Thursday October 22, 2026
By thenewsdesk.ng
The National Economic Council, NEC, has approved a 90-day economic action plan designed to reduce the cost of living, improve access to affordable food and attract investments across the country.
The initiative, proposed by the Federal Ministry of Finance, was endorsed on Thursday at the council’s 161st meeting, chaired virtually by Vice President Kashim Shettima.
According to a statement issued by Stanley Nkwocha, Senior Special Assistant to the Vice President on Media and Communications, the plan focuses on five priority areas: food affordability, tax harmonisation, completion of critical infrastructure projects, removal of investment bottlenecks and regulated household support.
The council also approved the establishment of a national dashboard to monitor projects nationwide and promote transparency and accountability, particularly in tracking the utilisation of funds generated from the removal of the petrol subsidy.
Speaking during the meeting, Shettima urged state governors and relevant government agencies to ensure that the benefits of President Bola Tinubu’s economic reforms translate into tangible improvements in the lives of Nigerians.
He stressed that the effectiveness of government policies should be assessed by their impact on citizens’ daily experiences, including 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,” the vice president said.
Shettima called for stronger collaboration between the federal and state governments, noting that differences in their constitutional responsibilities should not become obstacles to delivering 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 success of the National Compressed Natural Gas Bus Initiative should be determined by its impact on 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.
To support the initiative, the council resolved to establish a joint financing framework involving the federal and state governments to speed up the deployment of compressed natural gas (CNG) and electric vehicles.
It also directed relevant authorities to engage transport unions and operators to ensure that savings from the use of the vehicles are reflected in lower fares for commuters.
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 the situation.
Pate said the national response would prioritise coordination among relevant agencies, screening at points of entry, laboratory testing, the availability of essential medical kits and personal protective equipment, as well as public awareness campaigns.
He disclosed that 21 state governments had updated their preparedness and response plans, while urging the remaining 15 states to establish appropriate mechanisms to strengthen their readiness.
The council also directed state governments to intensify efforts to eradicate polio, particularly in communities where some children were missed during immunisation campaigns and in areas affected by insecurity.
Beyond public health, the council acknowledged the potential of livestock development to generate employment, stimulate economic growth and improve livelihoods.
It consequently resolved to strengthen cooperation between the federal and state governments to advance the sector.
The 90-day economic plan is expected to focus government efforts on addressing immediate economic pressures while improving the delivery of essential services and creating conditions for increased investment.
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