The National Economic Council (NEC) has endorsed a 90-day economic action plan focused on food affordability, tax harmonisation and faster delivery of projects intended to improve living conditions and business activity.
The council also approved a national project-tracking dashboard and agreed to establish a joint federal-state financing framework to expand compressed natural gas (CNG) and electric transport.
Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications in the Office of the Vice President, announced the decisions in a statement on Thursday, October 22, 2026.
The approvals followed a presentation by Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, at NEC’s 161st meeting, chaired virtually by Vice President Kashim Shettima.
Five priorities for the 90-day plan
The Ministry of Finance’s proposal identifies five areas for coordinated action:
Improving food affordability.
Harmonising taxes.
Completing high-impact projects.
Removing obstacles to investment.
Providing regulated household support.
The statement did not specify the programme’s budget, household eligibility rules or detailed implementation timetable within the 90-day period.
Oyedele said federal and state governments needed to coordinate implementation so that improvements in macroeconomic indicators produced measurable benefits for households and businesses.
He identified single-digit headline inflation and interest rates by 2027 as policy objectives. These are targets rather than announced changes to prevailing rates.
What tax harmonisation could mean for businesses
Tax harmonisation is one of the plan’s most relevant components for businesses operating across different jurisdictions. Its practical impact will depend on which charges are covered and how federal, state and local collection arrangements are coordinated.
The announcement did not identify specific levies for removal or introduce new filing deadlines. Businesses should therefore distinguish the council’s policy endorsement from changes formally issued by the relevant tax authorities.
The issue connects with the ongoing review of Nigeria’s tax framework and its implications for businesses, particularly questions about implementation and overlapping obligations.
Companies managing compliance changes can also consult The Business Bureau’s explanation of Nigeria’s e-invoicing requirements.
Shettima says reforms must improve daily life
Shettima urged governors and public institutions to focus on affordable transport, better healthcare, jobs and greater financial security.
“The first dividend of prosperity should be the confidence to plan a life. Our task is to make such confidence less dependent on fortune,” he said.
He argued that the effectiveness of economic policies should be judged by what citizens experience, with stronger cooperation between federal and state governments supporting the delivery of essential services.
Food affordability remains particularly important to household purchasing power. However, a decline in the inflation rate measures slower price increases; it does not necessarily mean that food and other goods have become cheaper.
Joint financing planned for CNG and electric vehicles
NEC agreed to develop a joint financing framework to accelerate the deployment of CNG and electric vehicles after a presentation by Ismaeel Ahmed, chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles.
A committee will coordinate financing arrangements, engage stakeholders and develop measures intended to make the programme affordable and accessible.
The council also directed engagement with transport unions and operators to ensure that operating-cost savings translate into lower passenger fares.
Shettima said the National CNG Bus Initiative should be assessed by its effect on commuting costs and access to transport, rather than simply the number of vehicles deployed.
The focus on passenger fares follows a similar policy argument in the IMF’s recommendations on targeted transport support: assistance should be assessed by how effectively it reaches vulnerable households.
Dashboard to track public projects
The approved national dashboard is intended to track projects across the federation and strengthen transparency over the use of proceeds from fuel subsidy removal.
Its usefulness will depend on the information published, how frequently records are updated and whether users can compare expenditure with construction progress and completed services.
For businesses, completion of infrastructure projects and removal of investment obstacles could affect operating costs and access to markets. The commercial implications will become clearer when authorities identify the projects and administrative measures covered.
As The Business Bureau’s guide to interpreting Nigerian business news explains, policy approval, funding release and implementation are separate stages.
The next indicators to watch are the publication of delivery milestones, financing commitments, household-support rules and evidence that transport savings are reaching commuters.
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