The National Economic Council has approved a 90-day economic action plan aimed at reducing the cost of living, improving food affordability and attracting investments across Nigeria.
The plan, proposed by the Federal Ministry of Finance, was endorsed on Thursday at the council’s 161st meeting, presided over virtually by Vice President Kashim Shettima.
According to a statement by Shettima’s Senior Special Assistant on Media and Communications, Stanley Nkwocha, the initiative focuses on five key areas: affordable food, tax harmonisation, completion of major projects, removal of investment barriers and regulated household support.
The council also approved a national dashboard to monitor projects nationwide and promote transparency in the management of public funds, including proceeds from the removal of fuel subsidies.
Shettima urged state governors and relevant institutions to ensure that the Federal Government’s economic reforms improve the daily lives of Nigerians.
He said the effectiveness of government policies should be judged by their impact on transportation costs, healthcare access, employment and financial stability.
“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.
He also called for stronger collaboration between federal and state governments, stressing that differences in their responsibilities should not obstruct the provision of essential services.
On transportation, Shettima said the success of the National Compressed Natural Gas Bus Initiative should be measured by its ability to lower commuters’ expenses rather than the number of buses deployed.
“The cost of reaching a livelihood should never consume the livelihood itself,” he said, adding that affordability and accessibility should guide the assessment of public transportation programmes.
The council further approved a joint financing framework for federal and state governments to accelerate the deployment of compressed natural gas and electric vehicles.
It also directed relevant authorities to engage transport unions and operators to ensure that cost savings from the vehicles translate into lower fares for passengers.
Meanwhile, the Minister of Health and Social Welfare, Professor Muhammad Ali Pate, briefed the council on the reported Ebola outbreak in the Federal Capital Territory.
Pate expressed confidence in Nigeria’s capacity to contain the situation, outlining measures that include improved coordination, surveillance at entry points, laboratory testing, the provision of essential supplies and protective equipment, and public awareness campaigns.
He disclosed that 21 state governments had updated their preparedness and response plans, urging the remaining 15 states to put appropriate measures in place.
The council also called on state governments to intensify polio eradication efforts, particularly in communities where children were missed during immunisation exercises and areas affected by insecurity.
Additionally, members acknowledged the livestock sector’s potential to generate employment, stimulate economic growth and improve livelihoods, resolving to strengthen cooperation between federal and state governments to develop the industry.
