ABUJA – The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed yesterday identified lack of commitment to the implementation of the long-term development plans by successive governments as being responsible for their failures.
Ahmed stated this while fielding questions from the journalists, after the official closing ceremony of 25th Nigerian Economic Summit in Abuja.
The minister represented by Mr. Ben Akabueze, Director General of Budget Office, said successive governments in Nigeria had not kept faith in the implementation of the economic development plans.
While acknowledging the fact that development plans such as Education for All by 2000 and Vision 20:2020 failed to deliver, she noted the commitment of the present government to the implementation of the vision document.
According to her, “Really, it is true and a very fair comment to say that our previous plans have not delivered. That is partly because successive governments have not kept faith with the plans.”
It would be recalled that the Federal Government had announced that it was fine-tuning arrangements to embark on the development of 30 year economic long-term development plan.
The Minister of Finance, Budget and National Planning, who stated this in Abuja, said both Vision 20:2020 and the present administration’s Economic Recovery and Growth Plan(ERGP2016-2020), would expire next year, adding that there was the need for Nigeria to have long term economic development plan to guide her activities.
Commenting on the recent increase on the VAT rate in Nigeria, she said the Nigeria’s VAT Rate at 7.5% is the lowest in the world.
The minister further explained that VAT is a consumption tax, contending that it would not affect the generality of ordinary Nigeria, as they do not consume the things where VAT is chargeable.
He also said 85per cent of VAT revenue goes to states and local government areas while 15per cent is left with the Federal Government.
Also speaking, Mr. Asue Ighodalo, the Chairman of the Nigerian Economic Summit Group(NESG), assured that the recommendations of the just concluded Summit would be forwarded to the Minister of Finance, Budget and National Planning for onward presentation to Mr. President and Federal Executive Council.
The post Why Nigeria’s Development Plans Have Failed – Finance Minister appeared first on Independent Newspapers Nigeria.