Pres. Buhari launches economic recovery plan next month

Pres. Buhari launches economic recovery plan next month

President Muhammadu Buhari will next month
launch the National Economic Reconstruction and
Growth Plan that will guide the Federal Government
in repositioning the economy for sustainable
growth.
The Minister of Budget and National Planning,
Senator Udo Udoma, disclosed this on Thursday in
Abuja while speaking at a national economic retreat.
The retreat, according to him, was intended to
provide an opportunity for stakeholders from the
various sectors of the economy to consult and
exchange views on the medium term economic plan
for Nigeria.
The minister said the economic recovery plan would
be a detailed document that would bring together
various plans that had been put together by the
government’s Economic Management Team.
The documents are the Strategic Implementation
Plan from which the Medium Term Expenditure and
Fiscal Strategy Paper was developed, and the
Medium Term Sector Strategies.
Udoma said as soon as the consultations with
stakeholders in the private sector was concluded,
the EMT would be getting inputs from the National
Assembly and other development partners before
the launch of the final document by the President in
December.
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 the MTEF. We also
developed the 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 has 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 the National Assembly. These
consultations will be concluded within the next one
month, because as promised by the President, this
medium term plan will be launched before the end
of this year.”
Udoma said the ministry had developed sectoral
plans in five thematic areas as part of the economic
recovery plan.
They include macroeconomic stability, where the
focus will be on the fiscal and monetary condition,
low inflation, stable exchange rate and strong
economic growth; and economic diversification and
building competitiveness in the private sector.
Others are job creation and social inclusion; and
governance issues such as security and human
capital development.
“We are emphasising jobs and social inclusion
because of the need.