Nigeria's NEC backs 90‑day plan to curb living costs and improve food affordability

NEC endorses three‑month economic action plan The National Economic Council (NEC) gave its approval to a 90‑day economic action plan presented by the Federal Ministry of Finance. The endorsement was made during the council’s 161st meeting, which was chaired virtually by Vice‑President Kashim Shettima. Finance Minister Taiwo Oyedele led the presentation, outlining the plan’s objectives and priority areas.

Five priority areas target cost pressures According to a statement released by the Vice‑President’s senior special assistant on media and communications, Stanley Nkwocha, the plan focuses on five key sectors: improving food affordability, harmonising tax policies, completing high‑impact infrastructure projects, removing investment bottlenecks and providing regulated household support. These measures are intended to directly lower the cost of living for Nigerians and stimulate private investment.

National dashboard to ensure transparency The council also approved the creation of a national dashboard that will track the implementation of projects across the federation. The dashboard is designed to enhance transparency and accountability, particularly regarding the use of proceeds from the recent removal of fuel subsidies. By monitoring progress, the government aims to demonstrate tangible benefits from its broader economic reform programme.

Context within President Tinubu’s reforms The plan is positioned as an emergency response to the rising cost of living that has followed President Bola Ahmed Tinubu’s economic reforms. While the reforms aim to achieve broader national prosperity, officials highlighted the need for concrete outcomes that improve daily life, such as affordable transport, better healthcare, increased employment opportunities and greater financial security.

Outlook for inflation and interest rates During the meeting, Minister Oyedele expressed optimism about the reform agenda’s impact, noting that reducing headline inflation and bringing interest rates down to single‑digit levels by 2027 remain key policy targets. He indicated that the next phase of reforms will require coordinated action between federal and state authorities.

Calls for state cooperation Vice‑President Shettima urged state governors and relevant institutions to ensure that the benefits of the reforms are felt at the grassroots level. He stressed that the success of economic policies should be judged by their effect on citizens’ everyday lives, and called for cooperation to avoid fragmented implementation.

The 90‑day plan represents a coordinated effort to translate macro‑economic reforms into measurable improvements for Nigerians, with the national dashboard providing a mechanism for public oversight and accountability.