FG endorses 90-day plan to cut living costs, boost investment
Abdullateef Fowewe
The National Economic Council (NEC) has endorsed a 90-day economic action plan proposed by the Federal Ministry of Finance to consolidate gains from President Bola Tinubu’s economic reforms.
The plan according to a statement obtained on Thursday from Stanley Nkwocha, Senior Special Assistant To The President on Media & Communications (Office of The Vice President) is designed to reduce the cost of living, improve food affordability, attract investment and fast-track projects with direct benefits to Nigerians.
NEC endorsed it during its 161st virtual meeting, chaired by Vice President Kashim Shettima, after a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.
The 90-day plan identifies five priority areas: food affordability, tax harmonisation, completion of high-impact projects, resolution of investment bottlenecks and regulated household support.
NEC also approved the creation of a national dashboard to track projects across the federation, with emphasis on transparency, accountability and accurate reporting on the use of proceeds from fuel subsidy removal.
Oyedele expressed optimism about the reforms and identified the reduction of headline inflation and interest rates to single digits by 2027 as key policy objectives.
He said the next phase would require coordinated implementation by federal and state institutions.
Vice President Shettima said governments at all levels must translate the objectives of President Tinubu’s reform programme into improved living conditions for Nigerians.
“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.
He charged governors to ensure that the gains of the reforms translate into affordable transportation, improved healthcare, employment opportunities and greater financial security.
“Our separate jurisdictions must serve a common public interest,” Shettima said, stressing that Nigeria’s federal structure should strengthen cooperation rather than hinder essential service delivery.
On the National Compressed Natural Gas (CNG) Bus Initiative, he said success should be measured by affordability and access, not fleet size.
“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. We should assess success through affordability and access, rather than fleet size alone,” he said.
NEC also received an update on the reported Ebola outbreak in the Federal Capital Territory from the Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, who assured the Council that Nigeria has the institutional capacity to contain the situation.
The minister said 21 states had updated their response plans and urged the remaining 15 to expedite preparedness and response mechanisms.
On polio eradication, NEC directed states to conduct post-campaign reviews, especially in areas where children were missed during immunisation exercises and in insecurity-affected communities. It also stressed timely release of counterpart funds, stronger routine immunisation and improved coordination with security agencies.
The Council further acknowledged the economic potential of the livestock sector, noting that all states had indicated interest in supporting Federal Government livestock development initiatives.
In another resolution, NEC approved the establishment of a joint financing framework between the Federal and State Governments to accelerate the deployment of CNG and electric vehicles nationwide.
It directed that the programme must deliver tangible benefits through reduced transportation costs, and urged relevant authorities to engage transport unions and operators to ensure savings are passed on to commuters through lower fares.
NEC agreed to constitute a committee to coordinate the financing arrangement, engage stakeholders and develop practical measures for affordable, accessible and sustainable transportation.
