The House of Reps has urged the Federal Government to develop a 4o-year strategic economic master-plan and development strategy and an economic framework to implement the strategy.
The Reps reached the resolution following a motion moved by Henry Nwawuba and Nasiru Ali-Ahmed on Tuesday, May 19, during plenary.
Nwawuba in his motion said that Nigeria has failed in achieving the goals and targets set in United Nations plans such as Sustainable Development Goals (SDGs) and Millennium Development Goals (MDGs).
He noted that the new plan should replace Economic Recovery Growth Plan (ERGP) and Vision 20:2020.
“Nigeria did not achieve its goal of vision 20:2020; as was projected by former President, Olusegun Obasanjo in the year 2000; with the aim of Nigeria to be among the first 20 leading economies of the world by this year 2020 which was not unconnected with lack of political will and concerted efforts towards achieving the goal.
“Crude oil, which has dominated Nigeria’s foreign exchange earnings; is currently undergoing price fluctuations; as a result of changes in global realities and energy-efficient innovations; which pose a threat to fossil fuel in the global market places.
“Nigeria is not only far from achieving the vision 20:2020 goal; but seems to have further gone down among the poverty-stricken nations of the world; even though the GDP component was almost achieved.”
The lawmaker thereby expressed concerns that; “the Novel Coronavirus (COVID-19) which currently ravaging the World has revealed our nation’s unpreparedness to manage pandemics and progressive population; despite Nigeria’s oil revenue of over 80 trillion dollars in the last 40 years.”
Following the adoption of the motion, the Reps also resolved to urge all agencies of government to articulate a long term agenda; anchored on the Government’s long term economic development strategy framework.
It further mandated its Committee on National Planning and Economic Development to ensure compliance.