The Federal Government said the failure of previous national economic plans is due to the inadequate cooperation and absence of state government’s inputs.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, made this known while speaking at the 19th National Council on Development Planning (NCDP) meeting in Abuja.
She noted that the overall scorecard of previous national economic plans indicated that they performed below expectation.
According to her, this notion had denied previous plans of the needed cooperation from state governments, which led to little success recorded so far.
On the performance of previous plans, she said: “You would agree with me that previous Plans witnessed varying degree of successes. For instance, the Economic Recovery and Growth Plan (ERGP) 2017-2020, which was crafted at the wake of the global economic meltdown of 2016, was able to pull the Nigerian economy out of recession.”
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Commenting on the meeting’s theme, “National Development Planning in Nigeria: Issues and Challenges”, Ahmed said it was quite germane as it stimulates robust discussions on a new adoptable approach towards the formulation of effective national plans that will serve as successor to the NV20:2020 and the ERGP 2017-2020 which ended in December, 2020.
At the two-day hybrid meeting, participants deliberated on ways of charting a new economic pathway that will sustain national development.
She said the meeting was an annual event organised along with the Joint Planning Board (JPB) meeting by the Budget and Planning arm of the Federal Ministry of Finance, Budget and National Planning in conjunction with state governments for policy formulation and implementation of contemporary economic issues with a view to proposing policy options geared towards enhancing the economic management process of the nation
The minister noted that the outbreak of COVID-19 in 2020 and its myriad consequences have impacted so much on the economy and norms that it would take decades for the world to recover.
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