their knowledge of local conditions to improve national policy decisions, adding that effective implementation required clear responsibilities and practical agreements among the different levels of government.
He said policies should be assessed based on their ability to reduce uncertainty, create opportunities and strengthen public confidence in government.
“Nigerians deserve institutions on which they can organise their lives. Providing that assurance is among the most consequential uses of public authority. That is the assurance we owe them,” he said.
Meanwhile, NEC 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 (FCT).
Pate sought to allay fears of a major public health crisis, assuring Council members that Nigeria had the institutional capacity to contain the situation.
He identified coordination and governance, detection at points of entry, laboratory testing, the supply of essential kits and personal protective equipment, and strategic communication as key 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.
On polio eradication, NEC received a report from 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 also stressed the need for timely release of counterpart funds, stronger routine immunisation, improved coordination with security agencies and greater cooperation among states to increase coverage in subsequent campaigns.
NEC said sustained commitment from governors, traditional rulers and security agencies would be critical to eradicating polio in Nigeria.
On livestock development, the Council considered a report from its Ad Hoc Committee on Livestock Development, chaired by Kebbi State Governor, Nasir Idris.
It acknowledged the sector’s potential to drive economic growth, create jobs and improve livelihoods, noting that all states had expressed interest in supporting the Federal Government’s livestock development initiatives.
The Council resolved to strengthen collaboration between federal and state governments to accelerate reforms and unlock the sector’s economic potential.
NEC also considered 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, Ismaeel Ahmed.
It approved plans for a joint financing framework between the Federal and State Governments to speed up the deployment of CNG and electric vehicles across the country.
The Council directed that the programme must reduce transportation costs for Nigerians rather than focus solely on deploying alternative-energy vehicles.
It further called on relevant authorities to engage transport unions and operators to ensure that savings from adopting CNG and electric vehicles are reflected in lower fares for commuters.
To facilitate implementation, NEC agreed to establish a committee to coordinate the financing arrangement, consult relevant stakeholders and develop measures to ensure that the programme provides affordable, accessible and sustainable transportation.
