Cost-Of-Living Crisis: NEC Backs 90-Day Plan, But Key Details Remain Unclear

By BIMBO ADEYEMI

Council Backs New Plan Amid Persistent Household Hardship

THE National Economic Council (NEC) has endorsed a 90-day economic action plan intended to reduce the cost of living, improve food affordability and attract investment. However, the council has yet to publicly provide a detailed implementation framework showing how the proposed measures will translate into immediate relief for households.

The endorsement followed a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, at the council’s 161st meeting on Thursday 22 October 2026. Vice President Kashim Shettima chaired the virtual meeting.

According to a statement issued by Stanley Nkwocha, the vice president’s spokesperson, the plan seeks to accelerate projects with direct benefits for Nigerians while addressing pressures on household budgets and businesses.

It identifies five priority areas: food affordability, tax harmonisation, completion of high-impact projects, removal of investment bottlenecks and regulated household support.

Nevertheless, the announcement did not specify the interventions the government intends to implement within the 90-day period. It also did not provide measurable targets for reducing food prices, lowering household expenses or expanding access to support programmes.

That omission raises an important implementation question. Without clear timelines, responsible agencies, funding arrangements and public performance indicators, Nigerians may struggle to determine what the plan promises, how the government will deliver it and whether it has succeeded.

Economic Recovery Claims Face a Household Welfare Test

The new initiative comes amid sustained pressure on household purchasing power following major economic reforms introduced under President Bola Tinubu. The removal of petrol subsidies and changes to foreign exchange arrangements contributed to a sharp adjustment in transport, production and import costs. International conflicts and disruptions have added pressure to some commodity and energy markets.

The federal government has repeatedly defended the reforms as necessary to stabilise public finances and address structural weaknesses in the economy. Officials have also pointed to improvements in selected macroeconomic indicators, including external reserves and investment inflows, as evidence that the reforms are beginning to produce results.

However, improvements in national economic indicators do not automatically translate into cheaper food, affordable transport or higher disposable incomes for ordinary households. Families can continue to experience financial hardship even when certain indicators improve, particularly when wages and other earnings fail to keep pace with the cost of essential goods and services.

Against this background, the 90-day plan places renewed emphasis on connecting economic policy with measurable improvements in living conditions.

Presenting the economic outlook, Oyedele expressed optimism about the direction of the reform programme. He also identified reducing headline inflation and interest rates to single-digit levels by 2027 as key policy objectives.

Those objectives, however, remain distinct from an immediate reduction in the prices consumers pay. The government would need to explain how the 90-day programme will influence food supply, transport expenses, production costs and household purchasing power before Nigerians can assess its likely impact.

Food Affordability & Tax Harmonisation Top the Agenda

Food affordability occupies a central position in the plan because food expenses consume a substantial share of many Nigerian household budgets. Yet the council’s announcement did not identify specific commodities, price-reduction targets, supply-chain interventions or measures to help producers and traders reduce costs.

For the plan to deliver measurable results, the responsible authorities would need to explain whether they intend to improve distribution, address logistics costs, support production, remove avoidable market barriers or introduce targeted assistance for vulnerable households.

Tax harmonisation is another priority. In practice, its impact will depend on the specific taxes and levies under review, the jurisdictions involved and the measures adopted to prevent overlapping charges. A clearer framework could reduce uncertainty for businesses and improve compliance, but the government must disclose the proposed changes before the public can judge their likely effect on prices, investment and revenue.

The plan also targets the completion of high-impact projects. Accelerating projects that improve transport, energy, healthcare or agricultural logistics could generate wider economic benefits. However, officials would need to publish the projects selected, their completion status, outstanding costs and expected benefits to demonstrate how they qualify for priority treatment.

Project Dashboard Promises Greater Accountability

Alongside the economic plan, NEC approved the establishment of a national dashboard to track ongoing projects across the federation. The proposed system is intended to strengthen transparency, accountability and reporting on the use of proceeds from petrol subsidy removal.

If properly designed and regularly updated, the dashboard could help citizens, journalists and oversight institutions compare project allocations with actual progress. It could also make it easier to identify stalled projects and question unexplained delays.

However, the announcement did not establish when the dashboard would become operational, which projects it would cover or how frequently authorities would update its records. Nor did it specify how the public could verify reported expenditure against independently audited financial information.

These details matter because transparency depends not merely on publishing data, but also on making it timely, accessible and capable of scrutiny. The government would strengthen public confidence by disclosing project locations, budgets, contractors where appropriate, completion targets, expenditure and independently verifiable progress reports.

Shettima emphasised that the success of economic reform must be judged by its impact on citizens’ lives. He urged governors and relevant institutions to translate policy objectives into affordable transportation, accessible healthcare, employment opportunities and greater financial security.

The vice president’s position places responsibility on both federal and state authorities. Yet effective coordination will require clearly assigned duties, funding commitments and reporting arrangements rather than general assurances alone.

CNG & Electric Vehicle Plan Targets Transport Costs

NEC also resolved to establish a joint financing framework between federal and state governments to accelerate the deployment of compressed natural gas (CNG) and electric vehicles.

The decision followed a presentation by Ismaeel Ahmed, chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles. The council directed that the programme should produce tangible savings for commuters rather than focus solely on increasing the number of alternative-energy vehicles on the roads.

Officials are expected to engage transport unions and operators to ensure that any savings from CNG and electric vehicle adoption translate into lower fares. The council also agreed to establish a committee to coordinate the proposed financing arrangement and develop practical implementation measures.

This approach recognises a central challenge in transport policy: cheaper fuel or lower operating costs do not automatically result in cheaper fares. Operators may face other expenses, while the structure of contracts, financing and regulation can influence whether savings reach passengers.

Consequently, the programme will need transparent fare-setting arrangements and a way to measure changes in operating costs and passenger charges. Without such safeguards, the government may increase the fleet of alternative-energy vehicles without delivering the intended reduction in transport expenses.

Ebola Preparedness & Polio Eradication Remain Priorities

Beyond the economy, NEC reviewed Nigeria’s preparedness following a reported Ebola case in the Federal Capital Territory. The Minister of Health and Social Welfare, Muhammad Pate, briefed the council and said the country had the institutional capacity to contain the situation.

He identified coordination among authorities, screening at points of entry, laboratory testing, supplies of essential kits and personal protective equipment, and strategic communication as key elements of the national response.

According to the briefing, 21 state governments had updated their response plans, while the remaining 15 were urged to strengthen their preparedness arrangements. The gap highlights the need for consistent readiness across the federation rather than reliance on federal capacity alone.

The council also reviewed the report of its ad hoc committee on polio eradication, chaired by Gombe State Governor Muhammadu Yahaya. It directed states to assess immunisation campaigns, especially in communities where children had been missed and in areas affected by insecurity.

NEC further stressed timely release of counterpart funding, stronger routine immunisation, coordination with security agencies and cooperation among states. It also underscored the role of governors, traditional rulers and security agencies in achieving complete eradication.

Livestock Development Adds Another Economic Priority

NEC considered the report of its ad hoc committee on livestock development, chaired by Kebbi State Governor Nasir Idris. The council acknowledged the sector’s potential to generate employment, support livelihoods and contribute to economic growth.

It noted that all states had expressed interest in supporting the federal government’s livestock development initiatives and called for stronger cooperation between the two tiers of government.

However, the economic benefits will depend on how authorities translate that interest into workable programmes, financing, infrastructure and clear responsibilities. The announcement did not provide a detailed implementation timetable or measurable employment and investment targets.

Implementation Will Determine the Plan’s Credibility

NEC’s endorsement signals an intention to make economic recovery more visible in people’s daily lives. Nevertheless, the plan’s credibility will depend on the government’s ability to move from broad priorities to funded interventions with measurable outcomes.

Within the 90-day period, Nigerians will need evidence of what changed: whether food became more affordable, transport costs declined, investment barriers eased, priority projects advanced and household support reached its intended beneficiaries.

For now, the council has identified the priorities and approved several coordination measures. The next test is whether federal and state authorities can turn those decisions into transparent, verifiable and sustained improvements in living conditions.