Nigeria's National Economic Council has endorsed a 90-day economic action plan aimed at reducing the cost of living and improving food affordability across the country. The plan, proposed by the Federal Ministry of Finance, was approved on Thursday during the council's 161st meeting, chaired virtually by Vice President Kashim Shettima.
The action plan focuses on five priority areas: food affordability, tax harmonisation, completion of high-impact infrastructure projects, resolution of investment bottlenecks and regulated household support. The council also approved establishment of a national dashboard to monitor projects across Nigeria, with emphasis on transparency and accountability in reporting how proceeds from fuel subsidy removal are being used.
Speaking at the meeting, Shettima urged state governors and government institutions to ensure that President Bola Tinubu's economic reforms deliver better living conditions for Nigerians. He called for greater cooperation between federal and state governments, saying their separate responsibilities should not hinder delivery of essential services. On transportation, he said the National Compressed Natural Gas Bus Initiative should be assessed by how much it reduces commuters' expenses rather than the number of vehicles deployed. The council resolved to establish a joint financing framework between the Federal Government and state governments to accelerate deployment of compressed natural gas and electric vehicles, and directed authorities to engage transport unions and operators to ensure savings are passed to commuters through lower fares.
Shettima emphasised that economic policy success should be measured by its impact on daily life, including access to affordable transportation, healthcare, employment opportunities and 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 council also addressed public health matters, with the Minister of Health and Social Welfare, Prof Muhammad Ali Pate, briefing members on the reported Ebola outbreak in the Federal Capital Territory and assuring them Nigeria had institutional capacity to contain it. The council directed states to strengthen polio eradication efforts and acknowledged the potential of livestock development to create jobs and stimulate economic growth, resolving to strengthen cooperation between federal and state governments on the sector.