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

The National Economic Council (NEC) has endorsed a 90-day economic action plan proposed by the Federal Ministry of Finance to address the rising cost of living and improve food affordability in Nigeria. The announcement was made by Stanley Nkwocha, Senior Special Assistant to the President on Media & Communications, on October 22, 2026.

The plan prioritizes five 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 enhance transparency and accountability regarding the use of proceeds from fuel subsidy removal.

The endorsement followed a presentation by Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy, during the Council's 161st meeting, chaired virtually by Vice President Kashim Shettima. The Council also discussed the National Compressed Natural Gas Bus Initiative and resolved to establish a joint financing framework to promote CNG and electric vehicles, aiming to reduce transport fares for commuters.