The National Economic Council (NEC) has endorsed a 90-day emergency economic action plan aimed at reducing the cost of living making food more affordable and accelerating the delivery of projects that will directly improve the welfare of Nigerians.
The Council also approved the establishment of a national dashboard to monitor government projects across the federation and ensure transparency and accountability in the utilisation of proceeds from the removal of petrol subsidy.
The decisions were reached on Thursday at the 161st meeting of NEC held virtually and presided over by Vice President Kashim Shettima following a presentation by the Minister of Finance and Coordinating Minister of the Economy Mr Taiwo Oyedele.
The Council further agreed on a joint financing arrangement between the Federal Government and states to accelerate the deployment of compressed natural gas (CNG) and electric vehicles with a directive that savings from their adoption must translate into lower transportation fares for commuters.
According to a statement by the Senior Special Assistant to the President on Media and Communications Office of the Vice President Stanley Nkwocha the 90-day action plan identifies five priority areas for immediate intervention.
These include food affordability tax harmonisation completion of high-impact projects removal of investment bottlenecks and regulated household support.
The measures are intended to consolidate gains from President Bola Ahmed Tinubu’s economic reforms while ensuring that improvements in macroeconomic indicators translate into tangible relief for households and businesses.
Presenting the economic outlook Oyedele expressed optimism about the administration’s reform programme identifying the reduction of headline inflation and interest rates to single digits by 2027 as major policy objectives.
He stressed that achieving these targets would require coordinated implementation of economic policies across federal and state institutions as well as interventions to address the immediate challenges confronting Nigerians.
The minister also emphasised the importance of improved fiscal coordination targeted support for vulnerable households and the removal of obstacles discouraging investment and economic expansion.
Addressing the Council Vice President Shettima challenged state governors to ensure that the benefits of the administration’s economic reforms were reflected in affordable transportation improved healthcare employment opportunities and greater financial security for Nigerians.
He insisted that economic reforms would ultimately be judged not by official pronouncements or statistical improvements alone but by their impact on the everyday lives of citizens.
‘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 declared.
Shettima said the administration’s economic transformation agenda would only achieve its objectives when Nigerians could access essential services pursue productive livelihoods and make meaningful plans for their future without excessive uncertainty.
According to him deliberations on transportation healthcare police reform and livestock development were fundamentally about improving the quality of life of Nigerians and making government institutions more responsive to their needs.
‘Our separate jurisdictions must serve a common public interest’ he said urging governors to strengthen cooperation with the Federal Government in implementing policies that directly affect citizens.
On affordable transportation the Vice President warned against measuring the success of the National CNG Bus Initiative merely by the number of vehicles deployed insisting that reduced transport fares and accessibility must remain the primary considerations.
‘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 stated.
Shettima said President Tinubu’s economic reforms were designed to lay the foundation for broader national prosperity but stressed that governments at all levels must demonstrate the capacity to convert policy objectives into improvements in living standards.
‘His Excellency President Bola Ahmed Tinubu GCFR has made economic reform the instrument of a larger national ambition. Our contribution must give that ambition social depth and productive strength’ he said.
The Vice President also urged governors to bring their understanding of local economic and social realities into national policy decisions noting that effective implementation required clearly defined responsibilities among the three tiers of government.
‘Our separate mandates must not become competing excuses. Each Governor carries knowledge that no federal document can supply’ he said.
He challenged members of NEC to evaluate every policy proposal on the basis of its potential to reduce uncertainty create opportunities and strengthen public confidence in government.
‘Nigerians deserve institutions on which they can organise their lives. Providing that assurance is among the most consequential uses of public authority. That is the assurance we owe them’ Shettima added.
Meanwhile the Council received a briefing on the Ebola situation in the Federal Capital Territory from the Coordinating Minister of Health and Social Welfare Professor Muhammad Ali Pate who assured members that Nigeria possessed the institutional capacity to contain the disease and prevent a major public health crisis.
Pate outlined measures being implemented by the Federal Ministry of Health in collaboration with relevant agencies and stakeholders to strengthen the national emergency response.
He identified effective coordination surveillance and detection at points of entry laboratory testing provision of essential medical kits and personal protective equipment as well as strategic public communication as critical components of the containment strategy.
The minister disclosed that 21 states had updated their Ebola preparedness and response plans while urging the remaining 15 states to urgently establish the necessary mechanisms to respond to potential infections.
The briefing followed the confirmation of an Ebola case in the FCT which prompted the activation of emergency public health response measures.
In another development NEC directed state governments to intensify efforts towards the eradication of polio particularly in communities affected by insecurity and areas where children were missed during previous immunisation campaigns.
The directive followed the presentation of a report by the NEC Ad Hoc Committee on Polio Eradication chaired by Gombe State Governor Muhammadu Inuwa Yahaya.
The Council directed states to conduct comprehensive post-campaign reviews to identify gaps in immunisation coverage and develop measures to reach children previously excluded from vaccination exercises.
It also emphasised the timely release of counterpart funds strengthening of routine immunisation programmes and improved cooperation with security agencies to facilitate access to vulnerable communities.
NEC stressed that sustained political commitment from governors traditional rulers and security agencies would be essential to achieving complete polio eradication in the country.
On livestock development the Council received a report from its Ad Hoc Committee on Livestock Development chaired by Kebbi State Governor Nasir Idris and acknowledged the sector’s potential to stimulate economic growth generate employment and improve livelihoods.
The Council noted that all 36 states had indicated interest in supporting the Federal Government’s livestock development initiatives and resolved to strengthen collaboration towards accelerating reforms in the sector.
It also considered a presentation on the National Affordable CNG Transit Programme by the Chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles Barrister Ismaeel Ahmed.
Following the presentation NEC resolved to establish a joint financing framework between the Federal and State Governments to support the deployment of CNG and electric vehicles nationwide.
The Council insisted that the initiative must produce measurable reductions in transportation costs rather than merely increase the number of alternative-energy vehicles operating across the country.
Consequently relevant authorities were directed to engage transport unions and operators to ensure that cost savings arising from the use of CNG and electric vehicles were passed on to passengers through lower fares.
To implement the resolution NEC agreed to establish a committee that would coordinate the proposed financing arrangement engage stakeholders and develop practical mechanisms for delivering affordable accessible and sustainable transportation.
The decisions form part of the Council’s efforts to strengthen cooperation between the Federal Government and states in addressing economic pressures improving essential services and ensuring that the benefits of ongoing reforms reach ordinary Nigerians.