Nigeria’s National Economic Council Approves 90-Day Plan to Lower Living Costs

The National Economic Council (NEC) has approved a 90-day economic action plan from the Federal Ministry of Finance. This plan aims to build on President Bola Tinubu’s economic reforms, focusing on lowering the cost of living and making food more affordable.

The plan also seeks to attract investment, eliminate obstacles to economic activities, and speed up the completion of projects that benefit Nigerians. Stanley Nkwocha, a senior aide to the Vice President, shared this information following a presentation by the Minister of Finance, Taiwo Oyedele, during a virtual meeting on October 22, 2026.

Key areas of focus in the plan include improving food affordability, simplifying taxes, finishing important projects, resolving investment issues, and providing household support. The NEC also decided to create a national dashboard to monitor ongoing projects, ensuring transparency and accountability, especially regarding the use of funds from the removal of fuel subsidies.

During the meeting, Oyedele expressed hope for progress under the current administration’s reform efforts. He mentioned goals like reducing inflation and interest rates to single digits by 2027. He emphasized the need for coordinated action across different government levels to translate economic improvements into real benefits for families and businesses.

Vice President Kashim Shettima, who chaired the meeting, stressed that while the economic reforms aim for national prosperity, they must also lead to better living conditions for Nigerians. He urged state governors to focus on affordable transportation, healthcare, job creation, and financial security.

Shettima highlighted that the success of transportation initiatives should be measured by affordability and accessibility for commuters, not just the number of vehicles. He called for collaboration between federal and state governments to ensure effective implementation of policies that enhance public confidence and improve citizens’ lives.