Global oil challenge to take prominence in FG’s 2016-2020 MTSS plan

In the bid to bring Nigeria’s economy back to the path of robust growth in its 2016-2020 Successor Strategic Plan, the Ministry of Budget and National Planning has inaugurated its Technical Working Groups (TWGs) for the finalisation of the first phase of the development of the Medium Term Successor Strategic Plan (MTSS 2016 – 2020).

The ministry promises that the technical team will factor in its plan among others global oil challenge and other development in the global economy.

The inauguration ceremony, presided over by Fatima Nana Mede, permanent secretary of the ministry, saw directors and relevant officials of the ministry and its parastatals – Nigerian Institute of Social and Economic Research (NISER), Centre for Management Development (CMD) and National Bureau of Statistics (NBS) inaugurated as members of the TWG.

Mede stated that, “As you are aware, the development of the National Development Plan is the core mandate of the Ministry of Budget & National Planning which is expected to drive the change agenda of the present Administration

“Experience has shown that the implementation of credible medium term plan is critical to the success of any country, adding that that several emerging nation are adopting development plans as basis for improving their economies.”

According to the permanent secretary, the tenure of the immediate past medium term plan of Nigerian, tagged National Implementation Plan (NIP), 2010 – 2013, came to an end in 2013, thus making it necessary to develop a successor plan.

Explaining also that, the process for developing the successor strategic plan has commenced over the last eight weeks with the officials of the Ministry of Budget and National Planning working closely with other MDAs in reviewing the past plans and macroeconomic framework and the identification of key policies and strategic programmes to feed into the 2016 budget

The permanent secretary said “Four major areas will be covered by the technical teams in the exercise, namely; Updating the draft report on the review of the immediate past plan,2010-2013; Review of the draft macroeconomic framework, in the light of the oil price shocks and recent developments in the global economy; Development of narratives guiding the policy thrust and strategic programmes for the plan; and stakeholders review and validation of the revised report on the immediate past plan, the revised macroeconomic framework for the medium term plan and narratives guiding the policy thrust and strategic programmes for the plan.

She equally charged the staff of the ministry to be alive with global developments, arguing that they cannot afford to be docile and also appealed to them to ensure that they strive to work harder for the success of this administration.