FG’s Four Year New Economic Blueprint To Be Unveiled December – Minister

President Muhammadu Buhari would this December unveil the Federal Government’s new economic plan that would guide the developmental objectives for the country in the next four years.

The Minister of State for Budget and National Planning, Clem Agba confirmed this during a media briefing on Thursday in Abuja.

Agba had in June set up the Technical Working Groups that would cover developmental areas such as manufacturing and industrialization transportation; housing and urban development; infrastructure; digital, science and technology innovation business, trade and competitiveness; financial sector and capital market; and foreign policy and international relations.

Agba said a new economic blueprint for the country was imperative following the winding down of the Economic Recovery and Growth Plan by the end of this year.

The ERGP which is government’s economic blueprint for 2017-2020 had the broad objectives of restoring growth, investing in the people and building a globally competitive economy. 

It was developed through a rigorous process involving wide consultations and intensive engagements with  relevant stakeholders.

The ERGP was targeted at addressing the country’s economic challenges and laid the foundation for economic diversification and growth.

The core vision of the plan was one of sustained, inclusive and diversified growth. The initiatives of the Plan was directed at attaining structural economic transformation.

But the minister said the new economic blueprint would have two Medium Term National Development Plans that would cover 2021 to 2025 and 2026 to 2030.

He added that the new macroeconomic framework would also have a long term plan to be known as the Nigeria Agenda 2050.

Agba said the plans are to address developmental challenges in all aspects of the country’s national life within the agreed time -frame.

He said with the coming to an end of the existing ERGP 2017-2020, the new development plan would guide the preparation of the 2021 budget.

Agba said this would be a national development plan led by the organized private sector and enabled by Government.

He said the planning process would be inclusive and participatory with full involvement of the sub-nationals, the major political parties, the National Assembly, Youth and Women organizations, physically challenged, and other relevant stakeholders of the economy.

He said the plan must, as a matter of conscious effort, be comprehensive and have the capacity to accelerate the attainment of various regional and global agenda.

In carrying out it’s assignments, the minister said the committee would review existing plans, policies, programmes and projects in their thematic area; review the assumptions, parameters and forecasts used in the previous sectorial plans and align them with current economic realities.

The minister also urged members of the committee to oversee public consultations where feasible and facilitate discussions to assess and review memoranda received from the public.

They are also to provide accurate, evidence-based information, make recommendations on key areas; and review existing research reports and share findings.

Also, the committee is to address any other critical issues to facilitate the delivery of the task; produce and submit final report of thematic area for the first MTNDP 2021-2025 report to the Central Working Group, not later than September 31, 2020.

The Minister also said that the second MTNDP 2026-2030 report should be ready in February 2021; while the final report for the Nigeria Agenda 2050 should be submitted in July next year.

He said, “The deadline given to the TWGs to submit their work on the MTNDP, 2021 – 2025 to CWG is 30th September, 2020, while CWG is to turn in its report at the end of October, 2020 with the launching of the Plan in December by Mr. President.

“This is to ensure that annual budgets, including that of year 2021 is derived from the medium term plans.

“To this end, in preparing the MTEF being used for the preparation of the 2021 Budget, which was approved by the National Assembly, the fundamentals of the Macroeconomic Framework for the Medium Term Plan 2021 – 2025 were brought into focus and incorporated so that the implementation of the Plan begins in effect from the 2021 Budget.

“Similarly, the macroeconomic indices used for the development of the Economic Sustainability Plan of N2.3trn stimulus package to hedge the economy from sliding into deep and prolonged recession due to the impact of COVID-19 have been integrated into the Medium-Term National Development Plan.

“These steps were all taken in the beginning to ensure that, henceforth, annual budgets are derived from National Development Plans, thereby fostering plan discipline in successive years.”

Agba said the ministry would deepen consultations with sub-national governments to ensure that plan discipline is entrenched in the system if the government is to make the desired changes in the economy.

He said the plan by Buhari to lift 100 million Nigerians out of poverty on to the path of prosperity in the next 10 years, remains one of the cardinal focuses of the MTNDP 2021 – 2025 and 2026 – 2030.

“The new Plans will also focus on creating jobs, deepening economic activities and providing enabling environment for thriving of private sector,” he added.