Nigeria’s National Economic Council (NEC) has endorsed a 90-day economic action plan designed to ease cost-of-living pressures, improve food affordability and translate ongoing economic reforms into tangible benefits for households and businesses. The plan was presented by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, at the council’s 161st meeting on Thursday, 22 October 2026, chaired virtually by Vice-President Kashim Shettima. According to Premium Times, the proposal identifies five priority areas: food affordability, tax harmonisation, completion of high-impact projects, removal of investment bottlenecks and regulated household support. The endorsement comes as Nigerians continue to contend with elevated living costs despite improvements in some macroeconomic indicators.
The council also approved the establishment of a national dashboard to track ongoing projects across the federation, with particular attention to transparency, accountability and the use of funds generated by the removal of the petrol subsidy. Shettima urged state governors and relevant institutions to ensure that the benefits of economic reforms become visible in everyday life through more affordable transport, improved access to healthcare, employment opportunities and greater financial security. On transport, NEC resolved to develop a joint financing framework between the Federal Government and state governments to accelerate the deployment of compressed natural gas and electric vehicles. It also called for engagement with transport unions and operators to ensure that savings from alternative-energy vehicles are reflected in lower fares for commuters, rather than being measured solely by the number of vehicles deployed.
The plan’s impact will depend on how quickly its priorities are translated into specific measures, funding commitments and implementation responsibilities. While NEC’s endorsement establishes a coordinated policy direction, Premium Times reported that the announcement did not provide detailed timelines or explain the precise interventions planned under each priority area. Finance Minister Oyedele identified reducing headline inflation and interest rates to single-digit levels by 2027 as broader policy objectives, while stressing the need for stronger coordination between federal and state institutions. For households and businesses, the central test will be whether the 90-day programme produces measurable relief in food and transport costs, improves investment conditions and accelerates projects that directly affect livelihoods.
