The National Economic Council endorsed a 90-day economic action plan on Thursday. The plan seeks to reduce the cost of living and improve food affordability across Nigeria.
Vice President Kashim Shettima chaired the 161st meeting of the council. Officials held the session virtually. Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy, presented the proposal from the Federal Ministry of Finance.
The plan aims to consolidate gains from President Bola Tinubu’s economic reforms. It also targets higher investment and quicker completion of projects that directly benefit citizens.
The action plan identifies five key focus areas. These include food affordability, tax harmonisation, completion of high-impact projects, resolution of investment bottlenecks and regulated household support.
Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications in the Office of the Vice President, released a statement confirming the details. The statement noted that the plan would accelerate delivery of projects with clear benefits for Nigerians.
In addition, the council approved a national dashboard. The tool will track ongoing projects across the federation. It places strong emphasis on transparency and accountability. Officials will also use it to report how proceeds from fuel subsidy removal are utilised.
Shettima spoke during the meeting. He urged state governors and relevant institutions to ensure the benefits of the reforms reach ordinary citizens. He specifically called for improved living conditions through affordable transportation, better healthcare, more jobs and greater financial security.
The council further resolved to create a joint financing framework between the federal and state governments. This framework will speed up the rollout of compressed natural gas and electric vehicles.
Authorities received a directive to engage transport unions and operators so that resulting savings translate into lower fares for commuters.
Oyedele expressed optimism about the reforms during his presentation. He identified the reduction of headline inflation and interest rates to single digits by 2027 as key objectives.
