Daily Trust Board of Economists to FG: Revive culture of development planning
The Daily Trust Board of Economists has expressed concern over the inconsistency in Nigeria’s development planning and the adverse effect it has on the nation’s economy.
In a communiqué signed by the board’s chairman, Prof Ode Ojowu, after its meeting in Abuja over the weekend, the board urged the Federal Government to revive the culture and mind-set of development planning to provide direction for the economy.
“Nigeria’s post-independence planning was consistent between 1962 and 1985 when, due to the crisis in the crude oil market, interventions that followed jettisoned planning and in place of it, neoliberal policies that emanated from Structural Adjustment Programme (SAP), Rolling Plans, Medium Term Expenditure Framework (MTEF) and the ‘Envelop System’ have come into play,” the board said.
It recalled that the challenge posed by the absence of consistent development planning was epitomised by the current Economic Recovery and Growth Plan (ERGP), which was prepared in response to the 2016 economic recession.
The board said the ERGP was put together from a project management perspective with little attention paid to the economic fundamentals, as evidenced by frequent and rule-ofthumb changes of targeted economic growth rates.
“Now the ERGP is virtually at the end of its term, but there is no successor plan. This emphasizes the need to revive the culture and mindset of development planning,” the Daily Trust Board of Economists said.
It observed that the nation’s rising debt levels are a major cause for concern, especially because there is no development plan on ground to which the national debt is fitted, to enable a proper assessment of its economic and social potentials and impacts.
The board expressed the need for “the revival of the National Planning Commission to retake its pride of place as a legally constituted agency, instead of it being subsumed into the Ministry of Budget and National Planning.”
It recommended that President Muhammadu Buhari urgently appoints a Chief Economic Adviser to head the National Planning Commission who must “be a member of the Federal Executive Council with the status and powers of the commission fully restored in line with the Act establishing it.”
Meanwhile, the newly appointed cabinet of President Muhammadu Buhari also came under mention at the meeting which expressed concern with the continuation of the practice of sending the list of ministerial nominees without attaching their portfolios.
The board advised that “in line with best practices, future ministerial nominees should have portfolios attached to them to facilitate effective screening.”
“While noting the virtual absence of economists on the ministerial list, the board is still, however, of the strong view that the key ministries of Finance, Petroleum, National Planning, Education, and Trade and Investment, must have ministers with requisite professional qualifications and experience,” the board said.