The National Economic Council (NEC) has approved a 90-day economic action plan aimed at easing the cost-of-living crisis, improving food affordability and reducing transportation costs 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 focuses on five priority areas: food affordability, tax harmonisation, completion of high-impact projects, removal of investment bottlenecks and regulated household support.
The council also approved a national dashboard to track projects nationwide, promote transparency and accountability, and monitor the utilisation of funds generated from the removal of petrol subsidies.
Speaking at the meeting, Shettima urged state governors and relevant institutions to ensure that the benefits of President Bola Tinubu’s economic reforms translate into tangible improvements in Nigerians’ living conditions.
He said government policies should be assessed by their impact on everyday life, particularly access to affordable transportation, healthcare, employment 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.
On transportation, the vice-president said the National Compressed Natural Gas (CNG) Bus Initiative should be evaluated based on its impact on commuters’ expenses rather than the number of buses deployed.
“The cost of reaching a livelihood should never consume the livelihood itself,” he said, stressing that affordability and accessibility must guide public transportation programmes.
The council also approved a joint financing framework between the Federal Government and state governments to accelerate the deployment of CNG-powered and electric vehicles.
It directed relevant authorities to engage transport unions and operators to ensure that savings from the use of these vehicles are passed on to passengers through reduced fares.
Shettima called for stronger cooperation between the federal and state governments, warning that the division of responsibilities should not become an excuse for failing to provide essential services.
Meanwhile, the Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, briefed the council on the reported Ebola outbreak in the Federal Capital Territory, assuring members that Nigeria had the institutional capacity to contain it.
Pate said the response would focus on coordination, screening at entry points, laboratory testing, the provision of essential medical kits and personal protective equipment, as well as public communication.
He disclosed that 21 state governments had updated their preparedness and response plans, urging the remaining 15 to establish appropriate mechanisms.
The council also directed state governments to intensify polio eradication efforts, particularly in communities where children were missed during immunisation campaigns and in areas affected by insecurity.
It further acknowledged the potential of livestock development to create jobs, stimulate economic growth and improve livelihoods, resolving to strengthen collaboration between federal and state governments to advance the sector.