NASS To Explore New Strategies For Economic Growth

The National Assembly is set to hold a two-day policy dialogue aimed at reshaping Nigeria’s economic planning and budgeting system.

Scheduled for mid-April in Abuja, the meeting will bring together lawmakers, government officials, and experts to discuss strategies for achieving stronger and more sustainable economic growth.

Briefing Newsmen in Abuja, Chairman of the House Committee on National Planning and Economic Development, Gboyega Isiaka, said the initiative is part of efforts to support President Bola Ahmed Tinubu’s ambition to grow Nigeria into a $1 trillion economy under the Renewed Hope development agenda.

Isiaka noted that Nigeria has introduced multiple development plans over the decades, but many have fallen short due to implementation challenges, policy inconsistencies, fluctuating oil prices, and global economic shocks.

“At the centre of the dialogue will be Nigeria’s budgeting system. The current ‘envelope system,’ which sets fixed spending limits for government agencies, has been criticised as restrictive and inefficient.

“Alternative approaches, including zero-based and performance-driven budgeting, will be explored during the forum” he said.

Nigeria’s economy is currently growing at just over 3%, a pace analysts say is insufficient to outpace population growth or meaningfully reduce poverty.

The dialogue will also provide an opportunity for stakeholders to review assumptions behind government planning and propose more effective strategies.

Organisers said outcomes from the meeting are expected to inform future economic policies and improve coordination between planning and budget implementation.

The forum is being organised in collaboration with the Office of the Vice President, the Ministry of Finance, the Ministry of National Planning, and the Budget Office of the Federation.

Oduyemi Odumade, Edited By Grace Namiji