The National Economic Council (NEC) has endorsed a 90-day economic action plan aimed at reducing the cost of living and improving food affordability for Nigerians.
The plan was presented by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, at the council’s 161st meeting, chaired virtually by Vice President Kashim Shettima on Thursday.
According to a statement by Shettima’s spokesperson, Stanley Nkwocha, the plan focuses on five areas: food affordability, tax harmonisation, completion of major projects, removal of investment barriers and targeted household support.
The council also approved a national dashboard to track government projects and improve transparency in the use of funds saved from petrol subsidy removal.
Shettima urged state governors and government agencies to ensure that economic reforms lead to better living conditions, including affordable transport, improved healthcare, job 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.
On transportation, the council approved plans for the federal and state governments to jointly finance the deployment of compressed natural gas (CNG) and electric vehicles.
It also directed officials to engage transport unions and operators to ensure that savings from the vehicles are passed on to commuters through lower fares.
The council said the initiative should be judged by its impact on passengers rather than the number of vehicles deployed.
Meanwhile, Oyedele identified reducing inflation and interest rates to single digits by 2027 as key economic goals.
However, the government has yet to disclose specific measures or a detailed implementation timetable for the 90-day plan.
The endorsement comes amid continued concerns about high food prices and the cost of living following economic reforms introduced by President Bola Tinubu’s administration.
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