The National Economic Council has endorsed a 90-day economic action plan aimed at easing the cost of living, with food affordability and household support among its priorities.
The plan also covers tax harmonisation, completion of high-impact projects and removal of obstacles to investment. The council approved a national dashboard to track projects and report how proceeds from fuel subsidy removal are being used.
The endorsement came at NEC’s 161st meeting on Thursday, October 22, chaired virtually by Vice President Kashim Shettima, following a presentation by Finance Minister Taiwo Oyedele. Details were contained in a statement by Stanley Nkwocha, the vice president’s media aide.
Oyedele identified bringing headline inflation and interest rates down to single digits by 2027 as policy objectives. He said the next phase of reforms would require coordinated implementation by federal and state institutions, with measures that translate economic improvements into benefits for households and businesses.
Shettima urged governors to judge reforms by their effect on daily life, including access to affordable transport, healthcare, jobs and financial security. He said state governments’ knowledge of local conditions should inform national policy decisions.
On transport, NEC resolved to establish a joint federal-state financing framework to accelerate the deployment of compressed natural gas and electric vehicles. The council directed relevant authorities to engage transport unions and operators so that savings from using the vehicles reach commuters through lower fares.
Shettima said the bus initiative should be judged by affordability and access rather than the size of the fleet. “The cost of reaching a livelihood should never consume the livelihood itself,” he said.
The council agreed to constitute a committee to coordinate the proposed financing arrangement, engage the groups involved and develop measures to make the transport programme affordable and accessible.
Sources: Punch, Vanguard, Channels Television
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