NEC Endorses 90-Day Economic Action Plan to Reduce Cost of Living, Boost Investment

NEC Endorses 90-Day Economic Action Plan to Reduce Cost of Living, Boost Investment

The National Economic Council (NEC) has endorsed a 90-day economic action plan proposed by the Federal Ministry of Finance to consolidate the gains of President Bola Ahmed Tinubu’s economic reforms, with a focus on reducing the cost of living, improving food affordability and accelerating investments that directly benefit Nigerians.

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.

The action plan identifies five priority areas: food affordability, tax harmonisation, completion of high-impact projects, resolution of investment bottlenecks and regulated household support.

The Council also approved the establishment of a national dashboard to monitor ongoing projects across the federation, with particular emphasis on transparency, accountability and accurate reporting on the utilisation of funds saved from the removal of the fuel subsidy.

Presenting the economic outlook, Oyedele expressed optimism about progress under the Tinubu 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 across federal and state institutions.

The Finance Minister emphasised the need to translate macroeconomic improvements into measurable benefits for households and businesses through targeted interventions, stronger fiscal coordination and the removal of barriers to investment.

Addressing members of the Council, Vice President Shettima urged state governors and relevant government institutions to ensure that the gains of economic reforms translate into affordable transportation, improved healthcare, employment opportunities and greater financial security for Nigerians.

He said the success of economic policies must ultimately be measured by their impact on citizens’ daily lives, adding that government must go beyond announcing reforms to build institutions that enable Nigerians to plan their futures with confidence.

“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 noted that the Council’s deliberations on transportation, healthcare, police reform and livestock development reflected critical decisions about the quality of life Nigerians should expect from economic progress.

“Our separate jurisdictions must serve a common public interest,” he stated, stressing that Nigeria’s federal structure should promote cooperation rather than hinder the delivery of essential services.

On the National Compressed Natural Gas (CNG) Bus Initiative, the Vice President urged state governments to support affordable transportation systems capable of reducing the financial burden on commuters.

He maintained that the programme’s success should be measured by 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.

The Vice President reaffirmed that President Tinubu’s economic reform programme was designed to achieve broader national prosperity, urging all tiers of government to translate its objectives into improved living conditions.

He also called on governors to bring their understanding of local challenges into national policy decisions, insisting that effective implementation requires clear responsibilities and practical agreements among the different levels of government.

Shettima urged Council members to assess policy proposals 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.

NEC Reviews Ebola Preparedness, Tasks States on Response Plans

Meanwhile, the Council received an update on the reported Ebola case in the Federal Capital Territory from the Coordinating Minister of Health and Social Welfare, Professor Muhammad Ali Pate, who expressed confidence in Nigeria’s institutional capacity to manage the situation.

Pate briefed members on efforts by the Federal Ministry of Health and Social Welfare, in collaboration with relevant stakeholders, to operationalise a coordinated national response.

He identified coordination and governance, surveillance at points of entry, laboratory testing capacity, logistics for essential medical kits and personal protective equipment, and effective public communication as critical components of the response.

The Minister disclosed that 21 state governments had updated their preparedness and response plans, urging the remaining 15 states to establish appropriate mechanisms without delay.

Council Directs States to Strengthen Polio Eradication Efforts

The Council also considered the report of the NEC Ad Hoc Committee on Polio Eradication, chaired by Gombe State Governor, Alhaji Muhammadu Inuwa Yahaya.

Following its deliberations, 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 emphasised the need for timely release of counterpart funds, stronger routine immunisation, improved coordination with security agencies and closer cooperation among states to increase vaccination coverage in subsequent campaigns.

It further stressed that sustained commitment from governors, traditional rulers and security agencies would remain essential to achieving the complete eradication of polio in Nigeria.

NEC Moves to Unlock Livestock Sector’s Economic 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.

NEC acknowledged the sector’s potential to stimulate economic growth, create employment and improve livelihoods across the country.

The Council 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, States to Establish Joint Financing Framework for CNG, Electric Vehicles

In another major resolution, the Council considered a presentation on the National Affordable Compressed Natural Gas Transit Programme by the Chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles, Barrister Ismaeel Ahmed.

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

The Council directed that the initiative must deliver tangible benefits to citizens through reduced transportation costs rather than merely increasing the availability of alternative-energy vehicles.

It also resolved that relevant authorities should engage transport unions and operators to ensure that savings from the adoption of CNG and electric vehicles are passed on to commuters through lower fares.

To implement the decision, NEC agreed to constitute a committee to coordinate the financing arrangement, engage relevant stakeholders and develop practical measures to ensure that the programme delivers affordable, accessible and sustainable transportation for Nigerians.

The Council’s resolutions reflect a broader effort to strengthen cooperation between federal and state governments in implementing economic reforms, improving public services and ensuring that national development initiatives translate into tangible benefits for citizens.

NEC Endorses 90-Day Economic Action Plan to Reduce Cost of Living, Boost Investment