Senate Kick-starts Nigeria’s Return to National Planning

The Senate Thursday began the process of returning Nigeria to the path of national planning, as it mandated its committees on National Planning and Finance to review the current planning linkage and recommend amendment to relevant laws.
The move followed a motion by Senator Olubunmi Adetumbi (Ekiti North), who described national development planning as the dominant policy instrument in many low income and emerging market economies.

According to him, the role of national planning which used to serve as Nigeria’s roadmap to development has now been subsumed into the Nigerian budget process.

While arguing that what used to be a five-year development plan has now been replaced by what he described as a medium-term expenditure framework (MTEF), the lawmaker further noted that multi-year development plans need to be linked with national budget as a fundamental factor to economic growth, adding that: “Budget is the mechanism by which development policies are converted into spending priorities.”

http://www.thisdaylive.com/articles/senate-kickstarts-nigeria-s-return-to-national-planning/140922/

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