THE Federal Government has invited some experts to assist in fine-tuning its Medium Term National Plan (2017 – 2019), as part of efforts to reset the nation’s economy for growth
The medium term plan is due for launch in December.
It was learnt that the economic experts, who will brainstorm between today and tomorrow, were drawn from both the public and the private sector.
The Medium Term National Plan (2017 – 2019) was said to be part of efforts to fashion out a sustainable economic blueprint for the country.
According to a source, the 10 invited experts are Mr. Bode Agusto, a former Deputy Governor of CBN Prof. Obadiah Mailafia; renowned economist Dr. Ayo Teriba, a former President of the Nigerian Economic Summit Group and ex-Minister Frank Nweke, Dr. Ayo Salami, Dr. Dotun Sulaiman, Prof. Olu Ajakaiye, Prof. Joe Umoh, Prof. Akpan Ekpo and Mckenzie Consult.
The source said the “engagement was part of efforts by the Federal Government to further enrich the development plan process, which was earlier promised in the Strategic Implementation Plan (SIP) document published by the ministry in May this year.
The source said: “At the planned two-day retreat in Abuja, economic experts, representatives of the organised private sector and other related stakeholders are expected to actively engage their public sector counterparts with a view to fashioning a sustainable economic blueprint for the country, for the medium term.
Also, giving insights into the engagement, the Minister of Budget and National planning, Senator Udoma Udo Udoma said it was in line with the desire of the government to involve all stakeholders in its Strategic Implementation Plan (SIP).
He said apart from the experts, governors and Commissioners for Finance and Economic Development will also be consulted.
Udoma said: “We came in focusing on the economy, corruption and security. An economic management team was immediately put in place with the Vice President, Prof. Yemi Osinbajo in charge.
“We worked out a plan and started off with the 2016 budget to reflate the economy; then we moved on to the Strategic Implementation Plan (SIP) of the budget.”
The minister said the SIP document has been widely acclaimed as impressive by economic experts and international fiscal agencies.
He said: “We have this document which sets out government thinking, government plans, and we have been following that document. In that document, we had promised that by the end of the year, we will expand it to a three to four-year medium term plan; and this is part of that process.
“In that document, it was clearly stated that extensive consultations will be carried out. We have been consulting with experts, and we are inviting knowledgeable persons for the retreat as part of that consultation.
“When we finish here, we will also consult the governors and the commissioners in charge of Finance and Economic Development before we finally launch out with the document in December.”
The minister explained that government has always involved experts and stakeholders in its efforts to fashion out economic policies for the country, citing the Mid Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP) as an example.
He added: “While working on the MTEF/FSP, we had wide consultations and engagements with economic and financial experts, the organised private sector, civil society organisations, governors and the Federal Executive Council before it was formally presented to the Presidency for onward transmission to the National Assembly.”