The National Economic Council (NEC) has approved a 90-day economic action plan aimed at reducing the cost of living, improving food affordability and attracting investments across Nigeria.
The plan was proposed by the Federal Ministry of Finance and endorsed on Thursday during the council’s 161st meeting, which was chaired virtually by Vice President Kashim Shettima.
According to a statement issued by Stanley Nkwocha, the Senior Special Assistant to the Vice President on Media and Communications, the initiative focuses on five key areas: affordable food, tax harmonisation, completion of critical development projects, removal of investment barriers and regulated household support.
As part of the measures, the council approved the establishment of a national project-tracking dashboard to improve transparency and accountability. The platform will also monitor how funds generated from the removal of petrol subsidies are being utilised.
Speaking during the meeting, Shettima urged state governors and relevant government agencies to ensure that the benefits of President Bola Tinubu’s economic reforms translate into improved living conditions for Nigerians.
He stressed that the success of economic policies should be measured by their impact on citizens’ daily lives, particularly in access to affordable transportation, healthcare, employment opportunities and financial security.
According to the Vice President, economic progress should give Nigerians greater confidence to plan their futures without being overwhelmed by financial uncertainty.
Shettima also called for stronger cooperation between federal and state governments, noting that differences in their responsibilities should not prevent the effective delivery of essential services.
NEC Targets Lower Transport Fares
The council also emphasised the need to make public transportation more affordable, particularly through the National Compressed Natural Gas (CNG) Bus Initiative.
Shettima said the initiative should be assessed based on how much it reduces commuters’ expenses rather than the number of buses deployed.
He maintained that affordable transportation was essential to helping Nigerians access employment and other economic opportunities without spending an excessive portion of their income on commuting.
To accelerate the adoption of cleaner and more affordable transportation, NEC resolved to establish a joint financing framework between the Federal Government and state governments for the deployment of compressed natural gas and electric vehicles.
The council 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.
NEC Reviews Ebola Preparedness
Meanwhile, the Minister of Health and Social Welfare, Professor Muhammad Ali Pate, briefed the council on reports of an Ebola outbreak in the Federal Capital Territory (FCT).
Pate assured members that Nigeria had the institutional capacity to contain the situation, highlighting the importance of coordinated emergency responses and effective public health measures.
He said the response would focus on disease surveillance, screening at points of entry, laboratory testing, the provision of essential medical supplies and personal protective equipment, as well as public awareness campaigns.
The minister disclosed that 21 state governments had updated their preparedness and response plans, while urging the remaining 15 states to establish appropriate mechanisms to strengthen their readiness.
Council Calls for Stronger Polio Eradication Efforts
The council also directed state governments to intensify efforts to eradicate polio, particularly in communities where some children were missed during immunisation campaigns.
Special attention was urged in areas affected by insecurity, where access challenges could prevent children from receiving essential vaccinations.
In addition, NEC acknowledged the potential of livestock development to create jobs, stimulate economic growth and improve livelihoods.
The council resolved to strengthen cooperation between federal and state governments to support the sector and maximise its contribution to Nigeria’s economic development.
The newly approved 90-day plan is expected to provide a coordinated framework for addressing economic pressures, improving public services and ensuring that government policies deliver tangible benefits to Nigerians.
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