{
  "id": 16100286,
  "title": "NEC approves 90-day plan to cut food costs, ease Nigeria’s cost-of-living crisis",
  "url": "https://urgent.news/2026/10/22/nec-approves-90-day-plan-to-cut-food-costs-ease-nigerias-cost-of",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-22T19:10:04.000Z",
  "source": {
    "name": "Nairametrics",
    "slug": "nairametrics",
    "url": "https://nairametrics.com/2026/10/22/nec-approves-90-day-plan-to-cut-food-costs-ease-nigerias-cost-of-living-crisis/"
  },
  "original_language": "en",
  "account": "The National Economic Council (NEC) has approved a 90-day economic action plan proposed by the Federal Ministry of Finance to mitigate the cost of living crisis in Nigeria and make food more affordable. This was revealed by Stanley Nkwocha, a Senior Special Assistant to the President on Media & Communications, in a statement released on Thursday, October 22, 2026. The plan identifies five key areas: food affordability, tax harmonization, completing high-impact projects, removing investment bottlenecks, and regulated household support. Additionally, the NEC approved a national dashboard to track projects across the country, focusing on transparency and accountability in utilizing funds from the removal of fuel subsidies. This decision came after the Federal Minister of Finance, Taiwo Oyedele, presented the plan during the NEC's 161st meeting, chaired by Vice President Kashim Shettima. Oyedele emphasized that the effectiveness of economic policies should be measured by their impact on citizens rather than just the announcement of reforms. The NEC also resolved to establish a joint financing framework between the federal and state governments to accelerate the deployment of Compressed Natural Gas (CNG) and electric vehicles, aiming to lower transport fares and make commuting more affordable. The decision follows the government's efforts to mitigate the effects of recent reforms, including fuel price reductions and forward sales of crude oil to domestic refineries.",
  "summary": "The National Economic Council (NEC) has endorsed a 90-day economic action plan proposed by the Federal Ministry of Finance to ease the cost of living, improve food affordability and accelerate projects expected to deliver direct benefits to Nigerians. Senior Special Assistant to the President on Media & Communications (Office of the Vice President), Stanley Nkwocha, […] The post NEC approves…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}