NEC Approves 90-Day Plan To Cut Living Costs, As Tinubu Targets Full Gas Pipeline Capacity
The Shettima-led National Economic Council (NEC), on Thursday endorsed a 90-day economic action plan proposed by the federal Ministry of Finance to ease the cost of living, improve food affordability, attract investment and accelerate projects with direct benefits for Nigerians.
This came as the federal government charged state governors to translate the gains of President Bola Tinubu’s economic reforms into improved living conditions for the citizenry, with a focus on job creation, affordable transportation, and healthcare.
The decisions followed a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, at the council’s 161st meeting held virtually. The plan focuses on five priority areas: food affordability, tax harmonisation, completion of high-impact projects, resolution of investment bottlenecks, and regulated household support.
The council also approved the establishment of a national dashboard to monitor ongoing projects across the country, with emphasis on transparency, accountability and accurate reporting on the utilisation of proceeds from fuel subsidy removal.
In a separate development, President Tinubu has directed that measures be taken to enable the Escravos-Lagos Pipeline System to operate at its full capacity of 2.3 billion standard cubic feet of gas per day.
Tinubu reaffirmed his administration’s ‘Nigeria First’ policy and urged international oil companies operating in the country to give competent Nigerian engineering and manufacturing firms greater roles in the sector.
Although the pipeline’s designed capacity was increased from 1.1 billion to 2.3 billion standard cubic feet of gas per day under the ELPS II expansion, the compressor stations are required to raise operating pressure and enable the pipeline to deliver at its full capacity.
The project is expected to strengthen gas transportation to power plants and industries along the corridor, support increased supplies to neighbouring West African countries through the West African Gas Pipeline and create opportunities for additional export revenue.
Tinubu said the Nigeria First policy must be strictly adhered to, ensuring that Nigerian companies are prioritised in the execution of these critical infrastructure projects to boost local capacity and create jobs.