The National Economic Council (NEC) has endorsed a 90-day economic action plan proposed by the Federal Ministry of Finance to consolidate the gains of President Bola Tinubu’s economic reforms, with a focus on easing the cost of living, improving food affordability and stimulating economic activities across Nigeria.
The plan was endorsed at NEC’s 161st meeting, held virtually on Thursday, October 22, 2026, 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 Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, presented the proposal to the council.
The initiative is designed to translate economic reforms into measurable benefits for households and businesses through targeted interventions, improved fiscal coordination and the removal of barriers to investment.
The council identified five key areas for immediate attention under the economic action plan.
They include food affordability, tax harmonisation, completion of high-impact projects, resolution of investment bottlenecks and regulated household support.
The plan also seeks to attract investment, remove obstacles to business activities and accelerate projects expected to deliver direct benefits to Nigerians.
As part of efforts to strengthen accountability, NEC approved the establishment of a national dashboard to track ongoing projects across the federation.
The proposed dashboard is expected to promote transparency, improve reporting and monitor the utilisation of funds generated from fuel subsidy removal.
Addressing members of the council, Vice President Shettima said the Federal Government’s economic reforms must translate into better living conditions for citizens.
He urged state governors and relevant institutions to prioritise affordable transportation, accessible healthcare, employment opportunities and greater financial security.
“The first dividend of prosperity should be the confidence to plan a life. Our task is to make such confidence less dependent on fortune,” Shettima said.
He described the council’s discussions on transportation, healthcare, police reform and livestock development as important to determining the quality of life Nigerians should expect from economic progress.
The vice president also stressed that Nigeria’s federal structure should encourage cooperation among the different levels of government rather than hinder the delivery of essential services.
He called on governors to contribute their understanding of local conditions to national policy decisions, insisting that effective implementation requires clear responsibilities and practical agreements.
Presenting the economic outlook, Oyedele expressed optimism about the progress of the Tinubu administration’s reform programme and the prospects for further economic recovery.
He identified reducing headline inflation and interest rates to single digits by 2027 as key policy objectives.
However, the minister noted that achieving the objectives would require coordinated implementation across federal and state institutions.
The presentation also highlighted the need to ensure that improvements in macroeconomic indicators translate into tangible benefits for ordinary Nigerians and businesses.
The council also considered the National Affordable Compressed Natural Gas (CNG) Transit Programme, presented by the Chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles, Ismaeel Ahmed.
NEC resolved to establish a joint financing framework between the Federal and State Governments to accelerate the deployment of CNG-powered and electric vehicles.
The council directed that the programme should deliver measurable benefits through reduced transportation costs rather than focus solely on increasing the number of alternative-energy vehicles.
Shettima urged state governments to support affordable public transportation, saying the success of the initiative should be measured by accessibility and lower fares.
“The cost of reaching a livelihood should never consume the livelihood itself,” he said.
NEC also agreed that relevant authorities should engage transport unions and operators to ensure that savings from adopting CNG and electric vehicles are passed on to commuters.
A committee is expected to coordinate the proposed financing arrangement, engage stakeholders and develop measures to ensure the programme delivers affordable, accessible and sustainable transportation.
Beyond economic matters, NEC received an update from the Minister of Health and Social Welfare, Professor Muhammad Ali Pate, on the reported Ebola outbreak in the Federal Capital Territory.
Pate sought to allay fears of a major public health crisis, assuring council members that Nigeria had the institutional capacity to contain the situation.
He identified coordination, detection at points of entry, laboratory testing, logistics for essential kits and personal protective equipment, as well as strategic communication, as critical components of the response.
According to the report presented to NEC, 21 state governments had updated their response plans, while the remaining 15 states were urged to establish appropriate preparedness and response mechanisms without delay.
The council also directed states to strengthen polio eradication efforts through post-campaign reviews, particularly in communities where children were missed during immunisation exercises and in areas affected by insecurity.
It emphasised timely release of counterpart funding, stronger routine immunisation and improved coordination with security agencies.
NEC further reviewed the report of its Ad Hoc Committee on Livestock Development, chaired by Kebbi State Governor Nasir Idris.
The council acknowledged the sector’s potential to drive economic growth, create employment and improve livelihoods.
It noted that all states had indicated interest in supporting the Federal Government’s livestock development initiatives and resolved to strengthen cooperation between federal and state authorities to accelerate reforms.
The endorsement of the 90-day economic action plan places renewed emphasis on reducing economic pressures on households, improving investment conditions and ensuring that government policies deliver practical results.
However, the effectiveness of the plan will depend on implementation, coordination among the tiers of government and measurable improvements in the daily lives of Nigerians.
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