By George Omagbemi
The National Economic Council (NEC) has endorsed a 90-day economic action plan aimed at easing Nigeria’s cost-of-living crisis, improving food affordability and delivering tangible benefits to households and businesses.
The plan was presented by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, during NEC’s 161st meeting held virtually on Thursday, October 22, and chaired by Vice President Kashim Shettima.
According to a statement by Stanley Nkwocha, the Vice President’s Senior Special Assistant on Media and Communications, the plan has 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 monitor ongoing projects nationwide, improve transparency and track how funds saved from petrol subsidy removal are being utilised.
Shettima urged state governors and relevant government institutions to ensure that economic reforms translate into affordable transportation, accessible healthcare, employment opportunities and greater financial security for Nigerians.
In a related decision, NEC agreed to establish a joint financing framework between federal and state governments to accelerate the deployment of compressed natural gas (CNG) and electric vehicles. Authorities were also tasked with engaging transport operators to ensure any resulting savings are passed on to commuters through lower fares.
However, the announcement did not provide detailed implementation measures or specific food-price reduction targets. The plan’s impact will therefore depend on how quickly governments implement its priorities and deliver measurable relief to Nigerians.
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