NEC Approves 90-day Plan to Ease Cost of Living

The National Economic Council (NEC) has approved a 90-day economic action plan aimed at easing the cost of living in Nigeria. Presented by the Minister of Finance, Taiwo Oyedele, at the NEC's 161st meeting, the plan focuses on five key areas: food affordability, tax harmonisation, completing high-impact projects, resolving investment bottlenecks, and regulated household support.

Tinubu's administration has charged 36 state governors to translate the economic reforms into tangible benefits for their citizens, particularly in improving living conditions. The council also approved a national dashboard to track ongoing projects, emphasizing transparency, accountability, and accurate reporting on the utilization of fuel subsidy removal proceeds.

Vice President Kashim Shettima emphasized the need for governors to utilize their local knowledge in national policy decisions, stating that each governor possesses unique insights that cannot be found in federal documents. He challenged council members to assess policy proposals based on their ability to reduce uncertainty, create opportunities, and strengthen public confidence in the government.

The NEC received updates on various ongoing projects, including the National Affordable CNG Transit Programme. The council resolved to establish a joint financing framework between federal and state governments to accelerate the deployment of compressed natural gas (CNG) and electric vehicles, ensuring that commuters benefit from reduced transportation costs through lower fares.