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 impact of President Bola Tinubu’s economic reforms.
The plan focuses on five priority areas: making food more affordable, harmonising taxes, completing high-impact projects, removing investment bottlenecks and providing regulated support to households.
The endorsement 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 and chaired by Vice President Kashim Shettima. The development was disclosed in a statement by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications in the Office of the Vice President.
NEC also approved the establishment of a national dashboard to monitor ongoing projects across the country, with an emphasis on transparency, accountability and accurate reporting on the use of funds generated from the removal of the petrol subsidy.
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.
He also highlighted the need to translate improvements in economic indicators into tangible benefits for households and businesses through targeted interventions, better fiscal coordination and the removal of barriers to investment.
Addressing council members, Shettima said the reforms could only deliver meaningful results if governments at all levels ensured that economic progress translated into improved living conditions for Nigerians.
He urged state governors and relevant institutions to prioritise affordable transportation, better 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,” he said.
Shettima described discussions on transportation, healthcare, police reform and livestock development as essential to determining whether economic growth would improve the everyday lives of Nigerians.
“Our separate jurisdictions must serve a common public interest,” he said, calling for stronger cooperation between federal and state governments in delivering essential services.
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 programme should be judged by how affordable and accessible transport becomes, rather than by 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,” Shettima said.
He also urged governors to use their understanding of local conditions to improve national policymaking, noting that successful implementation required clearly defined responsibilities and practical agreements between the different levels of government.
“Our separate mandates must not become competing excuses. Each Governor carries knowledge that no federal document can supply,” he said.
Shettima added that policies should be assessed by 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.
NEC Reviews Ebola Response and Urges States to Prepare
NEC also received an update from the Minister of Health and Social Welfare, Professor Muhammad Ali Pate, on the reported Ebola case in the Federal Capital Territory.
Pate sought to reassure council members that Nigeria had the institutional capacity to contain the situation. He outlined measures being taken to strengthen the national response, including coordination and governance, screening at points of entry, laboratory testing, the provision of essential medical supplies and personal protective equipment, and strategic communication.
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 Efforts
Council members also considered a report from the NEC Ad Hoc Committee on Polio Eradication, chaired by Gombe State Governor Muhammadu Inuwa Yahaya.
NEC directed states to conduct reviews after immunisation campaigns, particularly in communities where children were missed and in areas affected by insecurity.
The council emphasised the importance of releasing counterpart funding on time, strengthening routine immunisation, improving coordination with security agencies and increasing cooperation between states to achieve better vaccination coverage.
It further stressed that sustained commitment from governors, traditional rulers and security agencies would remain essential to eradicating polio in Nigeria.
NEC Seeks to Unlock Livestock Sector’s Economic Potential
On livestock development, NEC received a report from its Ad Hoc Committee on Livestock Development, chaired by Kebbi State Governor 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 cooperation between federal and state governments to accelerate reforms and unlock the sector’s economic potential.
FG and States Plan Joint Financing for CNG and Electric Vehicles
NEC also considered a presentation on the National Affordable Compressed Natural Gas Transit Programme by Ismaeel Ahmed, Chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles.
The council 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 Nigeria.
It stressed that the programme must provide practical benefits to citizens by reducing transportation costs rather than merely increasing the number of alternative-energy vehicles on the roads.
NEC also directed relevant authorities to engage transport unions and operators to ensure that savings from adopting CNG and electric vehicles are passed on to commuters through lower fares.
To implement the decision, the council agreed to establish a committee to coordinate the financing arrangement, engage relevant stakeholders and develop measures to ensure that the programme delivers affordable, accessible and sustainable transportation.
The decisions reflect NEC’s broader push to make economic reforms more beneficial to Nigerians through lower living costs, stronger public services, improved health preparedness and increased economic opportunities.
