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The federal government has approved a new Medium-term national development plan, 2026 – 2030.
Atiku Bagudu, the minister of budget and economic planning disclosed this while briefing State House journalists, after a meeting of the National Economic Council, chaired by Vice President Kashim Shettima.
The plan, which will be launched in December, 2025, will involve all the three tiers of government, from the local government to the national level.
The new plan will replace the 2021-2025 medium term plan, which expires this year.
Bagudu said the post COVID 2021-2025 plan could not achieve the projected 7% growth, due to the absence of strong political will be the previous government to implement reforms necessary for its success.
According to Bagudu, the 2021 to 2025 medium term plan was literally a post covid era plan, which challenged all, literally all countries in the world.
” Secondly, and because of that, some of the macroeconomic reforms that were intended to be taken both as a result of agenda 2050, in particular, were delayed until when President Tinubu assumed office in 2023 and he took the reforms.
” So, between 2021 to 2023 we didn’t quite take those removal of subsidy, foreign exchange, market liberalisation, and even the tax reforms and others.
” Regrettably, those actions were not taken and therefore, the anticipated result, of 7% growth rate was not achieved.
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” But from 2023 when the macroeconomic reforms were taken, we have seen the economy responding as envisaged, with higher growth percentage and in addition to those macroeconomic reforms.
He stated that the federal government expects higher success from the 2026- 2030 plans on the backdrop of higher revenues to states and local government.
” They are getting more, more revenue. Their domestic borrowing had reduced substantially. That gives us the confidence in going to the next plan, 2026 and this lesson that has been learnt, we are confident that we can have a plan that will guide and support all the three tiers of government as well as the private sector, about how the next five years will look like”.
The 30-year prospective plan provides six, five-year medium-term plans that will be implemented.
Bagudu said the new plan will ensure policy continuity, consolidate ongoing reforms, and respond to emerging socioeconomic challenges.
” It will also help in providing a coherent framework to accelerate job creation, improve human capital, expand sustainable infrastructure, enhance food security, and strengthen social protection.
” The renewed HOPE plan, 2026-2030, will serve as a bridge between current reform momentum and the long-term aspirations of Nigeria’s Agenda 2050.
He disclosed that the preparation of the new plan will commence this month so that it can be completed on time for Mr. President can launch it in December
“This will enable federal, state, and local governments, among other users, to make use of it in ensuring that their programs reflect the consensus.
” Since this is a national development plan, the process of developing it will be participatory, involving the three tiers and arms of government, organised private sector, political parties, civil society, and peace-based organisations, opinion leaders, and traditional institutions, labor, youth, and student organisations to mention but a few.
” The three governance structures, namely a national steering committee, a central working group, and technical working group, which will be co-chaired by both public and private sector members, will be put in place to midwife the plan, as well as having governors to represent the six geopolitical zones.
