NEC Endorses 90-Day Plan to Cut Living Costs, Improve Food Affordability

The National Economic Council (NEC) has endorsed a 90-day economic action plan aimed at reducing the cost of living, improving food affordability and accelerating investment and infrastructure delivery across Nigeria.

The plan, proposed by the Federal Ministry of Finance, is designed to consolidate the gains of President Bola Tinubu’s economic reforms and translate them into tangible improvements in the lives of Nigerians.

The endorsement followed a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, at the council’s 161st meeting held virtually on Thursday and chaired by Vice President Kashim Shettima.

The five priority areas of the plan are food affordability, tax harmonisation, completion of high-impact projects, removal of investment bottlenecks and regulated household support.

NEC also approved the establishment of a national dashboard to track projects across the country, with emphasis on transparency, accountability and the utilisation of funds saved from the removal of fuel subsidies.

Presenting the economic outlook, Oyedele expressed optimism about the progress of the administration’s reforms, identifying the reduction of headline inflation and interest rates to single digits by 2027 as key policy objectives.

He stressed the need for coordinated implementation by federal and state governments to translate macroeconomic improvements into measurable benefits for households and businesses.

Addressing council members, Shettima charged governors and government institutions to ensure that economic reforms deliver affordable transportation, improved healthcare, employment opportunities and greater financial security for citizens.

He said the effectiveness of government policies should be measured by their impact on the daily lives of Nigerians rather than announcements of reforms.

“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 said.

Shettima emphasised that cooperation among the different tiers of government was essential to achieving sustainable economic progress, warning against allowing separate constitutional responsibilities to undermine the delivery of essential services.

“Our separate jurisdictions must serve a common public interest,” he said.

On transportation, the Vice President called on state governments to support the National Compressed Natural Gas (CNG) Bus Initiative, stressing that its success should be assessed by how much it reduces commuting costs and improves access to transportation.

“The cost of reaching a livelihood should never consume the livelihood itself,” he said, adding that affordability and accessibility should take precedence over the number of vehicles deployed.

Shettima urged governors to bring their knowledge of local conditions into national policy decisions, insisting that clear responsibilities and practical agreements were necessary to ensure effective implementation.

NEC Reviews Ebola Response, Urges States to Strengthen Preparedness

Meanwhile, the council 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.

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 outlined ongoing efforts to strengthen the national response system, identifying coordination, surveillance at points of entry, laboratory testing, logistics for essential supplies and personal protective equipment, as well as strategic communication, as critical components of the response.

The minister said 21 state governments had updated their response plans and urged the remaining 15 states to establish appropriate preparedness and response mechanisms.

NEC Directs States to Intensify Polio Eradication Efforts

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

It directed states to conduct post-campaign reviews, particularly in areas where children were missed during immunisation exercises and communities affected by insecurity.

NEC stressed the need for timely release of counterpart funds, stronger routine immunisation programmes, improved coordination with security agencies and closer collaboration among states to improve vaccination coverage.

It also highlighted the importance of sustained commitment from governors, traditional rulers and security agencies to achieving the complete eradication of polio in Nigeria.

NEC Backs Livestock Sector Reforms to Create Jobs

On livestock development, the council received a report from its ad hoc committee chaired by Kebbi State Governor Nasir Idris.

NEC acknowledged the sector’s potential to stimulate economic growth, create employment 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 authorities to accelerate reforms and unlock the sector’s economic potential.

FG, States to Establish Joint Financing Framework for CNG, Electric Vehicles

In another resolution, NEC agreed to establish a joint financing framework between the Federal Government and state governments to accelerate the deployment of compressed natural gas and electric vehicles nationwide.

The decision followed 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, Ismaeel Ahmed.

The council directed that the programme must deliver measurable benefits to Nigerians through lower transportation costs rather than merely increasing the availability of alternative-energy vehicles.

It also called on relevant authorities to engage transport unions and operators to ensure that savings from adopting CNG and electric vehicles are passed on to commuters through reduced fares.

NEC agreed to constitute a committee to coordinate the financing arrangement, consult relevant stakeholders and develop practical measures to ensure that the programme delivers affordable, accessible and sustainable transportation across the country.