Medium term strategy will boost economy – Udoma

Minister of Budget and National Planning, Senator Udo Udoma, has expressed confidence that the Federal Government medium term strategic plan for 2017 to 2020 will further boost the economy.

Udoma spoke on Thursday during a meeting with the 36 states’ commissioners of economic planning in Abuja.

According to him, the medium term plan will focus on six priority areas covering economic, social development, infrastructure, governance, environment and states and regional development.

Read also: Economy: Nigeria’s future bleak, IMF boss says

The Federal Government, he stressed, “Is committed to institutionalising strategic planning. The process of developing the successor medium term strategic plan 2017-2020 has commenced under the coordination of the ministry of budget and national planning.

“I invite the ministries of economic planning in the states to work closely with the ministry of budget and national planning in this important task of developing the successor medium term plan for the country,” Udoma said.

While emphasising the need for state governments to adopt some of the strategies being employed by the Federal Government, Senator Udoma stressed that it would enable them boost internally-generated revenue to finance their respective budgets.

  “The states are encouraged to enhance internally generated revenues and also block financial leakages while introducing expenditure cuts and control measures.

“The states should also explore the possibility of introducing innovative devices such as the Treasury Single Account system,” he added.

Echoing similar sentiments, the Permanent Secretary, Ministry of Budget and National Planning, Mrs Fatima Mede emphasised that the medium term plan would pave the way for effective transformation of the Nigerian economy.

RipplesNigeria …without borders, without fears

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now