Buhari To Unveil Economic Plan February

Nigeria in its worst case of recession in decades, after Africa’s largest economy fell into recession last year.

Speaking at an event on Thursday, Minister of Budget And National Planning, Senator Udoma Udo Udoma, said the recovery plan will be a document detailing various plans put together by the Economic Management Team.

According to him, the economic recovery documents are the Strategic Implementation Plan from which the Medium Term Expenditure and Fiscal Strategy Paper were developed.

He said, “The whole of the economic team has been working very hard since we released the SIP.

“On the basis of the SIP we developed MTEF. We also developed MTSS for large spending ministries.

“Our intention now is to bring all these works together as part of a comprehensive medium term plan. As President Buhari had promised, this last stage will involve extensive consultations.

“It is one of a number of consultations we will have before we launch the plan. We shall hold consultations with the states, our development partners and National Assembly.

“This consultations will be concluded within the next one month because as promised by the president, this medium term plan would be launched before the end of this year.

Vice-President, Prof. Yemi Osinbajo, also echoed the words of Udoma at the Business Interaction Group, at the ongoing World Economic Forum, in Davos, Switzerland.

The Senior Special Assistant on Media and Publicity, Mr Laolu Akande, quoted Osinbajo as saying that the president Muhammadu Buhari-led administration was confident about the recovery of the Nigerian economy.

The Vice President said that the newly developed Economic Recovery Growth Plan (ERGP) was specifically designed to take the country out of the recession and, in the long term, continue to grow the economy.

Recall, that President Muhammadu Buhari presented a N7.3trillion budget before a joint session of the National Assembly on December 14.