NEC Approves 90-Day Plan to Ease Cost of Living

The National Economic Council (NEC) has approved a 90-day economic action plan aimed at reducing the cost of living, improving food affordability, attracting investments and accelerating the completion of projects that directly benefit Nigerians.

The approval followed a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, at the council’s 161st meeting held virtually on Thursday and chaired by Vice President Kashim Shettima.

According to a statement 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 Tinubu’s economic reforms and translate them into tangible benefits for households and businesses.

The statement identified five priority areas of the initiative as food affordability, tax harmonisation, completion of high-impact projects, resolution of investment bottlenecks and regulated household support.

As part of the implementation measures, NEC approved the establishment of a national dashboard to monitor ongoing projects across the federation.

The dashboard is expected to strengthen transparency and accountability in public spending, particularly in tracking the utilisation of funds accruing from the removal of the petrol subsidy.

Presenting the economic outlook, Oyedele expressed optimism about the progress of the administration’s reforms and prospects for further economic recovery.

He identified reducing headline inflation and interest rates to single digits by 2027 as key policy objectives, stressing the need for coordinated implementation by federal and state institutions.

The minister also emphasised the importance of translating improvements in economic indicators into tangible relief for Nigerians through targeted interventions, improved fiscal coordination and the removal of obstacles to investment.

The 90-day plan comes as the Federal Government seeks to strengthen the implementation of its economic reforms, improve food affordability and ensure that ongoing projects deliver measurable benefits to citizens.