Clement Agba, Minister of State for Finance, Budget and National Planning, noted on Thursday that President Muhammadu Buhari would announce the new economic plan, the Midium-term National Development Plans (MTNDP) in December 2021-2025.
Agba stated this development while speaking with newsmen on Thursday.
The Minister revealed that the second MTNDP (2026 – 2030) report is due in February 2021 while the final development blueprint for the Nigeria Agenda 2050 will be ready in July next year.
He further mentioned that the job is being fast-tracked to ensure that the medium-term plans originate from the annual budgets, especially 2021 appropriations.
He said as a result, in preparing the Medium Term Expenditure Framework (MTEF) being used for the preparation of the 2021 budget, which was approved by the National Assembly, the fundamentals of the macroeconomic framework for the medium-term plan 2021 – 2025 were brought into focus.
Agba added that the macroeconomic indices used for the development of the Economic Sustainability Plan of N2.3 trillion stimulus package to hedge the economy from sliding into deep and prolonged recession due to the impact of COVID-19 had been integrated into the MTNDP.
The minister pointed out that the steps were all taken to ensure that, henceforth, annual budgets are derived from national development plans, to foster plan discipline in successive years.
He also said the federal government planned to intensify consultations with sub-national governments to ensure that the framework enshrines plan discipline, if the country is to make the necessary economic changes.