Does the Buhari Administration have an economic plan?
Vice President Osinbanjo in January 2017 in Davos, Switzerland stated that the Buhari administration would launch its Economic Recovery Plan in February 2017….why February 2017? The recession started Quarter One 2016.
The simple answer is that the Buhari Administration only prepared its Economic Recovery plan because the international lenders requested for such a economic plan before they could lend Nigeria foreign currency loans . Reuters reports in January 2017 that “Nigeria’s efforts to secure funds from international lenders to help haul it out of recession have stalled because it has not submitted the required economic reform plans, according to one of the banks and sources close to the matter.”
These are also confirmed from comments from the World Bank and African Development Bank;
The African Development Bank has not released its second tranche of a loan to Nigeria, the CEO Mr Adeshina said “We are waiting for the (Nigerian) economic policy recovery program and the policy framework for that,”
The World Bank told Reuters in an email that “Nigeria was currently preparing its plan on the basis of which the World Bank will determine with the government the most appropriate lending instrument to support the implementation of the reform plan”.
Thus in January 2017, an announcement was made that the Nigerian Economic Recovery Plan would be launched. So the recession started in 2016, we waited until February 2017 to present a plan…There are many questions.
1. Do we have an economic team?
2. What was the economic team doing since June 2015?
3. What were the Budgets and the Medium Term Expenditure Framework being based on? what vision? plan?
4. if there was no recession, would Nigeria prepare and present have an economic plan?
Again….this is just an assertion…so if anyone out there has the Buhari Economic Plan pre February 2017…kindly post a link
Note: a budget, SIP, MTEF are not economic plans. This blog had earlier written on how Visions should be linked to plans and then budgets, that shoukd be the standard practice Of Visions Plans and Budgets
Its our problem, we can fix it
