Nigeria’s National Economic Council (NEC) approved a 90-day action plan proposed by the Ministry of Finance on Thursday, October 22, aimed at strengthening the impact of the economic reforms introduced by President Bola Ahmed Tinubu’s administration.
According to an official statement, the program aims to reduce the cost of living, improve access to food, stimulate investment and accelerate projects likely to improve living conditions for the population.
The plan focuses on five key priorities: food security, tax harmonization, completion of strategic projects, removal of investment barriers and increased support for households.
Purchasing Power Remains Under Pressure
The initiative comes as inflation continues to slow in Nigeria, although households have yet to experience significant relief. According to the National Bureau of Statistics (NBS), annual inflation stood at 14.63% in September 2026, down from 15.39% in August and 20.98% a year earlier. Food inflation, however, remains high at 19.59%, continuing to weigh heavily on household budgets.
Since taking office in 2023, Bola Ahmed Tinubu has introduced several reforms, including the removal of fuel subsidies and the liberalization of the foreign exchange market. While these measures are intended to improve public finances and rebalance the economy, they have also intensified pressures on the cost of living.
To mitigate their social impact, the government has introduced a range of support measures, from cash transfers to vulnerable households and assistance to the agricultural sector to tax relief on certain food products.
The "Renewed Hope" program, launched in 2023, notably provided for monthly payments of 25,000 naira over three months to 15 million households. More recently, the authorities launched the $1 billion "Household Prosperity and Economic Social Protection Project" (HOPE-SP), designed to make social protection mechanisms more sustainable and better equipped to respond to food crises.
Affordable Transport Among Key Priorities
The NEC also reaffirmed its commitment to developing more affordable transport solutions. Council members approved the establishment of a joint financing mechanism between the federal government and local governments to accelerate the deployment of vehicles powered by compressed natural gas (CNG) and electricity.
The authorities want the savings generated by these technologies to be reflected in transport fares, allowing passengers to benefit directly from lower operating costs.
Following the meeting, Vice President Kashim Shettima called on state governors to ensure that economic reforms deliver tangible results in employment, healthcare and mobility, while contributing to lasting improvements in Nigerians’ living standards.
With this 90-day plan, Abuja aims to accelerate the implementation of its reforms and strengthen their social impact at a time when the high cost of living remains a major concern for the population.