FG To Present Five-year Development Plan In October

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Minister of State for Finance, Budget, and National Planning, clem agba
Minister of State for Finance, Budget, and National Planning, clem agba
Minister of State for Finance, Budget, and National Planning, clem agba
Minister of State for Finance, Budget, and National Planning, Clem Agba

The Federal government said on Monday that the Medium-Term National Development Plan 2021-2025 will be unveiled in October.

The strategy, according to Clem Agba, Minister of State for Finance, Budget, and National Planning is to pull millions of Nigerians out of poverty while also maintaining economic stability, progress, and good governance.

The development plan will be released ten months after the Economic Recovery and Growth Plan expires (2017-2020).

The Federal Government launched the ERGP in 2017 in order to revive growth, invest in people, and build a competitive economy.

It also aimed to increase the country’s Gross Domestic Product by 7% by 2020, owing to robust non-oil sector growth anchored by agriculture and food security, as well as energy, transportation, and industrialization.

The federal government, on the other hand, failed to meet the majority of its goals, according to the findings.

For example, in addition to a 7% GDP growth rate, the ERGP planned to attain a 9.90% inflation rate, 2.5 million barrels per day of oil output, and 11.23 percent unemployment rate by 2020, among other goals. However, figures available at the end of 2020 showed that real GDP increased by 0.11 percent, the unemployment rate was 33.3 percent, oil output was 1.42 million barrels per day, and inflation was 15.75 percent.

Agba added that the succession plan is now being examined by several stakeholders, which is why it hasn’t been implemented yet.

He mentioned this in Abuja at a Konrad-Adenauer Stiftung capacity-building program for ministerial special advisors and technical assistants.

The minister also revealed that the National Agenda 2050, which would replace the vision 20:2020 plan, was in the works.

The initiatives, he said, were based on the government’s desire to alleviate poverty by raising 100 million Nigerians out of poverty in ten years.

The plans, according to the minister, would also include initiatives to address Nigeria’s growing population.

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