NEC Backs 90-Day Economic Action Plan to Cut Cost of Living for Nigerians
- The National Economic Council backed a 90-day plan from the Finance Ministry covering five priority areas, including food affordability and investment reform
- Vice President Kashim Shettima chaired the 161st NEC meeting where Finance Minister Taiwo Oyedele presented the economic outlook and key 2027 targets
- NEC also reviewed Nigeria's Ebola response, polio eradication efforts, and approved a joint federal-state financing framework for CNG and electric vehicles
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The National Economic Council (NEC) has backed a 90-day economic action plan put forward by the Federal Ministry of Finance to build on the gains of President Bola Ahmed Tinubu's ongoing reform programme.
The endorsement came on Thursday, October 22, 2026, during the Council's 161st meeting, which was held virtually and chaired by Vice President Kashim Shettima. Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, presented the plan to the Council.
The plan targets five priority areas: food affordability, tax harmonisation, completion of high-impact projects, removal of investment bottlenecks, and regulated household support.
NEC also approved a national dashboard to monitor projects across the federation, with a focus on tracking how revenues from the fuel subsidy removal are being spent.
Shettima charges governors on reform delivery
Addressing state governors and other Council members, Shettima said the true measure of economic policy is its effect on citizens' everyday lives, not the announcement of reforms alone.
"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.
He urged governors to draw on their knowledge of local conditions to make national policy more effective, warning that separate mandates must not become "competing excuses."
On transportation, Shettima called on states to support the National Compressed Natural Gas (CNG) Bus Initiative, saying the programme's success should be judged by what commuters pay, not by fleet numbers alone. "The cost of reaching a livelihood should never consume the livelihood itself," he said.
Oyedele, in his economic outlook, said the next phase of reforms would require coordinated action across federal and state institutions. He set out a target of reducing headline inflation and interest rates to single digits by 2027.
NEC reviews Ebola, polio and livestock issues
The Council also received an update on a reported Ebola outbreak in the Federal Capital Territory from Health Minister Prof. Muhammad Ali Pate, who assured members that Nigeria has the capacity to contain the situation. Pate noted that 21 states had updated their response plans and called on the remaining 15 to act without delay.
On polio, NEC directed states to conduct post-campaign reviews, especially in areas where children were missed or where insecurity disrupted immunisation, and stressed the need for timely release of counterpart funds.
Regarding livestock, the Council acknowledged the sector's potential to drive growth and create jobs, and resolved to deepen collaboration between the federal and state governments to fast-track reforms.
In a further resolution, NEC agreed to set up a joint federal-state financing framework for the deployment of CNG and electric vehicles, directing that the programme must deliver lower fares to commuters, not just cleaner vehicles to operators.
A coordinating committee will be constituted to drive the arrangement and engage transport unions and operators.
Source: Legit.ng
