Nigeria's NEC Launches 90-Day Plan to Cut Food Prices

The National Economic Council (NEC) has approved a 90-day economic action plan aimed at alleviating the cost of living crisis in Nigeria. This plan, proposed by the Federal Ministry of Finance, was endorsed during the 161st NEC meeting, chaired by Vice President Kashim Shettima.

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, presented the plan, which seeks to improve food affordability and accelerate beneficial projects for Nigerians. The action plan is designed to build on the economic reforms of President Bola Tinubu, focusing on five priority areas: food affordability, tax harmonisation, completion of high-impact projects, resolution of investment bottlenecks, and regulated household support.

Additionally, NEC approved the creation of a national dashboard to monitor ongoing projects, enhancing transparency and accountability regarding the use of funds from the removal of the petrol subsidy. This initiative aims to provide a clearer overview of project statuses and ensure resources are allocated to priority areas.