The National Economic Council (NEC) has endorsed a 90-day economic action plan aimed at reducing the cost of living, improving food affordability and attracting investment across Nigeria.
The plan, 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 by Shettima’s Senior Special Assistant on Media and Communications, Stanley Nkwocha, the plan focuses on five priority areas: food affordability, tax harmonisation, completion of high-impact projects, removal of investment bottlenecks and regulated household support.
The council also approved the establishment of a national dashboard to track projects nationwide, with a focus on transparency, accountability and monitoring the use of proceeds from the removal of the petrol subsidy.
Speaking at the meeting, Shettima urged state governors and relevant government institutions to ensure that the benefits of President Bola Tinubu’s economic reforms translate into tangible improvements in Nigerians’ living conditions.
He said the success of economic policies should be measured by their impact on everyday life, including access to affordable transportation, healthcare, employment opportunities 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 also called for stronger collaboration between federal and state governments, stressing that their separate 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.
NEC seeks lower transport fares
On transportation, the vice president said the National Compressed Natural Gas (CNG) Bus Initiative should be assessed 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.
The council resolved to establish a joint financing framework between the Federal Government and state governments to accelerate the deployment of compressed natural gas and electric vehicles.
It also directed relevant authorities to engage transport unions and operators to ensure that savings from using the vehicles are passed on to commuters through lower fares.
NEC receives update on Ebola preparedness
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 (FCT), assuring members that Nigeria had the institutional capacity to contain the situation.
Pate said the national response would focus on inter-agency coordination, screening at points of entry, laboratory testing, the provision of essential medical kits and personal protective equipment, and public communication.
He disclosed that 21 state governments had updated their preparedness and response plans, urging the remaining 15 states to establish appropriate mechanisms.
The council also directed state governments to intensify polio eradication efforts, particularly in communities where children had been missed during immunisation campaigns and in areas affected by insecurity.
Council moves to boost livestock development
The council further acknowledged the potential of livestock development to create jobs, stimulate economic growth and improve livelihoods.
It resolved to strengthen cooperation between the Federal Government and state governments to advance the sector and maximise its contribution to the national economy.
