NEC approves 90-day plan to ease cost of living
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 projects expected to deliver direct benefits to Nigerians.
The decision followed a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, during the Council’s 161st meeting, chaired virtually by Vice President Kashim Shettima on Thursday.
According to a statement by presidential spokesman Stanley Nkwocha, the plan focuses on five priority areas: food affordability, tax harmonisation, completion of high-impact projects, removal of investment bottlenecks and regulated household support.
NEC also approved a national dashboard to monitor projects across the federation and strengthen accountability in the utilisation of proceeds from fuel subsidy removal.
Oyedele identified reducing inflation and interest rates to single digits by 2027 as major policy objectives, stressing the need for cooperation between federal and state governments.
Addressing governors, Shettima said economic reforms must translate into affordable transportation, improved healthcare, employment opportunities and financial security for Nigerians.
“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.
The Vice President urged states to support the National Compressed Natural Gas (CNG) Bus Initiative, insisting that its success should be measured by lower transport fares and accessibility rather than the number of vehicles deployed.
NEC subsequently approved the establishment of a joint federal-state financing framework to accelerate the deployment of CNG and electric vehicles.
It also directed relevant authorities to engage transport unions to ensure that savings from alternative-energy vehicles benefit commuters.
On public health, the Minister of Health and Social Welfare, Muhammad Ali Pate, briefed the Council on the reported Ebola outbreak in the Federal Capital Territory.
He said 21 states had updated their emergency response plans and urged the remaining 15 to strengthen preparedness.
The Council also directed states to intensify polio eradication efforts, particularly in communities affected by insecurity and areas where children missed previous immunisation campaigns.
On livestock development, NEC endorsed stronger collaboration between federal and state governments to attract investment, create jobs and improve livelihoods.
Shettima urged governors to ensure that government policies produce measurable improvements in citizens’ daily lives.