The Minister of
The Minister of State, Budget and National
Planning, Prince Clem Ikanade Agba has expressed Government’s
commitment to building a strong, stable and sustainable economy,
predicated on sound economic policies needed to move the nation to
the next level.
Prince Clem made this commitment recently, at
the meeting of the National Council on Development Planning (NCDP)
held in Asaba, Delta State.
He stated that the nation, having been faced
with various economic crisis including drop in oil revenues, had
to, among other efforts and interventions take immediate
steps to stop the economic drift and reverse the impending collapse
of the financial system. “One of such significant efforts was
putting in place a comprehensive Medium Term Plan – the ERGP
whereby a cutting-edge measure aimed at rescuing and repositioning
the nation’s economy was adopted”, continued the
Minister.
Prince Clem further noted that the nation’s
economy at the end of the first four years of President Buhari’s
administration had been largely stable with macro-economic indices
growth increase from 0.82% in 2018 and 3.01% expected at the end of
2019.
The Minister however, underscored the need to
accomplish price stability, economic freedom, economic security,
economic efficiency as well as full employment for its citizens, if
Nigeria is to maintain a strong and sustainable economy.
He reiterated Government’s desire to reduce
social and economic inequality through targeted social investment
programmes, health education, technology and improved information
system; urging the various States to take steps to domesticate
integrated Sustainable Development Goals (iSDGs) in their
respective jurisdictions.
The 18th edition of the
JPB/NCDP which had its theme “States’ Fiscal Sustainability and
Economic Diversification in Nigeria” provided a platform to
brainstorm on different issues pertaining to the economy; is
expected to contribute to the process of evolving a Successor Plan
to the ERGP, through an inclusive and well-articulated National
Development Plan 2021 – 2025.
The outcome of the meeting is equally
expected to consolidate on the significant gains of the Economic
Recovery and Growth Plan (ERGP) 2017 – 2020.
Earlier in his welcome remarks, the Governor
of Delta State, Senator Arthur Ifeanyi Okowa emphasized the need
for fiscal discipline as bedrock for achieving fiscal
sustainability. He added that although the Federal Government has
set up a regulatory and monitoring mechanism to drive development
in states, but he insisted that any financial request for
support from any state should be conditional and under certain
established parameters.
He urged that annual budgets of States must be derived
from its Fiscal Strategy paper which is in line with the Fiscal
responsibility law. Governor Okowa further posited that all
Ministries, Departments and Agencies (MDAs) must align their
projects and programmes with the available resources to eliminate
deficit.
The Meeting has in attendance the Vice President of
the Federal republic of Nigeria, Prof Yemi Osinbajo, who declared
it open, representative of the Hon. Minister of Finance, Budget and
National Planning, Dr. Mohammed K Dikwa and other
distinguished dignitaries.
Victoria Agba-Attah
Director Press MBNP