The National Economic Council has endorsed a 90-day emergency economic action plan designed to mitigate rising household expenses and accelerate the delivery of impactful socio-economic projects across Nigeria.
The approval was granted during the 161st virtual meeting of the Council on Thursday, October 22, 2026, presided over by Vice President Kashim Shettima. The strategic framework focuses on five priority pillars, including food affordability, tax harmonization, the completion of critical infrastructure, the elimination of business investment bottlenecks, and the structured provision of regulated household support.
To ensure accountability and transparency in public spending, the Council approved the establishment of a centralized national dashboard to monitor ongoing capital developments across all states.
The monitoring mechanism will specifically track the utilization and allocation of funds accruing from the removal of the petrol subsidy to verify that savings translate into direct public benefits. Furthermore, federal and state authorities agreed to establish a joint financing committee to strengthen the National Compressed Natural Gas Initiative, prioritizing reduced commuter fares and accessible public mobility over fleet size metrics.
Addressing council members during the proceedings, Vice President Kashim Shettima charged state governors and public institutions to ensure that macro-economic reform policies yield tangible improvements in everyday living conditions for citizens.
“The first dividend of prosperity should be the confidence to plan a life,” Shettima stated. “Our task is to make such confidence less dependent on fortune. Nigerians deserve institutions on which they can organize their lives, and providing that assurance is among the most consequential uses of public authority”.
Presenting the economic outlook to the Council, government economic advisors expressed optimism regarding ongoing structural reforms, highlighting targets to drive down headline inflation and reduce interest rates to single digits by 2027.
The council maintained that successful implementation of the 90-day roadmap requires sustained collaboration between federal agencies and state executives to align policy execution with localized economic realities.
You Might Also Like
