The National Economic Council (NEC) has approved a 90-day economic action plan aimed at reducing the cost of living, making food more affordable and attracting investment, as the Federal Government seeks to translate its economic reforms into tangible relief for Nigerians.

The plan was endorsed on Thursday during the council’s 161st meeting, chaired virtually by Vice President Kashim Shettima, following a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.

It identifies five priority areas: food affordability, tax harmonisation, completion of high-impact projects, removal of investment bottlenecks and regulated household support.

NEC also approved the establishment of a national dashboard to monitor projects across the federation, with particular attention to transparency, accountability and the use of funds saved from the removal of the petrol subsidy.

The council’s decision comes amid continued pressure on households and businesses from the high cost of essential goods, transportation and other basic needs.

Although the government has defended its economic reforms as necessary to stabilise the economy, the rising cost of living has remained a major concern for many Nigerians.

Shettima urged state governors and relevant government institutions to ensure that the reforms produce measurable improvements in people’s daily lives, including affordable transportation, accessible healthcare, employment opportunities and greater financial security.

He said economic policies should be judged by their impact on citizens rather than announcements or headline economic indicators.

“The first dividend of prosperity should be the confidence to plan a life. Our task is to make such confidence less dependent on fortune,” the vice president said.

NEC resolved to establish a joint financing framework between the Federal Government and state governments to accelerate the deployment of compressed natural gas (CNG) and electric vehicles across the country.

The council directed the relevant authorities to work with transport unions and operators to ensure that savings from the use of alternative-energy vehicles are passed on to commuters through lower fares.

Shettima stressed that the success of the initiative should be measured by how much it reduces the cost of travelling to work and other destinations, rather than simply by the number of vehicles deployed.

The council agreed to constitute a committee to coordinate the proposed financing arrangement, engage relevant stakeholders and develop measures to make transportation more affordable and accessible.

Finance Minister Oyedele also identified further reductions in inflation and interest rates as key economic objectives, with the government targeting single-digit levels by 2027.

He said the next phase of the reform programme would require stronger coordination between federal and state institutions to ensure that improvements in economic indicators translate into benefits for households and businesses.

The national project-monitoring dashboard is expected to provide a framework for tracking ongoing projects and improving accountability over public spending, including the utilisation of proceeds from petrol subsidy removal.

Beyond economic matters, the council received an update from the Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, on Nigeria’s preparedness following a reported Ebola case in the Federal Capital Territory.

Pate assured council members that the country had the institutional capacity to contain the situation and outlined measures to strengthen the national response.

The measures include improved coordination, surveillance at points of entry, laboratory testing, provision of essential medical kits and personal protective equipment, and public communication.

He said 21 states had updated their preparedness and response plans, urging the remaining 15 states to complete theirs.

NEC also considered a report by its Ad Hoc Committee on Polio Eradication, chaired by Gombe State Governor Muhammadu Yahaya.

The council directed states to strengthen immunisation campaigns, particularly in areas where children had been missed and communities affected by insecurity. It also called for timely release of counterpart funds, stronger routine immunisation and closer coordination with security agencies.

On livestock development, NEC acknowledged the sector’s potential to generate employment, stimulate economic growth and improve livelihoods. The council noted that all states had expressed interest in supporting the Federal Government’s livestock development initiatives and called for stronger cooperation to advance the sector.