Stressing that his administration is committed to delivering its electoral promises, he said that the plan will not only take Nigeria out of recession but place the economy on inclusive growth.
Here are 12 important things Nigerian should know about the economic plan:
1. The ERGP has three broad strategic objectives: restoring growth of the economy, investing in the Nigerian people, and building a globally competitive economy;
2. It targets the growth of Nigeria’s gross domestic product, GDP, by 2.19 percent in 2017 and 7.0 percent by the end 2020;
3. It envisages reducing inflation to single digit by 2020 and increasing federal government’s revenues from N2.7 trillion in 2016 to N4.7 trillion in 2020;
4. It prioritizes key turnaround interventions and enablers to generate concrete, visible impact by 2017 and articulates medium term economic policies for implementation between 2017 and 2020;
5. It focuses on achieving macroeconomic stability; economic growth and diversification; competitiveness and business environment; and governance and security;
6. It builds on the short-term Strategic Implementation Plan, SIP, for the 2016 ‘Budget of Change’ towards sustainable accelerated development for 2017-2020;
7. It outlines initiatives to boost oil production to 2.5 million barrels by 2020, privatise selected public enterprises/asset, and revamp local refineries to reduce petroleum product imports by 60 per cent by 2018;
8. It builds on the National Industrial Revolution Plan and the Nigeria Integrated Infrastructure Master Plan;
9. It emphasises improvement on public and private sector efficiency towards increased national productivity, sustainable diversification of production, food and energy security.
10. It has five execution priorities to kick-start economic recovery: stabilization of the macroeconomic environment, achieving agriculture and food security, ensuring energy sufficiency in power and petroleum products, improving transport infrastructure, and driving industrialization through local and small business enterprise;
11. It merges the budget and planning functions into one ministry to create a better and stronger link between annual budgets and the national economic plan;
12. It seeks to help improve oil revenues earnings from N700 billion in 2016 to N1.3 trillion per year in 2017 and N1.45 trillion per year by 2020; boost oil production from 1.4 million barrels per day in 2016 to 2.2 million barrels per day in 2017 and 2.5 million barrels per day by 2020.
Pls point of correction. The president did not have an input into this plan. It was cooked up by the same group of people who cannot prepare a national budget. Until our leaders serve the country with love, strength and might these will amount to child's play. Nigeria cannot move forward if d mases does not kill religion and tribal senstiments in our national life. Because that is what our leaders use to divide us after they get to power. Am neither APC nor PDP, am just a concerned Nigerian.
ReplyDeleteGreat plan Mr Presido. God bless u. Now, the next phase is to work on at least 60-70% implementation of budgets from 2016-2020. If we can achieve that, then we are home and dry. God bless Nigeria.God keep blessing President Mohammadu Buhari. We love u sir.
ReplyDeleteYou be mumu.... Where are the campaign promises... If they can turn the economy to how they meet it. Things will be far better. Now you are tell idiots Nigerians like us to wait till 2020.
DeleteAll these are good plans and programs and I pray for their implementation. However, they are not different from campaign promises since they did not state how each of the programs will be pursued and achieved. It is not enough outlining the programs but they should as a matter of need, bring out the action plans that will convince Nigerians the workability of the programs. This includes x-raying the causes of the economic challenges we are going through. When this is done, we Nigerians will see the truth of those programs and make our individual contributions. Time will tell but I pray it doesn't turn out to become like the electoral promises that have not seen the light of the day.
ReplyDeleteStories for the Gods. You failed in all your campaign promises now you are coming with another cooked stories. Nija lowa,the more you look the less you see.$1 to N1,Fuel N45. 3,000,000 Jobs etc. Them no dey deceive ashawo dey fuck tow times. You will loose APC primaries bet me.
ReplyDeleteAll these na grammar just packaged to deceive people and just to win 2019. After that suffering and smiling. Nigerians be wise.
ReplyDelete