6 months later, no im­ple­men­ta­tion road map for eco­nomic re­cov­ery plan

Daily Trust - - NEWS - By Hamisu Muham­mad & Fran­cis Arinze Iloani

There is no im­ple­men­ta­tion road map yet for Nige­ria’s Eco­nomic Re­cov­ery and Growth Plan (ERGP) six months af­ter the fed­eral gov­ern­ment made the plan pub­lic.

The Min­is­ter of Bud­get and Na­tional Plan­ning, Sen­a­tor Udoma Udo Udoma, on De­cem­ber 20, 2016, pre­sented the ERGP to the Na­tional Eco­nomic Coun­cil and there­after, for­mally re­leased the plan to the pub­lic on March 7, 2017.

The plan was crafted to re­store growth in the econ­omy af­ter 2016 eco­nomic melt­down, in­vest in peo­ple and build a com­pet­i­tive econ­omy.

In ad­di­tion to pro­ject­ing a 6 to 7 per cent Gross Do­mes­tic Prod­uct (GDP) growth and re­cov­ery by 2020, the plan iden­ti­fied rev­enue sources to plug fis­cal deficit and boost re­serves as well as im­ple­ment bold struc­tural re­forms in the ar­eas of power, road, rail­ways, pub­lic ser­vice re­form and com­pet­i­tive­ness.

Pres­i­dent Muham­madu Buhari on April 5, 2017 for­mally in­au­gu­rated the plan in the pres­i­den­tial Villa, Abuja, im­ply­ing the doc­u­ment had been rolled out for im­ple­men­ta­tion.

“I am pleased to present this Eco­nomic Re­cov­ery and Growth Plan for use by the Nige­rian peo­ple, our friends and part­ners and to guide our devel­op­ment ef­forts over the next four years,” the Pres­i­dent said.

Economists, in­clud­ing the Head of the Depart­ment of Eco­nom­ics, Univer­sity of Abuja, Pro­fes­sor Sarah Olan­re­waju Anyanwu, and a pro­fes­sor of Eco­nom­ics from the Univer­sity of Uyo, Pro­fes­sor Leo Ukpong, sep­a­rately lauded the plan but warned that im­plan­ta­tion may stall it.

The economists sep­a­rately told the Daily Trust that Nige­ria was not in want of good plans but im­ple­men­ta­tion had been the prob­lem over the years.

Shortly af­ter the plan was launched, it quickly turned out that the doc­u­ment lacked im­ple­men­ta­tion road map and cost im­pli­ca­tion anal­y­sis, which were short­com­ings Udoma said would be reme­died. On May 2, he told stake­hold­ers that his Min­istry had be­gun prepa­ra­tion of im­ple­men­ta­tion road map for the ERGP, in­di­cat­ing that the ERGP could not be im­ple­mented alone with­out a road map. “This will lay out the road map for a step-bystep de­liv­ery of each of the strate­gies. Each strat­egy would be fur­ther bro­ken down into com­po­nents, ac­tiv­i­ties, sub-ac­tiv­i­ties and ac­tions,” he said. Five months later, the Min­istry is yet to re­lease the im­ple­men­ta­tion road map, call­ing to ques­tion whether the tar­gets set in the plan can be achieved be­fore the 2020 ter­mi­nal date of the doc­u­ment.

Mean­while on April 27, the Min­istry’s Direc­tor of Macro Anal­y­sis, Tunde Lawal, told the Nige­rian Eco­nomic So­ci­ety (NES) that the FG had started a de­tailed cost anal­y­sis and fi­nanc­ing im­pli­ca­tion of the ERGP, in­di­cat­ing the cost im­pli­ca­tion was not fac­tored into the ERGP.

At the mo­ment, there are no in­di­ca­tions that the cost anal­y­sis and fi­nanc­ing im­pli­ca­tion for the ERGP have been fi­nalised be­cause the Min­istry is yet to make the de­tails pub­lic.

Speak­ing on the devel­op­ment, an economist, Dr Joe Ikenna, told the Daily Trust that the re­cov­ery plan needed a road map to spec­ify how the tar­gets are to be achieved.

“The plan has more of goals and tar­gets than how to achieve the goals and tar­gets,” he said.

Dr Ikenna stated that it is in the in­ter­est of the fed­eral gov­ern­ment to do ev­ery­thing within its pow­ers to im­ple­ment the plan and pull the coun­try out of re­ces­sion.

He said the au­thor­i­ties con­cerned should fast track the devel­op­ment of the im­ple­men­ta­tion blue­print to save the plan.

“The econ­omy is still in a bad state. There has to be far­reach­ing mea­sures to turn things around. Im­ple­ment­ing the re­cov­ery plan can be a plus to the econ­omy,” he said.

He ex­pressed fears that if the im­ple­men­ta­tion road map is not quickly re­leased to com­ple­ment the re­cov­ery plan, its ter­mi­nal date of 2020 may not be enough to achieve the tar­gets, in­clud­ing a pos­i­tive GDP of up to 7 per cent.

Newspapers in English

Newspapers from Nigeria

© PressReader. All rights reserved.