Buhari’s Economic Recovery Plan In Simple English
President Buhari launches Nigeria's Economic Recovery and Growth Plan today, Wednesday, April 5, 2017 in Abuja.
“The Medium-Term ERGP, which had earlier been approved by the Federal Executive Council has amongst its broad strategic objectives, restoring sustainable, accelerated inclusive growth and development; investing in the people; and building a globally competitive economy,” the Presidency has said.
But while the Presidency and the Ministers of Finance, Budget and National Planning continue to churn out big vocabularies, Nigerians are only interested in what matters to them.
Macro and micro economics experts have also analyzed and overfed Nigerians with enough professional jargons. So can we speak English now?
Food on the table, jobs for the unemployed, hope for the entrepreneurs, good education, health facilities and security of lives and property.
Despite the International Monetary Fund's lack of faith in the plan, President Buhari seems unmoved. So, there must be something driving the President.
Bounce News looked at the entire plan and we tried to make some layman sense from it without heavy vocabularies.
1. The ERGP is a 3-year plan expected to bring Nigeria out of recession. ‘Recovery’ is the immediate plan while ‘growth’ is the long-term development plan
2. Its main target is to restore growth of Nigeria’s economy, invest in Nigerian people, and build a globally competitive economy
3. Fighting corruption and tackling insecurity remain important feature in growing the economy
4. It focuses on creating good environment for citizens to engage in non-oil businesses where everyone can compete fairly
5. It aims to revamp local refineries so that Nigeria can produce up to 2.5 million barrels per day by 2020 (from 1.4 million barrels per day in 2016) and reduce petroleum product importation
6. By implication, Nigeria can then sell more. So oil revenue can rise from N700 billion in 2016 to N1.45 trillion per year by 2020;
7. Also by implication, it predicts that by the year 2020 (the next three years), federal government will earn N4.7 trillion, growing from the N2.7 trillion it earned in 2016
8. It recommends how federal and state governments will now collaborate towards achieving these national objectives
9. Government is not doing this alone. They must also now collaborate more with private companies, especially in the production of food and power
10. Small businesses will get more attention because the economic recovery is dependent on them
11. Government now wants to save N50 billion per year and reduce government running cost by 25%
12. Like many Nigerians have said, there appears to be a strong political determination and commitment to realize the objectives - a special office has been set up in the Presidency to monitor progress of the ERGP.