The National Economic Council (NEC) has endorsed a 90-day economic action plan designed to make food more affordable, ease the cost of living and attract investment across Nigeria.
The decision was taken on Thursday at the council’s 161st meeting, chaired virtually by Vice-President Kashim Shettima, following a proposal by the Federal Ministry of Finance.
According to a statement by Stanley Nkwocha, Senior Special Assistant to the Vice-President on Media and Communications, the plan focuses on five priority areas: food affordability, tax harmonisation, completion of high-impact projects, removal of investment bottlenecks and regulated household support.
The council also approved the establishment of a national dashboard to monitor projects across the country. The platform is expected to promote transparency and accountability, including public reporting on the use of proceeds from the removal of the petrol subsidy.
Addressing the meeting, Shettima urged state governors and relevant government institutions to ensure that the benefits of President Bola Tinubu’s economic reforms lead to measurable improvements in the lives of Nigerians.
He said economic policies should be assessed by their effects on everyday needs, including affordable transportation, access to healthcare, employment opportunities and financial security.
“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 also called for stronger cooperation between federal and state governments, stressing that differences in their responsibilities should not prevent them from providing essential services.
“Our separate mandates must not become competing excuses. Each governor carries knowledge that no federal document can supply,” he said.
On public transportation, the Vice-President said the National Compressed Natural Gas Bus Initiative should be measured by the savings it delivers to commuters 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,” Shettima said.
To support the transition to cleaner transport, the council resolved to establish a joint financing framework between the Federal Government and state governments for the deployment of compressed natural gas and electric vehicles.
It also directed relevant authorities to engage transport unions and operators to ensure that savings from the use of these vehicles are reflected in lower fares for passengers.
On public health, the Minister of Health and Social Welfare, Professor Muhammad Ali Pate, briefed the council on the reported Ebola outbreak in the Federal Capital Territory. He assured members that Nigeria had the institutional capacity to contain the situation.
Pate said the response would prioritise coordination among relevant agencies, surveillance at points of entry, laboratory testing, the provision of essential kits and personal protective equipment, and public communication.
He disclosed that 21 state governments had updated their preparedness and response plans, urging the remaining 15 states to put appropriate arrangements in place.
The council also called on state governments to strengthen polio eradication efforts, particularly in communities where some children had been missed during immunisation campaigns and in areas affected by insecurity.
In another decision, NEC acknowledged the potential of livestock development to create jobs, improve livelihoods and support economic growth. It resolved to strengthen cooperation between federal and state governments to advance the sector.
The 90-day economic plan places emphasis on food affordability, infrastructure delivery, transport costs and investment conditions. Its impact will depend on how quickly the agreed measures are implemented and whether they produce tangible benefits for households and businesses.
