NEC endorses 90-Day economic plan to ease cost of living for Nigerians
The National Economic Council (NEC) has endorsed a 90-day economic action plan proposed by the Federal Ministry of Finance to consolidate the gains of President Bola Tinubu’s economic reforms, with a focus on reducing the cost of living and improving food affordability. The plan also prioritises attracting investment, removing bottlenecks to economic activities and accelerating the completion of projects with direct benefits to Nigerians.
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 endorsement followed a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, at NEC’s 161st meeting held virtually on Thursday and chaired by Vice President Kashim Shettima. The five priority areas identified in 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 accurate reporting on the utilisation of proceeds from fuel subsidy removal. Presenting the economic outlook, Oyedele expressed optimism about progress under the Tinubu administration’s reform programme and the prospects for further economic 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 across federal and state institutions.
The presentation also highlighted the need to translate macroeconomic improvements into measurable benefits for households and businesses through targeted interventions, improved fiscal coordination and the removal of barriers to investment. Addressing Council members, Shettima said that although President Tinubu’s economic reforms were designed to achieve broader national prosperity, governments at all levels must ensure that the objectives translate into improved living conditions for Nigerians.
He charged state governors and relevant institutions to focus on 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.
