The National Economic Council (NEC) has endorsed a 90-day economic action plan proposed by the Federal Ministry of Finance to consolidate the gains of President Bola Tinubu’s economic reforms, with a focus on food affordability, investment and improved living conditions.
Gatekeepers News reports that the endorsement followed a presentation by Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy, at the council’s 161st meeting held virtually on Thursday and chaired by Vice-President Kashim Shettima.
According to a statement from the presidency, the plan is designed to reduce the cost of living, improve food affordability, attract investment and accelerate the completion of projects that deliver direct benefits to Nigerians.
“The 90-day action plan identifies five priority areas: food affordability, tax harmonisation, completion of high-impact projects, resolution of investment bottlenecks and regulated household support,” the statement said.
Speaking at the meeting, Shettima said the success of the administration’s economic reforms would depend on the ability of governments at all levels to translate policy objectives into tangible improvements in citizens’ lives.
He urged state governors and relevant institutions to ensure that economic gains result in more affordable transportation, better healthcare, increased employment opportunities and greater financial security for Nigerians.
“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 said the council’s deliberations on transportation, healthcare, police reform and livestock development were crucial to determining the quality of life Nigerians should experience as the economy improves.
He added that the government’s responsibility extended beyond announcing reforms to building institutions that enable citizens to plan their futures with confidence.
NEC Approves National Project-Tracking Dashboard
The council also approved the establishment of a national dashboard to monitor ongoing projects across the federation.
The platform is expected to strengthen transparency and accountability while providing accurate information on project implementation and the utilisation of funds generated from petrol subsidy removal.
Presenting the economic outlook, Oyedele expressed optimism about the progress of the Tinubu administration’s reform programme and the prospects for further economic recovery.
He identified reducing headline inflation and interest rates to single digits by 2027 as key policy objectives, stressing that the next phase of reforms would require coordinated implementation across federal and state institutions.
The finance minister said macroeconomic improvements must translate into measurable benefits for households and businesses through targeted interventions, better fiscal coordination and the removal of barriers to investment.
FG, States Plan Joint Financing for CNG, Electric Vehicles
The NEC also resolved to establish a joint financing framework between the Federal Government and state governments to accelerate the deployment of compressed natural gas (CNG) and electric vehicles across the country.
The decision followed a presentation on the national affordable CNG transit programme by Ismaeel Ahmed, chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles.
The council directed that the programme should deliver tangible benefits to citizens through lower transportation costs rather than focus solely on deploying alternative-energy vehicles.
It also called on relevant authorities to engage transport unions and operators to ensure that savings from adopting CNG and electric vehicles are passed on to commuters through reduced fares.
To facilitate implementation, the council agreed to constitute a committee to coordinate the proposed financing arrangement, engage stakeholders and develop measures to make transportation more affordable, accessible and sustainable.
Shettima had earlier emphasised that the success of the national CNG bus initiative should be measured by affordability and accessibility 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,” he said.
The vice-president said Tinubu’s economic reform programme was designed to deliver broader national prosperity, adding that all tiers of government had a responsibility to translate its objectives into improved living conditions for Nigerians.
