BREAKING: Hardship: FG Unveils 90-Day Plan to Reduce Cost of Living, Improve Food Affordability
The Federal Government has announced a 90-day economic action plan aimed at reducing the cost of living, improving food affordability and attracting investment amid the economic challenges facing Nigerians.
The National Economic Council (NEC), chaired by Vice-President Kashim Shettima, endorsed the plan proposed by the Federal Ministry of Finance during its 161st meeting held virtually on Thursday.
The plan is designed to address the effects of President Bola Ahmed Tinubu’s economic reforms by prioritising measures that will improve living conditions and deliver direct benefits to citizens.
According to the Council, the initiative will focus on five key areas: food affordability, tax harmonisation, completion of high-impact projects, removal of investment bottlenecks and regulated household support.
The endorsement followed a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, who outlined the government’s economic outlook and the next phase of its reform programme.
Oyedele expressed optimism about the progress recorded under the current administration, identifying a reduction in headline inflation and interest rates to single digits by 2027 as key policy objectives.
He stressed the need for coordinated implementation of economic policies across federal and state institutions to achieve sustainable recovery.
Speaking during the meeting, Shettima urged governors and relevant government agencies to ensure that the benefits of the economic reforms translate into affordable transportation, improved healthcare, job opportunities and greater financial security for Nigerians.
The Vice-President maintained that the success of government policies should be measured by their impact on the daily lives of citizens rather than the announcement of reforms alone.
“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.
Shettima added that discussions on transportation, healthcare, police reform and livestock development were essential to improving the quality of life of Nigerians.
He also called for stronger cooperation among the different levels of government, stressing that their respective responsibilities must serve the common interest of the public.
As part of efforts to improve transparency and accountability, NEC approved the establishment of a national dashboard to monitor ongoing projects across the country.
The platform is expected to provide accurate information on project implementation and track how funds generated from the removal of fuel subsidies are being utilised.
FG, States to Partner on CNG, Electric Vehicles
The Council 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 nationwide.
The decision followed a presentation by the Chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles, Barrister Ismaeel Ahmed, on the National Affordable CNG Transit Programme.
NEC directed that the initiative must deliver tangible benefits to commuters through reduced transportation costs rather than merely increasing the number of alternative-energy vehicles on the roads.
The Council further called on relevant authorities to engage transport unions and operators to ensure that savings from the adoption of CNG and electric vehicles are reflected in lower fares.
A committee will be established to coordinate the financing arrangement, consult relevant stakeholders and develop practical measures to make transportation more affordable and accessible.
NEC Receives Update on Ebola Situation
Meanwhile, the Council received an update on the Ebola situation in the Federal Capital Territory from the Minister of Health and Social Welfare, Prof. Muhammad Ali Pate.
Pate reportedly allayed fears of a major public health crisis, assuring members that Nigeria had the institutional capacity to contain the situation.
He outlined ongoing efforts to strengthen the national response system, including improved coordination, screening at points of entry, laboratory testing, logistics for essential medical supplies and personal protective equipment, as well as effective public communication.
The government said these measures were critical to ensuring a coordinated response to the public health situation.
