NEC Approves 90-Day Plan to Cut Living Costs, Tackle Food Prices
By Tams Jonah, ABUJA – Nigeria’s National Economic Council (NEC) has approved a 90-day economic action plan targeting food affordability, tax harmonisation and investment bottlenecks as the Federal Government intensifies efforts to ease the cost-of-living crisis and improve household welfare.
The plan was approved at the council’s 161st meeting, held virtually on Thursday and chaired by Vice President Kashim Shettima.
Proposed by the Ministry of Finance, the initiative outlines priority interventions designed to deliver measurable economic benefits through coordinated action by federal and state governments.
According to a report by Arise News, the plan focuses on food affordability, tax harmonisation, the completion of high-impact projects, the removal of investment barriers and regulated household support.
Presenting the economic outlook, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, highlighted the administration’s ambition to reduce inflation and interest rates to single digits by 2027.
Shettima urged state governors and relevant government institutions to ensure that economic reforms translate into tangible improvements in the lives of Nigerians.
He emphasised the need for policies that address the everyday challenges confronting households, including high transportation costs, access to healthcare, unemployment and financial insecurity.
The council also received an update on the National Affordable CNG Transit Programme and considered a joint financing framework involving federal and state governments to accelerate the deployment of compressed natural gas and electric vehicles.
The proposed arrangement is expected to support the transition to alternative-energy transportation and reduce operating costs for transport operators.
The council further directed relevant authorities to engage transport unions and operators to ensure that savings from the use of alternative-energy vehicles are reflected in lower fares for commuters.
NEC also approved a national dashboard to monitor projects across the country, with emphasis on transparency, accountability and the utilisation of proceeds from fuel subsidy removal.
The 90-day plan comes amid persistent concerns over food prices, transportation costs and the broader impact of economic reforms on Nigerian households.
Its effectiveness will depend on how quickly the approved measures are implemented and whether they produce measurable improvements in the cost of essential goods and services.
