NEC Approves 90-Day Plan to Reduce Cost of Living

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 across Nigeria.

According to Punch on Thursday, the plan was approved during the council’s 161st meeting, chaired virtually by Vice President Kashim Shettima. The proposal, presented by the Federal Ministry of Finance, focuses on five key areas: affordable food, tax harmonisation, completion of important projects, removal of barriers to investment, and regulated support for households.

The council also approved the establishment of a national dashboard to monitor projects across the country. The platform is expected to improve transparency and accountability in the use of funds generated from the removal of fuel subsidies.

Speaking at the meeting, Vice President Shettima urged state governors and government institutions to ensure that President Bola Tinubu’s economic reforms bring real improvements to the lives of ordinary Nigerians.

He said the success of government policies should be measured by their impact on people’s daily lives, including affordable transportation, access to healthcare, job opportunities, and financial security.

Shettima stressed the need for stronger cooperation between the Federal Government and state governments, saying their different responsibilities should not prevent them from providing essential services to Nigerians.

On transportation, the council agreed to establish a joint funding arrangement between the Federal Government and state governments to speed up the use of compressed natural gas (CNG) buses and electric vehicles.

It also directed relevant authorities to work with transport unions and operators to ensure that the savings from using these vehicles result in lower transport fares for commuters.

The Vice President said the success of the National Compressed Natural Gas Bus Initiative should not be measured only by the number of buses deployed but by how much it reduces transportation costs for Nigerians.

Meanwhile, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, presented the 90-day plan and expressed optimism about the progress of the government’s economic reforms.

Oyedele identified reducing inflation and interest rates to single digits by 2027 as key objectives. He also emphasised the need for better cooperation between federal and state governments and the removal of obstacles preventing businesses from investing in the country.

In another development, the Minister of Health and Social Welfare, Professor Muhammad Ali Pate, briefed the council on the reported Ebola situation in the Federal Capital Territory.

Pate assured the council that Nigeria has the capacity to contain the disease. He highlighted early detection, laboratory testing, protective equipment, coordination, and public awareness as important measures in responding to the situation.

He also disclosed that 21 states had updated their emergency preparedness plans and urged the remaining 15 states to do the same.

The council further directed state governments to strengthen efforts to eradicate polio, especially in communities missed during immunisation campaigns and areas affected by insecurity.

It also recognised the potential of livestock development to create jobs, improve livelihoods, and support economic growth, calling for stronger cooperation between federal and state governments in the sector.

The 90-day economic action plan is expected to strengthen ongoing reforms and provide practical relief to Nigerian households and businesses struggling with rising living costs.

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