NEC Launches 90-Day Plan to Lower Food Costs in Nigeria

The National Economic Council (NEC) has approved a 90-day economic action plan designed to reduce the cost of living and make food more affordable for Nigerians. This decision was made during the NEC's 161st meeting, chaired by Vice President Kashim Shettima, following a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.

The plan targets five key areas: food affordability, tax harmonization, completion of high-impact projects, removal of investment bottlenecks, and regulated household support. Additionally, NEC approved a national dashboard to monitor ongoing projects, emphasizing transparency and accountability.

Oyedele expressed confidence in President Bola Tinubu’s economic reforms, aiming to reduce headline inflation and interest rates to single digits by 2027. Shettima stressed that the success of these reforms should be measured by improvements in living conditions and urged cooperation between the Federal and state governments to prioritize affordable transportation, healthcare, job creation, and financial security.