NEC Endorses Finance Ministry’s 5-Point 90-Day Plan To Crash Food Prices, Cut Cost Of Living
The National Economic Council (NEC) has approved a 90-day economic action plan proposed by the Federal Ministry of Finance to address the cost of living, improve food affordability and accelerate projects expected to benefit Nigerians.
The approval followed a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, at the council’s 161st meeting held virtually on Thursday and chaired by Vice President Kashim Shettima.
According to a statement by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications in the Office of the Vice President, the plan is designed to consolidate the gains of President Bola Tinubu’s economic reforms.
“The National Economic Council (NEC) has endorsed a 90-day economic action plan proposed by the Federal Ministry of Finance to consolidate gains from President Bola Ahmed Tinubu’s economic reforms,” the statement said.
“The plan focuses on reducing the cost of living, improving food affordability, attracting investment, and accelerating the delivery of projects with direct benefits to Nigerians,” it added.
The plan will focus on five priority areas: food affordability, tax harmonisation, completion of high-impact projects, resolution of investment bottlenecks and regulated household support.
As part of the measures, NEC approved the establishment of a national dashboard to monitor ongoing projects across the federation.
The dashboard is expected to promote transparency and accountability, particularly in tracking how proceeds from the removal of the petrol subsidy are being utilised.
Presenting the economic outlook, Oyedele expressed optimism about the progress of the administration’s reforms and the prospects for further economic recovery.
He identified reducing headline inflation and interest rates to single digits by 2027 as key policy objectives, adding that the next phase of reforms would require coordinated implementation by federal and state institutions.
