The National Economic Council (NEC) has endorsed a 90-day economic action plan proposed by the Federal Ministry of Finance to reduce the cost of living, improve food affordability and build on the Federal Government’s economic reforms.
The decision followed a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, at NEC’s 161st meeting held virtually on Thursday, October 22, 2026.
The meeting was chaired by Vice President Kashim Shettima.
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 plan has five priority areas: food affordability, tax harmonisation, completion of high-impact projects, removal of investment bottlenecks and regulated household support.
NEC also approved the establishment of a national dashboard to track ongoing projects across the country, with a focus on transparency, accountability and accurate reporting on how proceeds from fuel subsidy removal are used.
Presenting the economic outlook, Oyedele said the government was working towards reducing headline inflation and interest rates to single digits by 2027.
He stressed the need for coordinated action by Federal and State governments to ensure that economic improvements translate into real benefits for households and businesses.
Shettima urged governors and relevant institutions to focus on affordable transportation, better healthcare, job opportunities and greater financial security for Nigerians.
He said the success of economic reforms should be measured by improvements in people’s living conditions, adding that cooperation among the different levels of government was necessary to deliver essential services.
On the National Compressed Natural Gas (CNG) Bus Initiative, the Vice President urged state governments to support affordable transportation.
He said the programme should be assessed based on how much it reduces transport costs and improves access for commuters, rather than the number of vehicles deployed.
The Council also received an update from the Minister of Health and Social Welfare, Professor Muhammad Ali Pate, on the reported Ebola outbreak in the Federal Capital Territory (FCT).
Pate assured Council members that Nigeria had the institutional capacity to contain the situation.
He identified coordination among agencies, screening at entry points, laboratory testing, the supply of essential kits and personal protective equipment, and public communication as key parts of the response.
The Minister said 21 state governments had updated their response plans and urged the remaining 15 states to establish appropriate preparedness and response measures without delay.
NEC also considered a report from its Ad Hoc Committee on Polio Eradication, chaired by Gombe State Governor, Muhammadu Inuwa Yahaya.
The Council directed states to conduct reviews of immunisation campaigns, especially in areas where children were missed and communities affected by insecurity.
It also called for the timely release of counterpart funds, stronger routine immunisation, better coordination with security agencies and increased cooperation among states.
NEC stressed that governors, traditional rulers and security agencies must remain committed to efforts to eradicate polio in Nigeria.
On livestock development, the Council received a report from its Ad Hoc Committee on Livestock Development, chaired by Kebbi State Governor, Nasir Idris.
NEC noted that the sector could create jobs, support economic growth and improve livelihoods across the country.
It said all states had expressed interest in supporting the Federal Government’s livestock development initiatives and called for stronger cooperation between federal and state governments to speed up reforms.
NEC also considered a presentation on the National Affordable CNG Transit Programme by Ismaeel Ahmed, Chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles.
The Council resolved to establish a joint financing framework between the Federal and State Governments to speed up the deployment of CNG-powered and electric vehicles.
It directed relevant authorities to engage transport unions and operators to ensure that savings from the use of alternative-energy vehicles are passed on to commuters through lower fares.
NEC also agreed to set up a committee to coordinate the proposed funding arrangement, engage stakeholders and develop measures to ensure the programme provides affordable, accessible and sustainable transportation for Nigerians.