Cost of Living: NEC Approves 90-Day Economic Relief Plan

•Shettima charges governors to deliver tangible reform benefits

•FG, states agree joint funding for CNG, electric buses

•Council targets cheaper food, investment, household support

The National Economic Council (NEC) has approved a 90-day economic relief plan aimed at easing the cost of living, improving food affordability and ensuring that Nigerians feel the benefits of President Bola Tinubu’s economic reforms.

The plan, presented by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, identifies five priority areas: food affordability, tax harmonisation, completion of high-impact projects, removal of investment bottlenecks and regulated household support.

The council endorsed the proposal at its 161st meeting, held virtually on Thursday and chaired by Vice President Kashim Shettima.

According to a statement by the Senior Special Assistant to the President on Media and Communications in the Office of the Vice President, Stanley Nkwocha, the initiative is designed to consolidate the gains of the ongoing economic reforms while addressing the pressures facing households and businesses.

NEC also approved a national dashboard to monitor ongoing projects across the federation, with particular attention to transparency, accountability and the utilisation of proceeds from fuel subsidy removal.

Presenting the economic outlook, Oyedele expressed optimism about the prospects for further recovery but stressed the need to translate macroeconomic improvements into measurable benefits for Nigerians.

He identified reducing inflation and interest rates to single-digit levels by 2027 as key policy objectives, noting that the next phase of reforms would require coordinated action by federal and state governments.

The presentation also highlighted the need for targeted interventions, improved fiscal coordination and the removal of obstacles to investment and economic activities.

Addressing council members, Shettima said the success of the reforms should be measured by improvements in the living conditions of citizens rather than policy announcements alone.

He urged governors and relevant institutions to prioritise affordable transportation, accessible healthcare, employment opportunities 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 described the council’s deliberations on transportation, healthcare, police reform and livestock development as central to determining the benefits Nigerians derive from economic progress.

He called for stronger cooperation among the different tiers of government, warning against allowing jurisdictional differences to obstruct the delivery of essential services.

“Our separate jurisdictions must serve a common public interest,” he said.

The Vice President also urged governors to bring their knowledge of local conditions into national policy decisions, arguing that effective implementation depends on clear responsibilities and practical agreements between the federal and state governments.

On transportation, Shettima said the National Compressed Natural Gas (CNG) Bus Initiative must deliver affordable journeys for commuters rather than focus mainly on the number of vehicles deployed.

“The cost of reaching a livelihood should never consume the livelihood itself,” he said, adding that affordability and accessibility should determine the programme’s success.

In a related decision, NEC agreed to establish a joint financing framework between the Federal Government and state governments to accelerate the deployment of CNG and electric vehicles across the country.

The council also directed relevant authorities to engage transport unions and operators to ensure that savings from the use of alternative energy translate into lower fares for commuters.

A committee will coordinate the proposed financing arrangement, engage stakeholders and develop measures to make the programme affordable, accessible and sustainable.

Meanwhile, NEC received an update from the Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, on the reported Ebola outbreak in the Federal Capital Territory.

Pate assured council members that Nigeria had the institutional capacity to contain the situation. He outlined measures covering coordination, surveillance at points of entry, laboratory testing, logistics for essential supplies and protective equipment, as well as public communication.

He said 21 states had updated their response plans and urged the remaining 15 states to establish appropriate preparedness and response mechanisms without delay.

The council also directed states to strengthen polio eradication efforts, particularly in communities where children were missed during immunisation campaigns and areas affected by insecurity.

It called for the timely release of counterpart funds, stronger routine immunisation, improved coordination with security agencies and closer cooperation among states to increase vaccination coverage.

NEC further stressed the importance of sustained commitment from governors, traditional rulers and security agencies in achieving nationwide polio eradication.

On livestock development, the council considered a report from its ad hoc committee chaired by Kebbi State Governor, Nasir Idris.

It acknowledged the sector’s potential to stimulate economic growth, create jobs and improve livelihoods. The council noted that all states had expressed interest in supporting the Federal Government’s livestock development initiatives and resolved to strengthen cooperation to accelerate reforms.

The decisions reflect NEC’s broader push to make economic reforms more responsive to the immediate needs of citizens, with implementation across the federation expected to determine how quickly households and businesses experience meaningful relief.