NEC approves a 90-day economic action plan targeting food affordability, lower transport fares, project monitoring and improved support for Nigerians
NEC 90-Day Plan Targets Food Prices, Transport Fares
The National Economic Council (NEC) has endorsed a 90-day emergency economic action plan aimed at easing the cost of living, improving food affordability and accelerating projects expected to deliver direct benefits to Nigerians.
The Council also approved a national dashboard to track government projects nationwide and promote transparency in the use of savings from the removal of petrol subsidy.
The decisions were reached on Thursday at the 161st NEC meeting, held virtually and presided over by Vice President Kashim Shettima, following a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.
The plan identifies five priority areas: food affordability, tax harmonisation, completion of high-impact projects, removal of investment bottlenecks and regulated household support.
According to a statement by the Senior Special Assistant to the President on Media and Communications in the Office of the Vice President, Stanley Nkwocha, the measures are designed to ensure that the benefits of President Bola Tinubu’s economic reforms translate into tangible relief for households and businesses.
Presenting the economic outlook, Oyedele identified reducing headline inflation and interest rates to single digits by 2027 as key policy objectives. He said achieving the targets would require coordinated action by federal and state governments, alongside measures to address the immediate economic pressures facing Nigerians.
The minister also stressed the need for stronger fiscal coordination, targeted assistance for vulnerable households and the removal of barriers to investment and economic growth.
Addressing the Council, Shettima urged state governors to ensure that the impact of economic reforms was reflected in affordable transportation, better healthcare, more employment opportunities and greater financial security.
He said the success of the reforms should be measured by improvements in citizens’ daily lives rather than official announcements or economic statistics alone.
“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 declared.
Shettima said the administration’s economic transformation agenda would only achieve its objectives when Nigerians could access essential services, pursue productive livelihoods and plan for the future with less uncertainty.
He said discussions on transportation, healthcare, police reform and livestock development should ultimately focus on improving living standards and making public institutions more responsive.
“Our separate jurisdictions must serve a common public interest”, he said, urging governors to work more closely with the Federal Government on policies that directly affect citizens.
On transportation, Shettima cautioned against judging the National CNG Bus Initiative solely by the number of vehicles deployed. He said affordability and access must take precedence, with savings from alternative fuels reflected in lower fares for commuters.
“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 stated.
He said President Tinubu’s reforms were intended to lay the foundation for broader national prosperity, adding that all levels of government had a responsibility to turn policy objectives into improved living standards.
“His Excellency, President Bola Ahmed Tinubu, GCFR, has made economic reform the instrument of a larger national ambition. Our contribution must give that ambition social depth and productive strength”, he said.
The Vice President also urged governors to bring local economic and social realities into national policy decisions, stressing that implementation would require clearly defined responsibilities across the three tiers of government.
“Our separate mandates must not become competing excuses. Each Governor carries knowledge that no federal document can supply”, he said.
Shettima challenged NEC members to assess policy proposals by their capacity 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 added.
Meanwhile, the Council received a briefing on the Ebola situation in the Federal Capital Territory from the Coordinating Minister of Health and Social Welfare, Professor Muhammad Ali Pate, who said Nigeria had the institutional capacity to contain the disease and prevent a major public health crisis.
Pate outlined response measures being implemented by the Federal Ministry of Health and relevant agencies, including coordination, surveillance and screening at points of entry, laboratory testing, the provision of essential medical kits and personal protective equipment, and public communication.
He said 21 states had updated their Ebola preparedness and response plans, while urging the remaining 15 states to establish the necessary mechanisms to respond to possible infections.
The briefing followed a reported confirmation of an Ebola case in the FCT and the activation of emergency public health measures.
NEC also directed state governments to intensify efforts to eradicate polio, particularly in insecure communities and areas where children had been missed during previous immunisation campaigns.
The directive followed a report by the NEC Ad Hoc Committee on Polio Eradication, chaired by Gombe State Governor Muhammadu Inuwa Yahaya.
The Council asked states to conduct post-campaign reviews to identify gaps in immunisation coverage and develop strategies to reach children who had missed vaccination. It also called for the timely release of counterpart funding, stronger routine immunisation and closer cooperation with security agencies to reach vulnerable communities.
NEC said sustained commitment from governors, traditional rulers and security agencies would be essential to achieving polio eradication.
On livestock development, the Council considered a report from its ad hoc committee chaired by Kebbi State Governor Nasir Idris. It acknowledged the sector’s potential to generate jobs, improve livelihoods and stimulate economic growth.
The Council noted that all 36 states had expressed interest in supporting the Federal Government’s livestock development initiatives and agreed to strengthen cooperation to accelerate reforms in the sector.
NEC also considered a presentation on the National Affordable CNG Transit Programme by the Chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles, Ismaeel Ahmed.
Following the presentation, the Council approved plans for a joint financing framework between the Federal and state governments to support the nationwide deployment of compressed natural gas (CNG) and electric vehicles.
It said the initiative must deliver measurable reductions in transport costs rather than focus solely on increasing the number of alternative-energy vehicles on the roads.
Relevant authorities were directed to engage transport unions and operators to ensure that savings from CNG and electric vehicles were passed on to passengers through lower fares. NEC also agreed to establish a committee to coordinate the financing arrangement, consult stakeholders and develop practical measures to make transportation more affordable and accessible.
The decisions reflect the Council’s push for closer cooperation between federal and state governments on economic pressures, essential services and the delivery of reforms intended to improve the lives of Nigerians.
