The council identified five priority areas and approved a national project-tracking dashboard, while directing federal and state governments to ensure economic reforms deliver tangible benefits.

Nigeria’s National Economic Council (NEC) has endorsed a 90-day economic action plan aimed at easing the cost-of-living crisis, improving food affordability and attracting investment, although the announcement did not provide specific implementation timelines or measurable targets for the proposed interventions.

The plan was presented by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, during NEC’s 161st meeting on Thursday, October 22. The meeting was held virtually and chaired by Vice President Kashim Shettima.

Stanley Nkwocha, the spokesperson to the vice president, disclosed the decision in a statement, saying the initiative was designed to consolidate gains from President Bola Tinubu’s economic reforms and ensure Nigerians benefit from improved economic conditions.

The five priority areas are food affordability, tax harmonisation, completion of high-impact projects, resolution of investment bottlenecks and regulated household support.

However, the statement did not specify the interventions to be introduced under each priority, how the 90-day period would be measured, or the criteria for determining whether the plan had eased living costs.

The endorsement comes amid persistent concerns over the cost of food, transportation and other essential goods following the government’s removal of petrol subsidies and foreign exchange reforms.

NEC’s 90-day economic action plan targets food and transport costs

NEC also approved the establishment of a national dashboard to track ongoing projects across the federation, with particular emphasis on transparency, accountability and accurate reporting on how proceeds from petrol subsidy removal are being utilised.

Presenting the economic outlook, Oyedele expressed optimism about the progress of the administration’s reform programme and prospects for further recovery.

He identified reducing headline inflation and interest rates to single-digit levels by 2027 as key policy objectives, stressing that the next phase of reforms would require coordinated implementation across federal and state institutions.

Shettima urged state governors and relevant government agencies to ensure economic reforms translated into affordable transportation, improved healthcare, employment opportunities 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 also called for closer cooperation among the three tiers of government, arguing that separate jurisdictions should not obstruct the delivery of essential services.

NEC approves joint financing framework for CNG, electric vehicles

Beyond the 90-day plan, the council resolved to establish a joint financing framework between the Federal Government and state governments to accelerate the deployment of compressed natural gas (CNG) and electric vehicles.

The decision followed a presentation by Ismaeel Ahmed, chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles, on the National Affordable CNG Transit Programme.

NEC directed relevant authorities to engage transport unions and operators to ensure savings from adopting CNG and electric vehicles were passed on to commuters through lower fares.

The council also agreed to constitute a committee to coordinate the financing arrangement, engage stakeholders and develop measures to make transportation more affordable and accessible.

Shettima said the programme’s success should be measured by affordability and accessibility rather than the number of vehicles deployed.

NEC reviews Ebola response and polio eradication efforts

The council also received an update from the Minister of Health and Social Welfare, Muhammad Ali Pate, on Nigeria’s preparedness following the reported Ebola case in the Federal Capital Territory.

Pate outlined response measures covering coordination, detection at points of entry, laboratory testing, logistics for essential medical supplies and protective equipment, and public communication.

According to Nkwocha’s statement, the minister said 21 state governments had updated their preparedness and response plans and urged the remaining 15 to establish appropriate mechanisms.

On polio eradication, NEC directed states to conduct post-campaign reviews, particularly in areas where children were missed during immunisation exercises and communities affected by insecurity.

The council also stressed the need for timely release of counterpart funds, stronger routine immunisation and improved coordination with security agencies.

NEC seeks stronger federal-state cooperation on livestock

NEC further considered the report of its Ad Hoc Committee on Livestock Development, chaired by Kebbi State Governor Nasir Idris.

The council acknowledged the sector’s potential to create jobs, stimulate economic growth and improve livelihoods. It said all states had indicated interest in supporting the Federal Government’s livestock development initiatives and resolved to strengthen cooperation to advance the sector.

The council’s resolutions span economic relief, transport, public health, immunisation and agricultural development. Their impact, however, will depend on implementation by federal and state authorities.

For the 90-day plan, the next critical steps are to clarify the proposed interventions, establish measurable targets and explain how progress will be tracked. Without those details, Nigerians will have limited means of assessing whether the initiative delivers the promised relief.