Tinubu’s Economic Reforms: FG, States Roll Out 90-Day Plan as Cost-of-Living Pressure Persists

BY TAIBAT UMMI YAKUBU

Nigeria’s federal and state governments have endorsed a 90-day economic action plan aimed at easing the cost-of-living crisis, improving food affordability and removing obstacles to investment, as the Federal Government seeks to translate its economic reforms into tangible benefits for citizens.

The National Economic Council (NEC), chaired by Vice-President Kashim Shettima, approved the plan at its 161st meeting held virtually on Thursday, following a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.

The initiative comes amid continued pressure on household budgets, with the Council stressing that the success of President Bola Tinubu’s economic reforms must be measured by improvements in Nigerians’ daily lives rather than policy announcements alone.

The 90-day plan identifies five priority areas: making food more affordable, harmonising taxes, completing high-impact projects, resolving obstacles to investment and providing regulated support to households.

NEC also approved the establishment of a national dashboard to monitor projects across the country, with particular attention to transparency, accountability and the use of funds generated from the removal of the petrol subsidy.

Presenting the economic outlook, Oyedele expressed optimism about progress under the administration’s reform programme, while identifying the reduction of headline inflation and interest rates to single-digit levels by 2027 as key policy objectives.

He said achieving these targets would require stronger coordination between federal and state governments, particularly in implementing measures designed to stimulate investment, support businesses and improve economic conditions.

Addressing the Council, Shettima urged governors and relevant institutions to ensure that economic reforms deliver practical benefits, including cheaper transportation, better healthcare, more employment opportunities and greater financial security for households.

“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 stressed that the responsibility of government extended beyond introducing reforms to building institutions capable of helping Nigerians plan their futures with greater certainty.

Shettima also highlighted transportation, healthcare, police reform and livestock development as important areas requiring coordinated action, arguing that the different levels of government must work towards a common public interest.

“Our separate jurisdictions must serve a common public interest,” he said, emphasising that Nigeria’s federal structure should encourage cooperation rather than obstruct the delivery of essential services.

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FG, States Plan Joint Funding for CNG and Electric Vehicles

As part of efforts to reduce transportation costs, NEC also resolved to establish a joint financing framework through which the Federal and State Governments would support the deployment of compressed natural gas (CNG) and electric vehicles across the country.

The decision followed a presentation on the National Affordable Compressed Natural Gas Transit Programme by Ismaeel Ahmed, chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles.

The Council directed that the programme should deliver measurable savings to commuters instead of merely increasing the number of alternative-energy vehicles on Nigerian roads.

It also called for consultations with transport unions and operators to ensure that lower operating costs associated with CNG and electric vehicles translate into reduced fares for passengers.

A committee will be constituted to coordinate the proposed funding arrangement, engage relevant stakeholders and develop measures to make the transportation initiative affordable, accessible and sustainable.

NEC Receives Update on Ebola Response

Meanwhile, the Council received a briefing on the Ebola situation in the Federal Capital Territory from the Minister of Health and Social Welfare, Professor Muhammad Ali Pate.

Pate sought to reassure members that Nigeria had the institutional capacity to contain the situation and outlined efforts to establish an effective national response in collaboration with relevant stakeholders.

He identified coordination and governance, screening at points of entry, laboratory testing, the supply of essential kits and personal protective equipment, and strategic communication as key components of the response.

The health briefing added another dimension to the Council’s deliberations, which covered both economic pressures and the need to strengthen public services.

With the 90-day action plan now endorsed, attention will turn to implementation by federal and state authorities. The major test will be whether the proposed measures produce visible improvements in food prices, transport fares, investment activity and household welfare within the designated period.

Although the Council has outlined its priorities, the announcement does not specify individual implementation deadlines or quantified targets for all five areas, leaving the proposed monitoring dashboard and subsequent progress reports important to assessing the plan’s impact.