NEC Endorses 90-Day Plan to Ease Cost of Living, Seeks Lower Transport Fares
The National Economic Council (NEC) has endorsed a 90-day economic action plan aimed at easing the cost of living, improving food affordability and attracting investment, while urging federal and state governments to translate ongoing economic reforms into tangible benefits for Nigerians.
The council reached the decision at its 161st meeting, held virtually on Thursday and chaired by Vice President Kashim Shettima, following a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.
The plan identifies five priority areas: food affordability, tax harmonisation, completion of high-impact projects, removal of investment bottlenecks and regulated household support.
NEC also approved the establishment of a national dashboard to track ongoing projects across the country, with particular attention to transparency, accountability and the use of funds generated from petrol subsidy removal.
The announcement comes as Nigerians continue to face pressure from the cost of essential goods and services, making the implementation of measures intended to improve household welfare a key test of the government’s economic policies.
Presenting the economic outlook, Oyedele identified reducing headline inflation and interest rates to single-digit levels by 2027 as policy objectives.
He said the next phase of the reform programme would require coordination between federal and state institutions to ensure that improvements in economic indicators translate into measurable benefits for households and businesses.
Shettima tasks governors on living costs
Addressing council members, Shettima said the success of economic reforms should be assessed by their impact on people’s daily lives rather than by policy announcements alone.
He urged governors and relevant government institutions to prioritise employment opportunities, affordable transportation, accessible healthcare and greater 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 also called for stronger cooperation between the federal and state governments, arguing that their separate responsibilities should not prevent the delivery of essential services.
He urged governors to bring their knowledge of local conditions into national policy decisions and ensure that agreed measures have clear responsibilities and practical implementation arrangements.
NEC seeks lower transport fares
The council also considered the National Affordable Compressed Natural Gas (CNG) Transit Programme, presented by the chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles, Ismaeel Ahmed.
It resolved to establish a joint financing framework between the federal and state governments to accelerate the deployment of CNG-powered and electric vehicles.
However, NEC said the programme should deliver direct benefits to commuters through lower transportation costs rather than focus solely on increasing the number of vehicles deployed.
The council further called for engagement with transport unions and operators to ensure that savings from the adoption of alternative-energy vehicles are passed on to passengers through reduced fares.
A committee is to be constituted to coordinate the proposed financing arrangement, consult relevant stakeholders and develop measures for making the transport initiative affordable and accessible.
The effectiveness of the programme will therefore depend not only on the availability of vehicles but also on whether commuters experience lower fares and improved access to transportation.
Council reviews Ebola preparedness
NEC also received a briefing from the Minister of Health and Social Welfare, Professor Muhammad Ali Pate, on Nigeria’s response to the confirmed Ebola case in the Federal Capital Territory.
The Federal Ministry of Health and Social Welfare confirmed on October 20 that a woman who had recently travelled from Uganda had tested positive for Ebola disease. The patient was placed in isolation and was receiving medical care.
The ministry said contact tracing had commenced, with 44 close contacts identified for monitoring.
During Thursday’s NEC meeting, Pate outlined the importance of coordination between government institutions, surveillance at points of entry, laboratory testing, supplies of essential medical equipment and effective public communication.
He said 21 states had updated their preparedness and response plans, while urging the remaining 15 states to establish or strengthen their arrangements.
The development places additional importance on state-level preparedness as health authorities work to contain the confirmed case and monitor people who may have been exposed.
States directed to strengthen polio eradication
The council also considered a report from its Ad Hoc Committee on Polio Eradication, chaired by Gombe State Governor Muhammadu Inuwa Yahaya.
It called on states to conduct reviews after immunisation campaigns, particularly in communities where children were missed and in areas affected by insecurity.
NEC stressed the need for timely release of counterpart funding, stronger routine immunisation and improved coordination with security agencies.
It also called for closer cooperation among states and sustained involvement by governors, traditional rulers and security agencies to improve vaccination coverage.
Livestock sector gets attention
On livestock development, NEC received a report from its ad hoc committee chaired by Kebbi State Governor Nasir Idris.
The council acknowledged the sector’s potential to create jobs, stimulate economic activity and improve livelihoods.
It noted that all states had indicated interest in supporting the federal government’s livestock development initiatives and called for stronger collaboration between the two tiers of government to accelerate implementation.
The council’s resolutions cover several areas with direct implications for Nigerians, including food costs, transport fares, healthcare, employment and public investment.
However, the proposed 90-day plan’s impact will ultimately depend on the implementation of the agreed measures and evidence that they are improving conditions for households and businesses.
