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.
The endorsement followed a presentation by Taiwo Oyedele,
Minister of Finance and Coordinating Minister of the Economy, at NEC’s 161st
meeting, held virtually on Thursday and chaired by Vice-President Kashim
Shettima.
According to a statement from the presidency, 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.
“The 90-day action plan identifies five priority areas: food
affordability, tax harmonisation, completion of high-impact projects,
resolution of investment bottlenecks and regulated household support,” the
statement said.
In his remarks, Shettima said the success of the
administration’s economic reforms would depend on the ability of governments at
all levels to translate policy objectives into improved living conditions for
Nigerians.
He urged state governors and relevant institutions to ensure
that economic gains translate into affordable transportation, improved
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,”
the vice-president said.
Shettima said the council’s deliberations on transportation,
healthcare, police reform, and livestock development are critical to
determining the quality of life Nigerians should expect from economic progress.
The politician added that the responsibility of government
extends beyond announcing reforms to building institutions that enable citizens
to plan their futures with confidence.
NEC APPROVES PROJECT-TRACKING DASHBOARD
The NEC also approved the establishment of a national
dashboard to track ongoing projects across the federation.
The dashboard is expected to promote transparency,
accountability, and accurate reporting on the utilisation of proceeds from
petrol subsidy removal.
Presenting the economic outlook, Oyedele expressed optimism
about the progress recorded under 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, adding that the next phase
of reforms would require coordinated implementation across federal and state
institutions.
The finance minister emphasised the need to translate
macroeconomic improvements into measurable benefits for households and
businesses through targeted interventions, improved fiscal coordination and the
removal of investment barriers.
FG, STATES TO ESTABLISH JOINT FINANCING FRAMEWORK FOR CNG,
ELECTRIC VEHICLES
The NEC 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 across the
country.
The decision followed a presentation on the national
affordable CNG transit programme by Ismaeel Ahmed, chairman of the presidential
initiative on compressed natural gas and electric vehicles.
The council directed that the programme should deliver
tangible benefits to citizens through lower transportation costs rather than
limiting its impact to the provision of alternative-energy vehicles.
The NEC also resolved that relevant authorities should
engage transport unions and operators to ensure that savings from the adoption
of CNG and electric vehicles are passed on to commuters through reduced fares.
To implement the decision, the council agreed to constitute
a committee to coordinate the proposed financing arrangement, engage relevant
stakeholders and develop measures to make transportation more affordable,
accessible and sustainable.
Shettima had earlier stressed that the success of the
national CNG bus initiative should be measured by affordability and
accessibility rather than the number of vehicles deployed.
“The cost of reaching a livelihood should never consume the
livelihood itself. The passenger’s experience must guide our ambition, because
the value of public transport resides in the journeys it makes possible,” the
vice-president said.
He said Tinubu’s economic reform programme was designed to
achieve broader national prosperity, adding that governments at all levels have
a responsibility to translate its objectives into improved living conditions.
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