The plan also seeks to eliminate barriers to business activities, harmonise taxes, accelerate the completion of major projects and provide regulated support to households.

The approval followed a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, during NEC’s 161st meeting held virtually on Thursday.

The meeting was presided over by Vice President Kashim Shettima, according to a statement issued by Stanley Nkwocha, the Senior Special Assistant to the President on Media and Communications in the Office of the Vice President.

The five major areas of the plan include food affordability, tax harmonisation, completion of high-impact projects, removal of investment bottlenecks and regulated household support.

NEC also approved the establishment of a national dashboard to track ongoing projects across the country, with a focus on transparency, accountability and proper reporting on how funds saved from the removal of fuel subsidies are utilised.

Presenting the economic outlook, Oyedele expressed optimism about the progress of President Bola Tinubu’s economic reforms and the prospects for further economic recovery.

He identified reducing headline inflation and interest rates to single-digit levels by 2027 as key policy objectives.

However, the minister noted that the next phase of the reforms would require stronger coordination between the Federal Government, state governments and relevant institutions.

His presentation also emphasised the need to ensure that improvements in economic indicators translate into tangible benefits for households and businesses.

It further highlighted the importance of targeted support, effective public finance management and removing obstacles that discourage investments.

Addressing the council, Shettima said the success of the President’s economic reforms should be assessed by their impact on the living conditions of ordinary Nigerians.

He urged governors and relevant institutions to prioritise affordable transportation, improved healthcare, job creation and greater financial security for citizens.

“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.

The Vice President also described discussions on transportation, healthcare, police reform and livestock development as crucial to ensuring that Nigerians benefit from economic progress.

He called for stronger collaboration between the Federal Government and state governments, stressing that their separate responsibilities should not prevent them from pursuing the common interest of the public.

“Our separate jurisdictions must serve a common public interest,” Shettima said.

He encouraged governors to apply their understanding of local challenges when shaping national policies, adding that government decisions must deliver practical benefits to citizens.

“Our separate mandates must not become competing excuses. Each Governor carries knowledge that no federal document can supply,” he said.

Shettima added that government policies should ultimately be assessed by their ability to create opportunities, reduce uncertainty and strengthen public confidence.