The National Economic Council has given its backing to a 90-day economic action plan designed to lower the cost of living, make food more affordable and draw investment into Nigeria.
The plan was put forward by the Federal Ministry of Finance and endorsed on Thursday at the council’s 161st meeting, which Vice President Kashim Shettima chaired virtually.
According to a statement by Shettima’s Senior Special Assistant on Media and Communications, Stanley Nkwocha, the plan has five priority areas. These are food affordability, tax harmonisation, completion of high-impact projects, resolution of investment bottlenecks and regulated household support.
The council also approved the creation of a national dashboard to track projects across the country. The dashboard will stress transparency, accountability and reporting on how proceeds from the removal of fuel subsidy are being used.
Speaking at the meeting, Shettima urged state governors and relevant government institutions to ensure that the gains of President Bola Tinubu’s economic reforms translate into better living conditions for Nigerians.
He said the success of economic policies should be judged by their effect on people’s daily lives, including access to affordable transportation, healthcare, employment opportunities and 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 also called for closer cooperation between the federal and state governments, saying their separate responsibilities should not stand in the way of delivering essential services.
“Our separate mandates must not become competing excuses. Each governor carries knowledge that no federal document can supply,” he said.
On transportation, the vice president said the National Compressed Natural Gas Bus Initiative should be measured by how much it cuts commuters’ expenses, not by 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. We should assess success through affordability and access, rather than fleet size alone,” he said.
The council also resolved to set up a joint financing framework between the Federal Government and state governments to speed up the deployment of compressed natural gas and electric vehicles.
It directed relevant authorities to engage transport unions and operators so that savings from using the vehicles are passed on to commuters through lower fares.
Meanwhile, the Minister of Health and Social Welfare, Prof Muhammad Ali Pate, briefed the council on the reported Ebola outbreak in the Federal Capital Territory. He assured members that Nigeria had the institutional capacity to contain the situation.
Pate said the national response would focus on coordination, detection at points of entry, laboratory testing, the provision of essential kits and personal protective equipment, and public communication.
He said 21 state governments had updated their preparedness and response plans, and urged the remaining 15 states to put appropriate mechanisms in place.
The council also directed states to step up polio eradication efforts, particularly in communities where children were missed during immunisation campaigns and in areas affected by insecurity.
It further acknowledged the potential of livestock development to create jobs, stimulate economic growth and improve livelihoods. The council resolved to strengthen cooperation between the federal and state governments to advance the sector.
