NEC wants states, FCT to produce economic recovery plans

The National Economic Council ended its end of the year review meeting with a recommendation for the Federal and State Governments to pursue economic recovery and growth plans.
The recommendation followed the presentation on the Federal Government’s plan by the Minister of Budget and National Planning, Senator Udoma Udo Udoma.
Udoma announced this at a joint briefing with Governor Nasir El-Rufai of Kaduna State and Deputy Governor Nkem Okeke of Anambra State.
Udoma said the meeting was to achieve some objectives, including an overview of the key policy actions undertaken by states and the Federal Government, to address the economic challenges facing the nation, as well as the NEC retreat resolutions of March.
He said the nation had many growth plans in the past but that the 2017-2020 plans was aimed at seven per cent inclusive growth.
The minister said states were encouraged to present their respective economic recovery and growth plan adding that there were “potential must-win initiatives”.
The minister noted that the plan “seeks Nigeria’s home grown actions’’ among which are to identify revenue sources, plug the fiscal deficits and boost reserve, implement structural reforms in roads, railways, power, public service and competitiveness.
Udoma said: “The Economic Recovery Development Plan is being developed, building on the strategic implementation plan of the 2016 budget.
“Its key actions will be articulated based on the SIP as well as the national reports and wide consultations which have been taking place in the last few weeks.”
According to him the three objectives of the SIP are to restore growth, invest in people and build a competitive economy.
The minister disclosed that the Finance Minister, Kemi Adeosun, also briefed NEC about the fiscal road map which set out fiscal policies and actions required to support the economy and transform it from a consumption-based to investment-driven model.
He said: “It is expected that when this is done, the economy will be resilient and robust based on the nation’s pool of resources and endowments and providing inclusive growth to its citizens.
“It will enhance revenue generation to control cost and provide effective debt management; it will encourage investment and partnership with the private sector.
“It will ensure that government’s expansionary fiscal programme is complemented by an accommodative monetary policy regime.”
Governor El Rufai added that he presented a paper on “doing more with less”, which provided means of ensuring efficiency and curbing wastes due to the present economic challenges.
He said it identified seven key achievements of the present administration including full implementation of the Treasury Single Account, reforms in budget formulation and implementation, and strengthening of public finance management.
The governor added that the administration established an efficiency unit in the finance ministry to ensure uniformity and consistency in prices, adding that excessive travelling and training of agencies had been stopped to reduce wastages.
According to the governor, the NEC was advised to improve ease of doing business by reducing cost of governance and procurement process which retards development.
El-Rufai said Lagos State Governor, Akinwumi Ambode, also presented a paper on growth enhancement and effective debt management with his state as a case study.
He said the paper targeted what the states could gain if they pursued and learnt from each other how to move towards a coordinated direction in economic policies.
To this extent he said the states had the freedom to use policies that could enable them to depend less on federal fiscal and monetary policies in order to raise funds for their projects.
Okeke said he presented a paper on behalf of Governor Willy Obiano on “Inclusive Growth” to reduce pains and sufferings of the poor.
One of the high points of the presentation was the state’s N20 million “Chose Your Project Community Programme”.
He said the essence was to enable the 181 communities in Anambra State to identify a specific project of need which the administration could fund and sponsor a local contractor to execute.
He said that the Kebbi State Governor, Atiku Bagudu, also presented a paper, which dwelt on Growth in the Midst of Scarcity.
The paper harped on economic diversification through agriculture for job creation and economic recovery.
The meeting was presided over by Vice President Yemi Osinbajo.