Nigeria approves 90-day action plan

The Nigerian government has approved a 90-day action plan designed to speed up the social benefits of recent economic reforms. The plan focuses on improving food access, attracting investment, and developing infrastructure. It was endorsed by the National Economic Council (NEC) on October 22, 2026, after being proposed by the Ministry of Finance.

Plan outlines five key priorities

The initiative includes five main goals: increasing food access, harmonizing tax policies, finishing strategic projects, removing barriers to investment, and strengthening support for households. These priorities aim to reduce living costs and improve overall living conditions for the population.

Inflation in Nigeria has slowed

Inflation in Nigeria has decreased slightly, with the annual rate at 14.63% in September 2026. This is down from 15.39% the previous month and significantly lower than 20.98% a year earlier. However, food inflation remains high at 19.59%, continuing to strain household budgets.

Economic reforms have mixed effects

President Bola Ahmed Tinubu has introduced several economic reforms since 2023, including the removal of fuel subsidies and liberalizing the foreign exchange market. These changes aim to strengthen public finances but have also increased the cost of living for many citizens.

Government introduces support measures

To help mitigate the impact of these reforms, the government has introduced support programs such as monetary transfers to vulnerable households, assistance for the agricultural sector, and tax relief on some food products. The "Renewed Hope" program, launched in 2023, gave 25,000 nairas per month for three months to 15 million households.

New social protection project launched

A new initiative called the "Household Prosperity and Economic Social Protection Project (HOPE-SP)," funded with one billion dollars, aims to create a more sustainable and crisis-adapted social protection system. This project is intended to replace emergency assistance with a more long-term solution.

Affordable transport solutions supported

The NEC also supports the development of affordable transport solutions, including a joint financing mechanism between the federal government and local governments. This initiative aims to accelerate the use of compressed natural gas (CNG) and electric vehicles, with savings from these technologies being passed on to transport users.

Vice President calls for tangible outcomes

Vice President Kashim Shettima urged state governors to ensure that economic reforms lead to real improvements in employment, health, mobility, and overall living conditions for the population. He emphasized the importance of making these reforms beneficial to everyday citizens.