Cost of Living in Nigeria: NEC Approves 90-Day Economic Plan
The cost of living in Nigeria remains a major concern as the National Economic Council (NEC) approves a 90-day economic action plan aimed at improving food affordability, attracting investment and reducing pressure on households.
The plan was endorsed at the council’s 161st meeting on Thursday, October 22, 2026. The meeting was chaired by Vice President Kashim Shettima, while Finance Minister Taiwo Oyedele presented the proposed measures.
The plan focuses on five key areas: affordable food, tax harmonization, completing major projects, removing barriers to investment and providing regulated support to households.
New Dashboard to Track Government Projects
NEC also approved the establishment of a national dashboard to track government projects across the country. The system is expected to improve transparency and accountability, including the reporting of how funds from fuel subsidy removal are being used.
During the meeting, the Vice President urged state governors and government institutions to ensure that economic reforms lead to practical improvements in people’s lives, including better access to healthcare, employment and affordable transport.
Government Targets Lower Transport Costs
The council also discussed ways to make transportation more affordable through the use of compressed natural gas (CNG) and electric vehicles.
Federal and state governments are expected to work together on a financing plan to support the programme. The council said transport operators should pass on savings from cheaper energy to passengers through lower fares.
The goal is to make public transport more affordable rather than simply increase the number of alternative-energy vehicles on the road.
VP Shettima chairing 161st NEC meeting held virtually on Thursday, October 22, 2026.
Inflation Targets and Implementation
Finance Minister Taiwo Oyedele identified reducing headline inflation and interest rates to single digits by 2027 as key policy objectives. Achieving these targets will require coordination between federal and state governments.
However, the government has not yet provided full details of the 90-day plan’s implementation timetable or the amount of relief households can expect.
For Nigerians facing high food prices and other daily expenses, the main question is whether the proposed measures will translate into real savings and improved living conditions.
The coming weeks will be important as the government works to turn its plans into practical results.
NGI
NewsGlobal News Desk.
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