By Chesa Chesa
The National Economic Council (NEC) has endorsed a 90-day economic action plan aimed at reducing the cost of living, improving food affordability, attracting investment and accelerating projects that directly benefit Nigerians.
The NEC is chaired by Vice-President Kashim Shettima, with State Governors, Ministers of FCT, Finance, Busget and National Planning, among others as members.
The plan, proposed by the Federal Ministry of Finance, is designed to consolidate the gains of President Bola Tinubu’s economic reforms and translate macroeconomic improvements into better living conditions for citizens.
The endorsement was announced on Thursday following a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, at the 161st NEC meeting, held virtually and chaired by Vice President Shettima.
The five priority areas of the plan are 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 emphasis on transparency, accountability and the utilisation of proceeds from fuel subsidy removal.
Addressing the council, Shettima urged state governors and relevant government institutions to ensure that the gains of the economic reforms translate into affordable transportation, improved healthcare, employment opportunities and greater financial security for Nigerians.
He said the success of economic policies should be measured by their impact on citizens’ daily lives rather than by policy announcements alone.
“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 said the council’s deliberations on transportation, healthcare, police reform and livestock development represented critical decisions about the quality of life Nigerians should expect from economic progress.
“Our separate jurisdictions must serve a common public interest,” he said, stressing that Nigeria’s federal structure should promote cooperation among the tiers of government rather than impede the delivery of essential services.
On transportation, the Vice President called for stronger state support for the National Compressed Natural Gas (CNG) Bus Initiative, saying the programme should reduce the financial burden on commuters.
He argued that its success should be measured 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,” Shettima said.
He added that the Tinubu administration’s economic reforms were intended to achieve broader national prosperity, urging governors to bring their knowledge of local realities into national policy implementation.
“Our separate mandates must not become competing excuses. Each Governor carries knowledge that no federal document can supply,” he said.
Oyedele, in his presentation on the economic outlook, expressed optimism about the progress of the administration’s reform programme and the prospects for further recovery.
He identified reducing 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 by federal and state institutions.
The minister also emphasised targeted interventions, improved fiscal coordination and the removal of investment barriers to ensure that economic improvements benefit households and businesses.
