Nigeria's Economic Council Launches 90-Day Relief Plan

The National Economic Council endorsed a 90-day economic action plan on October 22, 2026, aimed at reducing the cost of living in Nigeria. This proposal, presented by Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, seeks to address issues such as food affordability, multiple taxation, and inadequate household support.

However, experts express skepticism regarding the plan's ability to address the structural economic crisis affecting millions of Nigerians, particularly in light of a United Nations report released on October 12, 2026. This report indicates that 113 million Nigerians, or 48.7% of the population, are classified as multi-dimensionally poor, with severe poverty concentrated in rural areas and northern Nigeria.

Experts argue that while the plan may provide temporary relief, it cannot resolve deeper issues such as unreliable electricity and inadequate healthcare. The proposal also includes a joint federal-state financing framework for compressed natural gas and electric mass transit, alongside a national project-tracking dashboard to enhance transparency.