NEC Approves 90-Day Plan to Reduce Living Costs in Nigeria
The National Economic Council (NEC) endorsed a 90-day action plan on October 22, 2026, to alleviate the cost of living in Nigeria. The plan, presented by Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, during the 161st virtual meeting, aims to improve food affordability, attract investment, and expedite the delivery of projects that benefit Nigerians.
The plan identifies five priority areas: food affordability, tax harmonization, 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, emphasizing transparency and accountability regarding the utilization of proceeds from fuel subsidy removal.
Oyedele expressed optimism about the administration's reform program, highlighting objectives such as reducing headline inflation and interest rates to single digits by 2027, and noted that coordinated implementation across federal and state institutions is essential for the next phase of reforms.
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