Food Prices: Tinubu Govt Approves 90-Day Economic Plan To Reduce Cost Of Living

VP Kashim Shettima presiding 161st NEC meeting held virtually on Thursday, October 22, 2026. Key Takeaways The National Economic Council approved a 90-day economic action plan aimed at reducing living costs, making food more affordable and attracting investment. The plan prioritises tax harmonisation, completion of high-impact projects, removal of investment barriers and regulated support for households. NEC also approved a national dashboard to monitor ongoing projects and improve reporting on the use of funds saved from fuel subsidy removal. The National Economic Council (NEC) has approved a 90-day economic action plan aimed at reducing the cost of living, making food more affordable and attracting investments as the Federal Government seeks to improve the lives of Nigerians.

The plan also focuses on removing barriers to business activities, harmonising taxes, completing important projects and providing regulated support to households.

The decision 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.

The meeting was chaired by Vice President Kashim Shettima, according to a statement by the Senior Special Assistant to the President on Media and Communications in the Office of the Vice President, Stanley Nkwocha.

The five key areas of the plan are food affordability, tax harmonisation, completion of high-impact projects, removal of investment bottlenecks and regulated household support, Naija News reports.

NEC also approved a national dashboard to monitor ongoing projects across the country, with emphasis on transparency, accountability and proper reporting on the use of funds saved from fuel subsidy removal.

Presenting the economic outlook, Oyedele expressed confidence in the progress of President Bola Tinubu’s economic reforms and the prospects for further recovery.

He identified reducing headline inflation and interest rates to single digits by 2027 as major policy targets.

However, he stressed that the next stage of the reforms would require better coordination between the Federal Government, state governments and relevant institutions.

The presentation also highlighted the need to ensure that improvements in key economic indicators translate into real benefits for households and businesses.

It called for targeted support, better management of public finances and the removal of obstacles preventing investments.

Addressing the council, Shettima said the success of the President’s economic reforms should be measured by improvements in the living conditions of Nigerians.

He urged governors and relevant institutions to prioritise affordable transportation, better healthcare, job creation 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 described discussions on transportation, healthcare, police reform and livestock development as important to determining how Nigerians benefit from economic progress.

He also called for stronger cooperation between the Federal Government and state governments, saying their different responsibilities should not prevent them from working towards the same public interest.

“Our separate jurisdictions must serve a common public interest,” he said.

Shettima urged governors to use their knowledge of local conditions to help shape national policies and ensure that government decisions produce practical results.

“Our separate mandates must not become competing excuses. Each Governor carries knowledge that no federal document can supply,” he said.

He added that every policy should be judged by its ability to create opportunities, reduce uncertainty and build public confidence.

“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.

The council also considered the National Affordable Compressed Natural Gas (CNG) Transit Programme, presented by the Chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles, Ismaeel Ahmed.

NEC agreed to establish a joint financing framework between the Federal and state governments to speed up the deployment of CNG-powered and electric vehicles across the country.

Shettima urged state governments to support affordable transport systems that would reduce the burden on commuters.

He said the success of the CNG Bus Initiative should not be measured only by the number of vehicles deployed, but by whether Nigerians could afford to use them.

“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 directed relevant authorities to engage transport unions and operators to ensure that savings from using CNG and electric vehicles translate into lower fares for passengers.

The council agreed to set up a committee to coordinate the financing arrangement, engage stakeholders and develop measures to ensure that the programme provides affordable and accessible transportation.

Meanwhile, the council received an update from the Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, on the reported Ebola outbreak in the Federal Capital Territory.

Pate sought to allay fears of a major public health crisis, assuring council members that Nigeria had the institutional capacity to contain the situation.

He identified coordination, screening at points of entry, laboratory testing, the supply of essential medical kits and personal protective equipment, as well as public communication, as key parts of the national response.

The minister disclosed that 21 state governments had updated their emergency response plans and urged the remaining 15 states to put adequate preparedness measures in place without delay.

The council also received a report from its Ad Hoc Committee on Polio Eradication, chaired by Gombe State Governor, Muhammadu Inuwa Yahaya.

It called on states to review their immunisation campaigns, particularly in areas where children were missed and communities affected by insecurity.

NEC stressed the need for states to release their counterpart funds on time, strengthen routine immunisation and improve coordination with security agencies.

It also called for greater cooperation among states to improve immunisation coverage in future campaigns.

The council said sustained commitment from governors, traditional rulers and security agencies would remain important to eliminating polio in Nigeria.

On livestock development, NEC received a report from its ad hoc committee chaired by Kebbi State Governor, Nasir Idris.

The council acknowledged the sector’s potential to support economic growth, create jobs and improve livelihoods.

It noted that all states had expressed interest in supporting the Federal Government’s livestock development initiatives.

NEC consequently called for stronger cooperation between federal and state governments to speed up reforms and unlock the sector’s economic potential.

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