NEC approves 90-day plan to cut food costs, ease cost of living

ABUJA, Nigeria — The National Economic Council (NEC) has endorsed a 90-day economic action plan proposed by the Federal Ministry of Finance to ease the cost of living, improve food affordability and speed up projects expected to deliver direct benefits to Nigerians.

Senior Special Assistant to the President on Media and Communications in the Office of the Vice President, Stanley Nkwocha, disclosed the decision in a statement released on Thursday, October 22, 2026.

Five priority areas

According to the statement, the plan identifies five priorities:

• food affordability
• tax harmonisation
• completion of high-impact projects
• removal of investment bottlenecks
• regulated household support

The statement did not give details on how the plan would be executed. The Council also approved a national dashboard to track projects across the federation, with emphasis on transparency in the use of proceeds from fuel subsidy removal.

Oyedele presents to the Council

Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy, presented the plan at the Council’s 161st meeting, chaired virtually by Vice President Kashim Shettima. Oyedele said the next phase of reforms would need coordinated action by federal and state governments to turn economic gains into measurable benefits for households and businesses.

He named reducing headline inflation and interest rates to single digits by 2027 as key policy goals.

Shettima urges governors to deliver

Shettima urged state governors and government institutions to make sure reforms translate into affordable transport, better healthcare, jobs and greater financial security. He said success should be measured by the effect on citizens rather than by announcements, and called for stronger coordination between federal and state governments.

CNG financing framework

The Council resolved to set up a joint financing framework between the federal and state governments to speed up the deployment of compressed natural gas (CNG) and electric vehicles. The decision followed a presentation by Ismaeel Ahmed, chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles, on the National Affordable CNG Transit Programme.

The Council also directed authorities to engage transport unions and operators so that savings from alternative-energy vehicles reach commuters as lower fares. A committee will be set up to coordinate the financing arrangement.

Costs still high for commuters

Earlier in September, President Bola Tinubu said Nigerians would see lower transport costs from October 1. Fuel is still selling for between ₦1,370 and ₦1,400 a litre, and the impact of the government’s interventions has yet to reach many commuters. The 30-day discount window on petrol sold by NNPC Limited, announced on October 8, was described by Oyedele as a sale at cost, not a subsidy.