NEC Approves 90-Day Plan to Cut Living Costs, Ease Food Prices, Boost Investment

The National Economic Council (NEC) has endorsed a 90-day economic action plan proposed by the Federal Ministry of Finance to consolidate gains from President Bola Ahmed Tinubu’s economic reforms.

The plan focuses on reducing the cost of living, improving food affordability, attracting investment, and accelerating the delivery of projects with direct benefits to Nigerians.

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

This is just as the Vice President said while President Tinubu’s economic reform programme was designed to achieve broader national prosperity, governments at all levels have a responsibility to translate its objectives into improved living conditions for Nigerians.

The 90-day action plan identifies five priority areas: food affordability, tax harmonisation, completion of high-impact projects, resolution of investment bottlenecks and regulated household support.

NEC also approved the establishment of a national dashboard to track ongoing projects across the federation, with particular emphasis on transparency, accountability and accurate reporting of how proceeds from fuel subsidy removal are being utilised.

Presenting the economic outlook, Oyedele expressed optimism about the progress recorded under the Tinubu administration’s reform programme and the prospects for further economic recovery.

He identified the reduction of headline inflation and interest rates to single digits by 2027 as key policy objectives, noting that the next phase of reforms would require coordinated implementation across federal and state institutions.

The Finance Minister’s presentation placed particular emphasis on translating macroeconomic improvements into measurable benefits for households and businesses through targeted interventions, improved fiscal coordination and the removal of barriers to investment.

Addressing members of Council, Vice President Shettima charged state governors and relevant government institutions to ensure that the gains of the administration’s 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, stressing that the responsibility of government extends beyond announcing reforms to building 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.

According to him, the Council’s deliberations on transportation, healthcare, police reform, and livestock development represent critical decisions about the quality of life Nigerians should expect from economic progress.

“Our separate jurisdictions must serve a common public interest,” Shettima said, emphasising that Nigeria’s federal structure must strengthen cooperation rather than become an obstacle to the delivery of essential services.

On the National Compressed Natural Gas (CNG) Bus Initiative, the Vice President underscored the need for state governments to support affordable transportation systems that would reduce the financial burden on commuters.

He maintained that the success of the programme should be determined 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.

VP Shettima maintained that President Tinubu’s economic reform programme was designed to achieve broader national prosperity, noting that governments at all levels have a responsibility to translate its objectives into improved living conditions.

“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 stated.

He urged governors to bring their understanding of local realities into national policy decisions, insisting that effective implementation requires clear responsibilities and practical agreements among the tiers of government.

“Our separate mandates must not become competing excuses. Each Governor carries knowledge that no federal document can supply,” he said.

The Vice President challenged members of the Council to judge every policy proposal by its 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,” the Vice President said.