The National Economic Council (NEC) has endorsed a 90-day economic action plan proposed by the Federal Ministry of Finance to consolidate President Bola Tinubu’s economic reforms, with emphasis on reducing living costs and improving food affordability.

The plan also targets increased investment, removal of barriers to economic activities and faster completion of projects expected to deliver direct benefits to Nigerians.

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 endorsement followed a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, at NEC’s 161st meeting on Thursday.

The virtual meeting was chaired by Vice President Kashim Shettima.

The plan outlines five priority areas: food affordability, tax harmonisation, completion of high-impact projects, resolution of investment bottlenecks and regulated household support.

NEC also approved a national dashboard to track ongoing projects across the country, with emphasis on transparency, accountability and accurate reporting on the utilisation of funds generated from fuel subsidy removal.

Presenting the economic outlook, Oyedele expressed optimism about progress 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, stressing that the next phase of reforms would require coordinated implementation across federal and state institutions.

The presentation also highlighted the need to translate macroeconomic gains into tangible benefits for households and businesses through targeted interventions, improved fiscal coordination and the removal of investment barriers.

Addressing council members, Shettima said governments at all levels must ensure that the President’s economic reforms translate into better living conditions for Nigerians.

He urged state governors and relevant institutions to prioritise 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,” he said.

Shettima described the council’s discussions on transportation, healthcare, police reform and livestock development as critical to determining the quality of life Nigerians should experience as the economy improves.

“Our separate jurisdictions must serve a common public interest,” he said, stressing that Nigeria’s federal structure should encourage cooperation rather than hinder the delivery of essential services.

On the National Compressed Natural Gas (CNG) Bus Initiative, the vice-president urged state governments to support affordable transport systems to ease the financial burden on commuters.

He said the programme’s success should be measured by affordability and accessibility rather than the number of buses 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. We should assess success through affordability and access, rather than fleet size alone,” he said.

Shettima also urged governors to bring their knowledge of local conditions into national policy decisions, noting that effective implementation required clear responsibilities and practical agreements among the different tiers of government.

“Our separate mandates must not become competing excuses. Each Governor carries knowledge that no federal document can supply,” he said.

He added that every policy proposal should be assessed by its ability to reduce uncertainty, create opportunities and strengthen public confidence in government.

“Nigerians deserve institutions on which they can organise their lives. Providing that assurance is among the most consequential uses of public authority. That is the assurance we owe them,” he said.