FG To Launch Economy Recovery Plan In December
The Federal Government has said it will launch national economy recovery plan for the next three years this December.
The Minister of State for Budget and National Planning, Mrs. Zainab Ahmed, disclosed this in Abuja on Thursday. She explained that the plan would serve as a guide for the preparation of annual budgets. Also, it would be a continuation of the initiatives contained in the Strategic Implementation Plan for the 2016 budget.
She further stated that the plan will clearly state the economic policies of the government. This will guide the investment decisions by domestic and foreign investors.
FG To Ensure Transparency And Accountability
Similarly, the minister added that Government will continue to put in place policies to expand the revenue base. Also, it will plug leakages in the system, ensure greater transparency and accountability in the use of public funds, pursue job creation and support businesses and investments, especially local investments to grow.
“Approach adopted for the preparation of the plan is highly participatory and all-inclusive, with the private sector being actively involved in the process.”
FG Tasked On Economic Reforms
Meanwhile, the Federal Government has been tasked on economic reforms.
In his keynote address, Ayo Teriba proposed a holistic approach to economic reforms. According to him, this is to encourage inflow of foreign direct investment rather than demand restriction or price adjustment.
The CEO, Economic Associates identified the Diaspora funds as immediate and steady source of foreign currencies. It will also help extensive infrastructural development as sources of the FDI in the long term.
Teriba further explained that the impressive foreign investment and growth experienced in the telecommunications sector could manifest in other sectors.
He also called for the liberalisation of the power sector, rail transport, gas pipelines, power transmission and housing, among others.
The economist suggested an integrated infrastructural development. Pipelines could be constructed underneath the rail tracks and power transmission network above the rail tracks.
The policy directive needed, according to him, is to break government’s monopoly across all infrastructure and allow foreign investors to play more role.