Monday, May 20, 2024

FG to inaugurate committee for new economic plan

The Minister of State for Budget and National Planning, Clem Agba, has said that the Federal Government will next month inaugurate a committee for the new economic plan next week.

Agba stated this during a familiarisation visit of the Centre for Management Development in Abuja and Lagos.

The minister, according to a statement from the ministry, expressed hope of an improved economy in the new development plan which his ministry has already started the development process.

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

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The ERGP which is government’s economic blueprint for 2017-2020 has 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 aims to address the country’s economic challenges and lays the foundation for economic diversification and growth.

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

The new economic blueprint would cover a 10-year period with a five year rolling plan

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On the ERGP, which is coming to a close this year, Agba explained that its review was currently ongoing to ascertain what had worked well and what had not.

He said, “It (new plan) has to go beyond the ERGP. We are looking at very old plans that we have had before.

“We already asking the MDAs to review their sector plans and we are currently receiving them with a view to consolidating them and giving them to the technical working committee to work on.”

The minister expressed disappointment at the level of infrastructural decay at the CMD and assured of government’s support in rehabilitating the centre.

“We have to do all that we can to change the narrative because lamentation will not help. We have to start taking those steps gradually,” he added.

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