The National Economic Council has endorsed a 90-day economic action plan targeting food affordability and lower transportation costs as part of efforts to ease the cost-of-living burden on Nigerians.
The plan, proposed by the Federal Ministry of Finance, was endorsed on Thursday during the council’s 161st meeting, chaired virtually by Vice President Kashim Shettima.
According to a statement by Shettima’s Senior Special Assistant on Media and Communications, Stanley Nkwocha, the initiative has five priority areas, including food affordability, tax harmonisation, completion of high-impact projects, removal of investment bottlenecks and regulated household support.
As part of the transportation component, the council resolved to establish a joint financing framework between the Federal Government and state governments to accelerate the deployment of Compressed Natural Gas-powered buses and electric vehicles.
It also directed relevant authorities to engage transport unions and operators to ensure that savings from the use of the vehicles are passed on to commuters through reduced fares.
Speaking at the meeting, Shettima stressed that the success of the initiative should be measured by its impact on Nigerians 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. We should assess success through affordability and access, rather than fleet size alone,” he said.
The council’s intervention comes amid concerns over the cost of essential commodities and the expenses associated with daily transportation, both of which affect household budgets and access to economic opportunities.
On food affordability, the 90-day plan identifies reducing the pressure of food costs on households as one of its major priorities. However, the council’s announcement did not specify targeted food-price reductions or detailed measures for achieving them within the three-month period.
Shettima urged state governors and relevant government institutions to ensure that the benefits of President Bola Tinubu’s economic reforms translate into improved living conditions for citizens.
He said the effectiveness of government policies should be assessed by their impact on everyday needs, including 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.
He also called for stronger cooperation between the Federal Government and state governments, noting that differences in their responsibilities should not prevent the delivery of essential services.
“Our separate mandates must not become competing excuses. Each governor carries knowledge that no federal document can supply,” he added.
Beyond food and transportation costs, the council approved the establishment of a national dashboard to track projects across the country, with particular attention to transparency, accountability and the use of proceeds from fuel subsidy removal.
The dashboard is expected to provide a mechanism for monitoring projects and improving public visibility into how the funds are being utilised.
The council’s 90-day plan forms part of broader efforts to ensure that economic reforms deliver tangible benefits to households, although the extent of relief will depend on how quickly the proposed measures are implemented and whether the resulting savings translate into lower costs for consumers.
