Susan Abayomi
The National Economic Council (NEC) has endorsed a 90-day economic action plan aimed at reducing the cost of living, improving food affordability and accelerating projects expected to provide immediate relief to Nigerians.
The council, chaired by Vice President Kashim Shettima, also approved a joint federal and state financing frameworkA to expand the adoption of Compressed Natural Gas (CNG) and electric vehicles, with a directive to ensure that savings from cheaper energy translate into lower transport fares.
The decisions were reached on Thursday during NEC’s 161st meeting, held virtually, following a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.
However, the move comes amid rising household expenses, with meat prices in Lagos climbing to between N9,000 and N10,000 per kilogramme, compared with N7,000 to N7,500 approximately four months earlier.
At N10,000 per kilogramme, meat now accounts for about 14 per cent of Nigeria’s N70,000 monthly minimum wage, highlighting the growing pressure on household food budgets.
According to a statement by the Vice President’s media aide, Stanley Nkwocha, the 90-day plan focuses on five priority areas: food affordability, tax harmonisation, completion of high-impact projects, removal of investment barriers and regulated household support.
NEC also approved the development of a national dashboard to track projects across the country, including transparent monitoring of funds generated from fuel subsidy removal and how the proceeds are utilised.
Speaking at the meeting, Shettima urged state governors and relevant institutions to ensure that economic reforms produce tangible benefits, including affordable transportation, accessible healthcare, employment opportunities and improved financial security.
He stressed that government policies should be evaluated by their impact on the everyday lives of citizens, rather than by policy announcements alone.
On transportation, the council considered the National Affordable Compressed Natural Gas Transit Programme, presented by the Chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles, Ismaeel Ahmed.
NEC directed the relevant authorities to engage transport unions and operators to ensure that savings from the use of CNG and electric vehicles are reflected in reduced fares for commuters.
The council also agreed to establish a committee to coordinate the financing framework, consult stakeholders and develop practical measures to make transportation more affordable, accessible and sustainable.
Meanwhile, the Lagos State Butchers Association has attributed the rising cost of meat to foreign exchange pressures, high diesel prices, interstate levies and cattle deaths during transportation from northern Nigeria to Lagos.
Wasiu Akande, Deputy State Chairman of the association, told the News Agency of Nigeria (NAN) that a kilogramme of meat now sells for between N9,000 and N10,000, compared with N7,000 to N7,500 about four months ago.
Akande explained that cattle dealers factor foreign exchange conversion into their prices, while transportation expenses and charges incurred along interstate routes further increase the cost of livestock.
He identified routes through Niger, Oyo and Ogun states among those where additional charges contribute to the burden on cattle traders.
According to him, cattle losses during long-distance road transportation also affect market prices because traders spread the cost of animals that die across the surviving stock.
To address these challenges, Akande called for dedicated cargo rail services to transport cattle to Lagos, arguing that rail transportation could reduce travel-related stress, improve animal welfare and lower some of the costs associated with road haulage.
The rising cost of meat is particularly concerning given existing child nutrition challenges in Nigeria. The 2024 Nigeria Demographic and Health Survey found that 40 per cent of children under five were stunted, while eight per cent were wasted and 27 per cent were underweight.
Meat provides protein, iron and other essential nutrients, making its affordability an important consideration for households seeking to maintain balanced diets.
At the current price of N10,000 per kilogramme, purchasing one kilogramme of meat every week would cost approximately N40,000 over four weeks, leaving a worker earning the national minimum wage of N70,000 with N30,000 for other food items, housing, transportation and utilities.
At the NEC meeting, Oyedele identified reducing headline inflation and bringing interest rates down to single digits by 2027 as key economic policy objectives.
He also emphasised the need for stronger coordination between federal and state governments, targeted interventions and the removal of barriers affecting investment.
Shettima urged governors to contribute their understanding of local economic conditions to national policymaking, noting that effective implementation requires clearly defined responsibilities across all levels of government.
The council also considered the report of its ad hoc committee on livestock development, chaired by Kebbi State Governor Nasir Idris, and resolved to strengthen cooperation between federal and state authorities to accelerate reforms in the sector.
It noted that all states had expressed interest in supporting the Federal Government’s livestock initiatives, recognising the sector’s potential to create jobs, improve livelihoods and strengthen economic activity.
The effectiveness of the 90-day action plan will ultimately depend on how quickly the approved measures are implemented and whether they deliver measurable improvements in food prices, transportation costs and the purchasing power of Nigerian households.
