The National Economic Council has endorsed a 90-day economic action plan aimed at improving food affordability, easing investment barriers and ensuring Nigerians benefit from the Federal Government’s economic reforms.
The plan was presented by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, at the council’s 161st meeting, held virtually on Thursday and chaired by Vice President Kashim Shettima.
According to a statement by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications in the Office of the Vice President, the plan identifies five priority areas: food affordability, tax harmonisation, completion of high-impact projects, removal of investment bottlenecks and regulated household support.
The council also approved a national dashboard to track ongoing projects across the federation, with particular attention to transparency, accountability and the use of funds saved from petrol subsidy removal.
Presenting the economic outlook, Oyedele said the next phase of reforms would require coordinated action by federal and state governments to translate macroeconomic gains into tangible improvements for households and businesses.
He identified reducing headline inflation and interest rates to single digits by 2027 as key policy objectives.
Shettima urged state governors and relevant institutions to ensure that economic reforms improve living conditions through affordable transportation, better healthcare, job creation and greater 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,” he said.
The Vice President said federal and state governments must work together to deliver essential services, warning against allowing their separate responsibilities to obstruct the pursuit of common public interests.
On the National Compressed Natural Gas Bus Initiative, Shettima urged state governments to support affordable transport systems that would reduce commuters’ financial burden.
“The cost of reaching a livelihood should never consume the livelihood itself,” he said, adding that the programme’s success should be measured by affordability and access rather than the number of vehicles deployed.
NEC also agreed to establish a joint financing framework for the deployment of compressed natural gas and electric vehicles across the country. A committee is to coordinate the arrangement, engage transport unions and operators, and develop measures to ensure savings translate into lower fares.
At the meeting, the council reviewed Nigeria’s preparedness for Ebola following a reported outbreak in the Federal Capital Territory.
The Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, assured members that Nigeria had the institutional capacity to contain the situation. He identified surveillance, laboratory testing, logistics, protective equipment and public communication as essential parts of the response.
Pate said 21 state governments had updated their response plans and urged the remaining 15 to establish appropriate preparedness measures.
On polio eradication, NEC directed states to review immunisation campaigns, particularly in communities where children were missed and areas affected by insecurity. It also called for timely release of counterpart funds, stronger routine immunisation and improved coordination with security agencies.
The council further considered measures to expand livestock development, acknowledging the sector’s potential to create jobs, improve livelihoods and stimulate economic growth. It said all states had expressed interest in supporting the Federal Government’s initiatives and called for stronger cooperation to accelerate development.
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