The National Economic Council (NEC) has approved a three-month economic plan intended to ease financial pressure on Nigerians, make food more affordable and encourage investment across the country.
The initiative, proposed by the Federal Ministry of Finance, received approval on Thursday, October 22, at the council’s 161st meeting, presided over virtually by Vice President Kashim Shettima.
A statement by Stanley Nkwocha, Senior Special Assistant to the Vice President on Media and Communications, said the plan prioritises food affordability, tax harmonisation, completion of major projects, removal of barriers to investment and regulated household support.
The council also approved a national dashboard to monitor projects and strengthen public accountability, including tracking how revenue from the removal of petrol subsidies is being spent.
Shettima urged state governors and government agencies to ensure that President Bola Tinubu’s economic reforms produce measurable improvements in citizens’ living conditions.
“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.
On transportation, the vice president said the success of the National Compressed Natural Gas Bus Initiative should be determined by its affordability and benefits to passengers, rather than the number of vehicles deployed.
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The council consequently approved a joint funding arrangement between federal and state governments to expand the use of compressed natural gas and electric vehicles.
Authorities were also directed to engage transport operators to ensure operational savings result in lower fares.
Meanwhile, Health Minister Prof. Muhammad Ali Pate briefed members on the reported Ebola case in the Federal Capital Territory, expressing confidence in Nigeria’s capacity to contain the outbreak.
He outlined measures including surveillance, laboratory testing, protective equipment and public awareness.
Pate said 21 states had updated their emergency preparedness plans and urged the remaining 15 to follow suit.
The council also called for stronger polio vaccination efforts, particularly in insecure communities and areas where children had been missed during previous campaigns.
Additionally, members endorsed greater federal-state cooperation to develop the livestock sector, citing its potential to generate employment, stimulate economic activity and improve livelihoods.