The Minister of Budget and National Planning, Senator Udo Udoma, on Tuesday said the newly launched Economic Recovery and Growth Plan would not be abandoned like previous programmes as its implementation would be driven by a task force to be constituted by the Federal Government.
Udoma, who stated this in an interview with journalists on the strategies for the implementation of the plan, said the task force would be executing the priority areas of the plan.
They are agriculture and food security; energy, which includes power and petroleum products’ sufficiency; transportation infrastructure; and industrialisation, focusing on the Small and Medium Enterprises.
The ERGP, which was launched last week by President Muhammadu Buhari, is targeting a real Gross Domestic Product of N81.38tn; increase in Value Added Tax rate on luxury items from five per cent to 15 per cent; single digit inflation rate of 9.9 per cent by 2020; and a free float of the naira in the foreign exchange market
The plan will enable the economy to increase the level of fresh jobs from 1.5 million in 2017 to 5.1 million by 2020; increase the revenue from oil and non-oil sources from N4.94tn in 2017 to N6.12tn in 2020; and divest holdings in some government assets in the oil sector.
According to the minister, the success of the document lies in its effective implementation, which will be coordinated by the Ministry of Budget and National Planning.
He explained that there were a number of initiatives being put in place to ensure effective implementation.
Udoma stated, “A more detailed implementation road map is being drawn up by a team of experts who are working with officials of the Ministry of Budget and National Planning, together with officials of other Ministries, Department and Agencies.
“They will be working out a more detailed cost estimate and financing plan, with detailed Key Performance Indicators. A delivery unit is being set up in the Presidency. The use of Implementation task forces to focus on the key execution priorities. The task forces will monitor the execution of projects and programmes in the respective sectors and report back.
“Some of these task forces may also have representation from the states and the private sector. Already, we have task forces working on rice, on power and on tomato paste.”