The National Economic Council (NEC) has endorsed a 90-day action plan to ease the cost of living for Nigerians and consolidate gains from President Bola Tinubu’s economic reforms.
The council endorsed the plan on Thursday during its 161st meeting, held virtually and chaired by Vice President Kashim Shettima, following a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.
The plan, proposed by the Federal Ministry of Finance, focuses on reducing the cost of living, improving food affordability, attracting investment, and accelerating the delivery of projects with direct benefits to Nigerians.
According to a statement by the Senior Special Assistant to the President on Media and Communications (Office of the Vice President), Stanley Nkwocha, the 90-day action 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 establishment of a national dashboard to track ongoing projects across the federation, with particular emphasis on transparency, accountability and accurate reporting of how proceeds from fuel subsidy removal are being utilised.
Presenting the economic outlook, Mr Oyedele expressed optimism about the progress recorded under the Tinubu administration’s reform programme and the prospects for further economic recovery.
He identified the reduction of 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.
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Addressing members of the council, Mr Shettima said that while President Tinubu’s economic reform programme was designed to achieve broader national prosperity, governments at all levels have a responsibility to translate its objectives 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,” the vice president said.
“His Excellency, President Bola Ahmed Tinubu has made economic reform the instrument of a larger national ambition. Our contribution must give that ambition social depth and productive strength.”
Mr Shettima said the success of economic policies must ultimately be measured by their impact on citizens’ daily lives.
“Our separate mandates must not become competing excuses. Each Governor carries knowledge that no federal document can supply. Nigerians deserve institutions on which they can organise their lives. Providing that assurance is among the most consequential uses of public authority. That is the assurance we owe them,” he said.
