NEC endorses 90-day economic plan to ease cost of living

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.

The framework targets a reduction in the cost of living and improvements in food affordability across the nation.

The five priority areas identified in the plan include food affordability, tax harmonization, completion of high-impact projects, resolution of investment bottlenecks, and regulated household support.

The Federal Government has announced plans to reduce inflation and interest rates to single digits by 2027.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, presented the economic framework during the 161st National Economic Council (NEC) meeting on Thursday. He expressed optimism regarding the country’s economic recovery trajectory

Presiding over the virtual meeting, Vice President Kashim Shettima directed state governors and relevant institutions to ensure the economic reforms translate into measurable benefits for citizens, specifically in affordable transportation, healthcare, and employment.

“The first dividend of prosperity should be the confidence to plan a life. Our task is to make such confidence less dependent on fortune,” Shettima stated.

NEC also approved the establishment of a national dashboard to track ongoing projects across the federation. The council acknowledged that the tool will enforce accurate reporting on the utilisation of funds saved from the fuel subsidy removal.

In a separate health briefing, the Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, provided an update on the reported Ebola outbreak in the Federal Capital Territory. He assured the council that the Federal Government adopted the institutional capacity to contain the situation, urging the remaining 15 states to activate their preparedness mechanisms.

The council also received reports from ad hoc committees on polio eradication and livestock development. NEC resolved to direct states to conduct post-campaign immunisation reviews, particularly in communities affected by insecurity, and also to unlocking the economic potentials of the livestock sector.

NEC resolved to establish a joint financing framework between the Federal and State Governments for the rapid deployment of Compressed Natural Gas (CNG) and electric vehicles. The council ordered relevant authorities to engage transport unions and operators, ensuring that savings from the alternative-energy initiative are passed directly to commuters through lower fares.