NEC has endorsed 90-day economic plan to cut cost of living and improve food affordability in Nigeria.
NewsOnline Nigeria reports that the plan targets food prices, tax harmonisation, investment bottlenecks and project completion, while the council approves a national dashboard to track government projects and subsidy savings.
The National Economic Council (NEC) has endorsed a 90-day economic action plan aimed at reducing the cost of living, improving food affordability and attracting investment across Nigeria.
The plan, proposed by the Federal Ministry of Finance, was endorsed on Thursday during the council’s 161st meeting, chaired virtually by Vice President Kashim Shettima.
According to a statement by Shettima’s Senior Special Assistant on Media and Communications, Stanley Nkwocha, the plan has five priority areas: food affordability, tax harmonisation, completion of high-impact projects, resolution of investment bottlenecks and regulated household support.
The council also approved the establishment of a national dashboard to monitor projects across the country, with a focus on transparency, accountability and reporting on the utilisation of proceeds from fuel subsidy removal.
Speaking at the meeting, Shettima urged state governors and relevant government institutions to ensure that the benefits of President Bola Tinubu’s economic reforms translate into improved living conditions for Nigerians.
He said the success of economic policies should be measured by their impact on people’s daily lives, 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,” the vice president said.
Shettima called for stronger cooperation between the Federal Government and state governments, stressing that their separate responsibilities should not become obstacles to the delivery of essential services.
“Our separate mandates must not become competing excuses. Each governor carries knowledge that no federal document can supply,” he said.
On transportation, the vice president said the National Compressed Natural Gas (CNG) Bus Initiative should be assessed by how much it reduces commuters’ expenses rather than the number of vehicles deployed.
“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.
The council also resolved to establish a joint financing framework between the Federal Government and state governments to accelerate the deployment of compressed natural gas and electric vehicles.
It further directed relevant authorities to engage transport unions and operators to ensure that savings from using the vehicles are passed on to commuters through lower fares.
Meanwhile, the Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, briefed the council on a reported Ebola outbreak in the Federal Capital Territory (FCT), assuring members that Nigeria had the institutional capacity to contain the situation.
Pate said the national response would focus on coordination, detection at points of entry, laboratory testing, the provision of essential kits and personal protective equipment, and public communication.
He disclosed that 21 state governments had updated their preparedness and response plans, while urging the remaining 15 states to establish appropriate mechanisms.
The council also directed state governments to strengthen polio eradication efforts, particularly in communities where children were missed during immunisation campaigns and in areas affected by insecurity.
In addition, the council acknowledged the potential of livestock development to create jobs, stimulate economic growth and improve livelihoods.
It resolved to strengthen cooperation between federal and state governments to advance the livestock sector as part of broader efforts to support economic development and improve living standards across the country.
The 90-day action plan is intended to coordinate government interventions around household welfare, infrastructure delivery, investment and economic affordability, although the statement did not specify individual implementation deadlines or quantified targets for each priority area.
