Worried by the rising cost of living and the difficulty Nigerians face in putting food on their tables, the National Economic Council, NEC, has approved a 90-day rapid response economic programme aimed at bringing immediate relief to the citizenry.

The approval was one of the major highlights of the 161st meeting of the Council held on Thursday at the State House, Abuja, where critical issues affecting the nation’s economy took centre stage.

The meeting, which lasted for several hours, was presided over by the Vice President, Senator Kashim Shettima, and had in attendance governors from across the federation, ministers in charge of the economy, and other top officials of government.

Speaking during the meeting, Vice President Shettima did not mince words as he told state governments and all relevant agencies that Nigerians are tired of grammar and want to see concrete actions that will reduce the prices of food and transportation.

He said that though the economic reforms introduced by the administration of President Bola Ahmed Tinubu are bold and necessary for long term prosperity, their impact must be felt in the kitchens, markets and bus stops where ordinary Nigerians live daily.

According to Shettima, it is not enough for government to reel out growth figures and improved revenue statistics if the man in the village cannot afford a bag of rice or pay his way to the farm.

He stressed that the Council, as the highest economic advisory body in the country, must rise to the occasion by ensuring that policies are people-centred and result-oriented.

The Vice President particularly harped on the need for affordable public transportation, noting that transportation cost is a major factor pushing up the prices of food and other commodities.

He said the Federal Government has invested heavily in the provision of Compressed Natural Gas, CNG, powered buses as part of measures to cushion the effect of petrol subsidy removal, but that investment will be meaningless if transport fares remain high.

Shettima pointed out that the success of the CNG bus project should be judged by how much commuters save at the end of the day, and not by the number of buses parked at depots or commissioned on television.

He therefore enjoined state governors to complement the efforts of the Federal Government by investing massively in mass transit systems that will serve both inter-state and intra-city commuters at subsidized rates.

On his part, the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, who tabled the 90-day plan before the Council, explained that the document was put together after extensive consultations with stakeholders.

Oyedele said the plan is anchored on five key thematic areas which have been identified as the most urgent pressure points in the Nigerian economy at the moment.

He listed them to include making food affordable and available, harmonising the chaotic tax environment, ensuring speedy completion of critical national projects, eliminating barriers that frustrate investors, and providing direct support to vulnerable households.

Giving more details on food affordability, the minister said government plans to boost dry season farming, provide improved seedlings and fertilisers to farmers, reduce post-harvest losses through better storage, and tackle insecurity that has kept many farmers away from their farmlands.

He added that government will also work with transport unions and security agencies to ensure that food items move freely across the country without multiple checkpoints and illegal levies that inflate prices.

On tax harmonisation, Oyedele said the current system where businesses are confronted with over 60 different taxes and levies from different tiers of government is unsustainable and must be reformed urgently.

He said the plan will introduce a unified, simplified and transparent tax system that will reduce the burden on small and medium enterprises and encourage them to expand and employ more Nigerians.

Speaking on completion of major projects, the minister said many laudable infrastructure projects have been stalled for years due to funding and bureaucratic bottlenecks, and completing them will immediately create jobs and reduce cost of doing business.

He further explained that government will set up a one-stop shop to address investor complaints, fast-track business registration and approvals, and provide incentives that will make Nigeria a preferred investment destination in Africa.

On targeted support for households, Oyedele disclosed that the social investment programmes will be expanded and better targeted to ensure that cash transfers, food palliatives and other support reach the genuinely needy and not political cronies.

He assured NEC members that the Finance Ministry will coordinate closely with the Budget Office, Central Bank of Nigeria, and other agencies to ensure that funds are released promptly for the execution of the plan.

In another far-reaching decision, the Council approved the development of a national performance dashboard that will track the execution of government projects and utilisation of public funds in real time.

According to the Council, the dashboard will show at a glance which project is ongoing, which has been completed, how much has been released and what is left to be done, thereby enhancing openness.

Vice President Shettima described the dashboard as a vital accountability mechanism that will help to curb corruption, check project abandonment and ensure value for money.

He directed that the platform should be user-friendly and accessible to governors, ministers, civil society organisations and even ordinary citizens who are interested in monitoring governance.

Governors who spoke at the meeting welcomed the 90-day plan, describing it as timely and practical, and pledged to give it all the necessary support in their respective states.

They also called for regular feedback and peer review among states to share experiences and replicate successful strategies that bring down cost of living.

At the end of the meeting, NEC resolved to set up a small technical committee that will monitor implementation of the 90-day plan and report back to the Council fortnightly.

For many Nigerians who have been battling with skyrocketing food prices and high transport fares, the hope is that this new 90-day rescue plan will not end up as another beautiful policy on paper but will translate to cheaper food in the market.