Economy

Why past economic plans failed- FG

Minister of Finance, Zainab Ahmed has revealed why past national economic plans have been failing.

Acccording to her, the absence of state governments’ cooperation is the major reason for the failure.

The Minister said this  in Abuja at the 19th National Council on Development Planning (NCDP) meeting.

She said that the belief that past national economic plans had failed “was based on the assertion that the plans were more of federal government rather than national.”

According to her, “this notion had denied previous plans of the needed cooperation from state governments, which led to little success recorded so far.”

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 in the wake of the global economic meltdown of 2016 was able to pull Nigeria’s economy out of recession.”

Ahmed stated 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.

“The economy plunged into another wave of recession in 2020, which was, however, short-lived by proactive measures put in place by the current administration. This experience calls for an urgent strategy to develop a more resilient and sustainable economy model that could stand the test of time.”

To achieve this goal, she said, “would require maximum cooperation at all levels of government.”

In his opening address, Prince Clem Agba, the Minister of State, Ministry Of Budget And National Planning, urged the States’ Commissioners of Budget and Economic Planning, Permanent Secretaries, and other stakeholders to continue to support the economic policies of the federal government,

“This is in order to consolidate and sustain the success achieved so far. Nigeria has come to a point of ‘no going back’ in her economic transformation policy. Hence, there is need to chart a positive way forward in boosting its economy to address the issues of unemployment, insecurity, youth restiveness etc.,” he said.

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