NEC Endorses 90-Day Economic Plan to Tackle Cost of Living, Improve Food Affordability

The National Economic Council (NEC) has endorsed a 90-day economic action plan proposed by the Federal Ministry of Finance to address the cost of living, improve food affordability and strengthen the impact of President Bola Tinubu’s economic reforms.

The decision followed a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, at NEC’s 161st meeting on Thursday, October 22, 2026. The virtual meeting was 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 identifies five priority areas: food affordability, tax harmonisation, completion of high-impact projects, removal of investment bottlenecks and regulated household support. It is also intended to attract investment, reduce obstacles to economic activity and speed up projects expected to deliver direct benefits to Nigerians.

NEC also approved the establishment of a national dashboard to track projects across the federation. The platform is expected to strengthen transparency and accountability, including reporting on how proceeds from petrol subsidy removal are being used.

Presenting the economic outlook, Oyedele said the next phase of reforms would require coordinated implementation by federal and state governments. He identified reducing headline inflation and interest rates to single digits by 2027 as key policy objectives, while stressing the need to translate improvements in economic indicators into measurable benefits for households and businesses.

Shettima urged governments at all levels to ensure that economic reforms improve living conditions. He highlighted affordable transportation, accessible healthcare, employment opportunities and greater financial security as important measures of progress. He also called for stronger cooperation between federal and state institutions to improve policy implementation.

On transportation, NEC considered the National Affordable Compressed Natural Gas (CNG) Transit Programme and proposals for deploying CNG and electric vehicles. The council resolved to establish a joint financing framework between federal and state governments and directed relevant authorities to engage transport unions and operators to ensure that savings from alternative-energy vehicles translate into lower fares for commuters.

The council also received an update from Health Minister Professor Muhammad Ali Pate on the reported Ebola case in the Federal Capital Territory. Pate outlined measures involving coordination, screening at entry points, laboratory testing, logistics and public communication. He said 21 states had updated their response plans and urged the remaining 15 to establish appropriate preparedness arrangements.

NEC further directed states to strengthen polio eradication efforts through post-immunisation campaign reviews, timely release of counterpart funding and improved coordination with security agencies. It also considered a report on livestock development, noting the sector’s potential to create jobs, improve livelihoods and support economic growth. The council called for stronger federal-state cooperation to advance the sector.