NEC Endorses 90-Day Plan to Reduce Cost of Living in Nigeria
The National Economic Council (NEC) has endorsed a 90-day economic action plan aimed at reducing the cost of living, improving food affordability, attracting investments and accelerating projects that directly benefit Nigerians.
The plan was proposed by the Federal Ministry of Finance and presented by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, during the Council’s 161st meeting held virtually on Thursday, October 22, 2026, under the chairmanship of Vice President Kashim Shettima.
According to a statement issued by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications in the Office of the Vice President, the plan is designed to consolidate the gains of President Bola Ahmed Tinubu’s economic reforms and translate them into tangible improvements in the lives of citizens.
The five priority areas identified under the action plan are food affordability, tax harmonisation, completion of high-impact projects, resolution of investment bottlenecks and regulated household support.
The Council also approved the establishment of a national dashboard to monitor ongoing projects across the country, with emphasis on transparency, accountability and proper utilisation of funds generated from the removal of fuel subsidies.
Presenting the economic outlook, Oyedele expressed optimism about the progress of the administration’s reform programme, identifying the reduction of headline inflation and interest rates to single digits by 2027 as key policy objectives.
He stressed the need for coordinated implementation of reforms by federal and state institutions to ensure that improvements in macroeconomic indicators translate into measurable benefits for households and businesses.
Addressing members of the Council, Vice President Shettima urged governors and relevant government institutions to prioritise affordable transportation, improved healthcare, job creation and greater financial security for Nigerians.
He maintained that the success of economic reforms should be measured by their impact on citizens’ daily lives rather than government announcements alone.
“The first dividend of prosperity should be the confidence to plan a life. Our task is to make such confidence less dependent on fortune,” Shettima said.
On transportation, the Vice President called on state governments to support the National Compressed Natural Gas (CNG) Bus Initiative, stressing that the programme must make commuting more affordable and accessible.
He said the success of the initiative should be determined by its ability to reduce transportation costs rather than the number of vehicles deployed.
“The cost of reaching a livelihood should never consume the livelihood itself,” he said, adding that transport operators must ensure that the benefits of adopting alternative-energy vehicles are reflected in lower fares.
Shettima also urged governors to bring their knowledge of local conditions into national policy decisions, stressing that cooperation among the different tiers of government was essential for effective implementation.
NEC Reviews Ebola Preparedness
The Council also reviewed Nigeria’s preparedness and response to the reported Ebola outbreak in the Federal Capital Territory following a briefing by the Minister of Health and Social Welfare, Professor Muhammad Ali Pate.
Pate allayed fears of a major public health crisis, assuring members that Nigeria had the institutional capacity to contain the situation.
He outlined key components of the national response, including coordination and governance, screening at points of entry, laboratory testing, logistics for essential medical supplies and personal protective equipment, as well as effective public communication.
The minister disclosed that 21 state governments had updated their response plans and urged the remaining 15 states to expedite the establishment of appropriate preparedness and response mechanisms.
Council Tasks States on Polio Eradication
NEC also considered the report of its Ad Hoc Committee on Polio Eradication, chaired by Gombe State Governor Muhammadu Inuwa Yahaya.
The Council directed states to conduct post-campaign reviews, particularly in areas where children were missed during immunisation exercises and communities affected by insecurity.
It emphasised the timely release of counterpart funds, stronger routine immunisation, improved coordination with security agencies and increased cooperation among states to improve vaccination coverage.
The Council further stressed that sustained commitment from governors, traditional rulers and security agencies remained critical to completely eradicating polio in Nigeria.
NEC Moves to Unlock Livestock Sector Potential
On livestock development, the Council received a report from its Ad Hoc Committee on Livestock Development, chaired by Kebbi State Governor Nasir Idris.
Members acknowledged the sector’s potential to drive economic growth, create employment 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 collaboration between federal and state authorities to accelerate reforms in the sector.
FG, States Plan Joint Financing for CNG, Electric Vehicles
In another major decision, NEC resolved to establish a joint financing framework between the Federal and State Governments to accelerate the deployment of compressed natural gas and electric vehicles across Nigeria.
The resolution followed a presentation by the Chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles, Ismaeel Ahmed.
The Council directed relevant authorities to ensure that the programme delivers tangible benefits through reduced transportation costs, rather than focusing solely on providing alternative-energy vehicles.
It also called for engagement with transport unions and operators to ensure that savings from the adoption of CNG and electric vehicles are passed on to commuters through lower fares.
To implement the decision, NEC agreed to constitute a committee to coordinate the financing arrangement, engage relevant stakeholders and develop measures to make transportation more affordable, accessible and sustainable across the country.
