 | This article needs additional citations for verification .(December 2010) |
The Federal Ministry of Budget and Economic Planning is one of the Federal Ministries of Nigeria.
| | This article needs additional citations for verification .(December 2010) |
The Federal Ministry of Budget and Economic Planning is one of the Federal Ministries of Nigeria.
It was originally set up by Decree No 12 of 1992 as the National Planning Commission and later amended by Act 71 of 1993. The core responsibility of the commission is the formulation of medium term and long term economic and development plans for the nation.
The National Planning Commission is headed by the Minister of National Planning, who is also the Deputy Chairman of the National Planning Commission. The Chairman of the Commission is the Vice President (currently, Prof. Yemi Osinbajo).
The National Planning Commission was originally established by Decree No 12 of 1992 and later amended by Act 71 of 1993. The Commission has the mandate to determine and advise the Government of the Federation on matters relating to National Development and overall management of the national economy. The detailed objectives, functions, powers and structure of the Commission are outlined under sections 2, 3 and 5 of the Establishment Act.
The Transformation Agenda is a medium term development strategy to speed up the actualization of the NV 20:2020. It is a framework for the actualization of the Federal Government's economic growth agenda during 2011–2015. The Agenda is anchored on the pillars and targets of the NV 20:2020 and it aims to i) create decent jobs in sufficient quantity to resolve the protracted problem of unemployment and reduce poverty, ii) lay foundation for robust and inclusive growth within the Nigerian economy, and iii) improve, on a sustainable basis, the well-being of all classes of Nigerians regardless of their circumstances and location. The four areas of focus of the Transformation Agenda are governance, human capital development, infrastructure and real sector.
The First National Implementation Plan (1st NIP), with the theme "Accelerating Development, Competitiveness and Wealth Creation", is a medium term plan for the actualization of the long term broad objectives and targets of the NV 20:2020. The 1st NIP is the period 2010-2013 and it aims to bridge the infrastructural gap in the country, optimize the sources of economic growth to increase productivity and competitiveness, develop a knowledge-based economy to deepen the technology base of the country, improve governance, security law and order, and foster accelerated, sustainable social and economic development in a competitive business environment. The 1st NIP contains priority projects and programmes of the Federal Government and investment plans for the State Governments. The total investment profile for 1st NIP is N32 trillion, with the Federal Government investing N10 trillion, and the States and Local Governments investing N9 trillion. The private sector will invest the remaining N13 trillion.
A Monitoring and Evaluation (M&E) framework has been established to track progress in the implementation of the 1st NIP to ensure high performance and accountability. The M&E framework also includes a Performance Contract between the President and the Ministers/Heads of agencies, which is cascaded down the Ministries and Agencies. A National M&E Report is produced annually.
The Nigeria Vision 20: 2020 is a perspective plan; an economic business plan intended to make Nigeria one of the top 20 economies by 2020, with a growth target of not less than $900 billion in GDP and a per capita of not less than $4,000 per annum. The three Pillars of the NV 20:2020 are i) guaranteeing the well-being and productivity of the people, ii) optimizing the key sources of economic growth and iii) fostering sustainable social and economic development.
NV 20:2020 is Nigeria's second attempt at driving the attainment of her national aspirations using long-term perspective plan. In addition to the first perspective plan (Vision 2010), several strategic planning efforts have been undertaken by the Federal Government in recent years. These efforts include the Poverty Strategy Reduction Papers (PSRPs), the National Economic Empowerment and Development Strategy (NEEDS I & II), Nigeria's Strategy for attaining the Millennium Development Goals, and the Seven Point Agenda.
NEEDS [1] is Nigeria's home- grown poverty reduction strategy (PRSP). NEEDS builds on the earlier two-year effort to produce the interim PRSP (I-PRSP), and the wide consultative and participatory processes associated with it. NEEDS is not just a plan on paper, it is a plan on the ground and founded on a clear vision, sound values, and enduring principles. It is a medium term strategy (2003– 07) but which derives from the country's long-term goals of poverty reduction, wealth creation, employment generation and value re-orientation.
NEEDS is a nationally coordinated framework of action in close collaboration with the State and Local governments (with their State Economic Empowerment and Development Strategy, SEEDS) and other stakeholders to consolidate on the achievements of the last four years (1999–2003) and build a solid foundation for the attainment of Nigeria's long-term vision of becoming the largest and strongest African economy and a key player in the world economy. [2]
On the State level, State Economic Empowerment and Development Strategies (SEEDS) are being developed to complement NEEDS. The donor community, made up of IBRD, DFID, EU and UNDP, is taking advantage of this change to align their local programs to improve the quality of assistance to the country.
Since states receive over 52% of federal resources, NPC – in collaboration with the donors-decided to develop a system whereby state performance can be monitored using SEEDS and to identify priority areas and states that demonstrate effective use of allocated resources.
The SEEDS process was launched in early 2004 and a SEEDS Manual designed by the National Planning Commission (NPC) setting out the required contents and process for an effective SEEDS was disseminated to all state via a national dissemination process involving representatives of government, civil society and the private sector at state level. Subsequently, technical assistance was offered to all state to support the development of their SEEDS by teams of consultants with relevant expertise.
Benefits to Selected States
The Centre for Management Development (CMD) is a resource institution established by Decree 51 of 1976 as the operational arm of the Nigerian Council for Management Development.
The Federal Executive Council, in line with the Federal Government's policy on rationalization of the Public Service, approved the merger of the Centre with the National Centre for Economic Management and Administration (NCEMA). Following this, NCEMA was shut down and all its activities transferred to CMD.
Specifically, the Centre pursues one of its roles of capacity building by:
Identifying the type and quantity of programmes required for the country's managerial manpower; developing resources for management teaching, training and consultancy; building institutions to meet the need of national development; improving the quality and enhancing the use of management consulting, research and training; serving primarily as a training centre for economic planners, policy analysts, budget and project officers at the federal, state and local government levels; developing and strengthening specific skills that will enhance the quality of management of the national economy at the macro and sectoral levels; and being a policy laboratory for vigorous and sustained development and promotion of highly specialized skills required for enhancing efficient and effective planning and management of the Nigerian economy among others.
In addition to these mandates, the Centre undertakes the management development component of small-scale industries development through the design and provision of suitable training packages for small-scale industrialists and officials of federal/state agencies, which have responsibilities for developing small-scale industries in the economy.
Director-General Dr Kabir Kabo Usman Assumed office January 2010 – Present
Preceded by Dr Joseph Maiyaki
Poverty Reduction Strategy Papers (PRSPs) are documents required by the International Monetary Fund (IMF) and World Bank before a country can be considered for debt relief within the Heavily Indebted Poor Countries (HIPC) initiative. PRSPs are also required before low-income countries can receive aid from most major donors and lenders. The IMF specifies that the PRSP should be formulated according to five core principles. The PRSP should be country-driven, result-oriented, comprehensive, partnership-oriented, and based on a long-term perspective. The PRS process encourages countries to develop a more poverty-focused government and to own their own strategies through developing the plan in close consultation with the population. A comprehensive poverty analysis and wide-ranging participation are vital parts of the PRSP formulation process. There are many challenges to PRS effectiveness, such as state capacity to carry out the established strategy. Criticism of PRSP include aid conditionality, donor influence, and poor fulfillment of the participatory aspect.
Structural adjustment programs (SAPs) consist of loans provided by the International Monetary Fund (IMF) and the World Bank (WB) to countries that experience economic crises. Their stated purpose is to adjust the country's economic structure, improve international competitiveness, and restore its balance of payments.
The African Peer Review Mechanism (APRM) is a mutually agreed instrument voluntarily acceded to by the member states of the African Union (AU) as a self-monitoring mechanism. It was founded in 2003.
Capacity building is the improvement in an individual's or organization's facility "to produce, perform or deploy". The terms capacity building and capacity development have often been used interchangeably, although a publication by OECD-DAC stated in 2006 that capacity development was the preferable term. Since the 1950s, international organizations, governments, non-governmental organizations (NGOs) and communities use the concept of capacity building as part of "social and economic development" in national and subnational plans. The United Nations Development Programme defines itself by "capacity development" in the sense of "'how UNDP works" to fulfill its mission. The UN system applies it in almost every sector, including several of the Sustainable Development Goals to be achieved by 2030. For example, the Sustainable Development Goal 17 advocates for enhanced international support for capacity building in developing countries to support national plans to implement the 2030 Agenda.
The Economic Council of Canada was an independent economic advisory body established as a federal Crown Corporation by the Government of Canada in 1963. Its purpose was to report on a wide range of pressing matters relating to Canada's economic development, focusing on five main economic objectives: full employment, sustained economic growth, price stability, equitable distribution of rising incomes, and a viable balance of payments. The council was dissolved alongside six other government organizations in 1993.
Rural development is the process of improving the quality of life and economic well-being of people living in rural areas, often relatively isolated and sparsely populated areas. Often, rural regions have experience rural poverty, poverty greater than urban or suburban economic regions regions due to lack of access to economic activities, and lack of investments in key infrastructure such as education.
The Joint Ocean Commission Initiative is a bipartisan, collaborative group in the United States that aims to "accelerate the pace of change that results in meaningful ocean policy reform." The Joint Initiative was established by the members of two major U.S.-based oceans commissions: the Pew Oceans Commission and the United States Commission on Ocean Policy. It was originally co-chaired by former White House Chief of Staff Leon Panetta and former Chief of Naval Operations Admiral James D. Watkins, chairs of the Pew and U.S. Ocean Commissions, respectively. Currently, the Joint Initiative is led by a Leadership Council, which is co-chaired by Christine Todd Whitman, former EPA Administrator under President George W. Bush and former governor of New Jersey, and Norman Y. Mineta, Secretary of Commerce under President Bill Clinton and Secretary of Transportation under President George W. Bush.
Kenya Vision 2030 is a Kenyan development program, aiming to raise the average standard of living in Kenya to middle income by 2030. It was launched on 10 June 2008 by President Mwai Kibaki. Developed through "an all-inclusive and participatory stakeholder consultative process, involving Kenyans from all parts of the country," the Vision is based on three "pillars": Economic, Social, and Political. The Vision's adoption comes after the country's GDP growth went from 0.6% in 2002 to 6.1% in 2006, under Kibaki's Economic Recovery Strategy for Wealth and Employment Creation (ERS).
Shamsuddeen Usman,, is a Nigerian economist, banker, technocrat and public servant. He is currently the CEO of SUSMAN & Associates, an economic, financial and management consulting firm headquartered in Nigeria. He was the Finance Minister of Nigeria between June 2007 and January 2009 and also served as the Minister of National Planning from January 2009 to September 2013. Usman is the Chairman of Citibank Nigeria Limited.
The Nigerian Economic Summit Group (NESG) is a non-profit, non-partisan, private sector organisation with a mandate to promote and champion the reform of the Nigerian economy into a modern, globally competitive, sustainable, inclusive, open economy.
The Federal Ministry of Innovation, Science and Technology is a Nigerian ministry whose mission is to facilitate the development and deployment of science and technology apparatus to enhance the pace of socio-economic development of the country through appropriate technological inputs into productive activities in the nation. It is headed by a Minister appointed by the President, assisted by a Permanent Secretary, who is a career civil servant. President Bola Tinubu, GCFR on 16 August 2023 appointed Uche Nnaji as the Minister of Science and Technology. Mr James Sule, mni is the current permanent secretary in the ministry.
Tanzania has a current population of 55.57 million people. Current statistics form the World Bank show that in 2011, 49.1% of Tanzanians lived below US$1.90 per day. This figure is an improvement over 2007's report indicating a poverty rate of 55.1%. Tanzania has seen annual GDP gains of 7% since 2010 and this economic growth is attributed to this positive trends for poverty alleviation in Tanzania. The 2019 World Bank report showed that in the last 10 years, poverty has reduced by 8 percent, from 34.4% in 2007 to 26.4% in 2018.
Amara M. Konneh is a Liberian national who serves as a senior advisor for Africa for the World Bank. In this role, he advises the World Bank on regional economic integration to create economic hubs for value chains and helps build strategic partnerships with Africa's regional economic commissions. Prior to that, he served as lead advisor for the Bank's engagements in countries affected by fragility, conflict, violence, and forced displacement with emphasis on Ethiopia, Eritrea, Kenya, and Nigeria.
Policy coherence for development (PCD) is an approach and policy tool for integrating the economic, social, environmental and governance dimensions of sustainable development at all stages of domestic and international policy making. It is the aim of Policy Coherence for Development to make foreign relations to be as ecologically, economically and socially coherent as possible and thereby to make international co-operation for international development more effective.
Wahidullah Waissi is a career Afghan diplomat. He is now serving as the ambassador of the Islamic Republic of Afghanistan to the Commonwealth of Australia, New Zealand and Republic of Fiji. He worked as Director-General for Economic Cooperation at the Ministry of Foreign Affairs of Islamic Republic of Afghanistan from 2012 to 2016 overseeing regional economic cooperation and multilateral development partnerships, chaired economic diplomacy committee, coordinated Regional Economic Cooperation Conference for Afghanistan process and projects and served as a Focal Point for economic Confidence Building Measures (CBMs) of the Heart of Asia Istanbul Process.
Michael Jacobs is an English economist. He is a professorial research fellow at the Sheffield Political Economy Research Institute at the University of Sheffield. He was previously a special adviser to former UK Prime Minister Gordon Brown, Co-Editor of The Political Quarterly, in charge of the full-time staff of five at the Fabian Society, director of the Commission on Economic Justice at the Institute for Public Policy Research and a visiting professor in the Department of Political Science and School of Public Policy, University College London.
The Ministry of Fisheries and Aquaculture Development is a ministry in the Ghanaian government that concentrates on carrying out development interventions to move the fisheries sector and the industry to contribute efficiently to the overall development of the Ghanaian economy. This forms part of the 2014-2017 Sector Medium Term Development Plan.
Sustainable Development Goals and Nigeria is about how Nigeria is implementing the Sustainable Development Goals within the thirty-six states and its Federal Capital Territory (FCT). The Sustainable Development Goals (SDGs) consist of seventeen global goals designed as a "blueprint to achieve a better and more sustainable future for all". Each of the 17 goals is expected to be achieved by 2030 in every country around the world.
The Nigeria national debt or simply national debt of Nigeria is the total amount of money that the Federal Government of Nigeria owes to its creditors, both domestic and external. The national debt is composed of two main components: debt held by the public and debt held by government accounts. Debt held by the public includes Treasury securities held by investors outside the federal government, such as individuals, corporations, the Central Bank of Nigeria, and foreign, state and local governments. Debt held by government accounts includes non-marketable Treasury securities held in accounts of programs administered by the federal government, such as the Nigeria Social Insurance Trust Fund. The national debt is measured as the face value of the outstanding Treasury securities at a given point in time.