Nigeria’s National Economic Council (NEC) has approved a 90-day action plan to deal with the fallout of President Bola Ahmed Tinubu’s economic policy changes.
The plan was proposed by the Federal Ministry of Finance, and NEC endorsed it on Thursday at its 161st virtual meeting, chaired by Vice-President Kashim Shettima.
NEC is a constitutional body that advises the President on economic matters.
The Council said the plan will focus “on reducing the cost of living, improving food affordability, attracting investment, and accelerating the delivery of projects with direct benefits to Nigerians.”
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, presented the plan to members.
The plan names five priority areas: “food affordability, tax harmonisation, completion of high-impact projects, resolution of investment bottlenecks and regulated household support.”
NEC also approved a national dashboard to track ongoing projects across the federation.
It will track how proceeds from the fuel subsidy removal are used.
Oyedele And Shettima Set Expectations
Presenting the economic outlook, Oyedele expressed optimism about the progress recorded under the present administration.
He named the reduction of headline inflation and interest rates to single digits by 2027 as key policy objectives.
According to him, the next phase will need coordinated action across federal and state institutions.
Meanwhile, Shettima, a former governor of Borno State, told governors and relevant institutions to make sure the gains reach ordinary people.
Tinubu ended the fuel subsidy in 2023. Shettima listed affordable transportation, improved healthcare, employment opportunities and greater financial security.
He said policy success must be judged by its effect on citizens’ daily lives.
“The first dividend of prosperity should be the confidence to plan a life. Our task is to make such confidence less dependent on fortune,” he said.
He said Nigeria’s federal structure must strengthen cooperation and must not block essential services.
“Our separate jurisdictions must serve a common public interest,” Shettima said.
Health Minister Updates Council On Ebola
The Council also received an update on the Ebola outbreak in the Federal Capital Territory (FCT).
The Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, gave the briefing.
Pate is the minister in charge of the health sector.
He allayed fears of a major public health crisis.
He assured members that Nigeria has the institutional capacity to contain the situation.
Ebola is a severe viral disease that is often fatal. It spreads through contact with body fluids.
Nigeria stopped an earlier outbreak in 2014, and the World Health Organization (WHO) declared the country free of the disease that October.
Pate told Council that the ministry is working with relevant stakeholders to put a strong national response system in place.
He listed coordination and governance, detection at points of entry, laboratory testing capacity, logistics for essential kits and personal protective equipment, and effective strategic communication as critical parts of that response.
States To Share CNG And Electric Vehicle Costs
Shettima backed the National Compressed Natural Gas (CNG) Bus Initiative.
He said state governments must support affordable transport systems that reduce the financial burden on commuters.
Council received a presentation on the National Affordable CNG Transit Programme by Barrister Ismaeel Ahmed, Chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles.
Council resolved to set up a joint financing framework between the Federal and State Governments to speed up the use of CNG and electric vehicles.
It directed that the programme must deliver real benefits through lower transport costs, not only supply alternative-energy vehicles.
It also resolved that relevant authorities should engage transport unions and operators so savings are passed to commuters through lower fares.
To give effect to the decision, Council agreed to form a committee to coordinate the financing plan, engage stakeholders and develop practical steps.
Analysts speculate the government is trying to respond to biting economic conditions, which could cost it the election just 3 months away, on January 16, 2027.
Please enough of discussions and all that, lets move to the implementation stage. Our people are in serious need of poverty alleviation, but then again, I hope this is not just another white elephant project and actually reaches the common man.