A bill seeking to establish a 50-year economic plan for
Nigeria has passed second reading at the House of Representatives.
Sponsored by Amobi Ogah, a lawmaker from Abia, the bill
scaled second reading during Wednesday’s plenary.
Leading the debate on the bill, Ogah described the proposed
national economic plan — spanning 2026 to 2076 — as a bold and transformative
initiative to tackle persistent development challenges and policy
inconsistency.
The legislator said the bill seeks to establish a legally
binding, long-term economic framework that will guide national development
across successive administrations.
He noted that by institutionalising continuity, coordination
and accountability, Nigeria’s economy will achieve sustainable growth and
global competitiveness.
The Abia lawmaker said Nigeria’s economy has been
characterised by a succession of development plans, many of which were
ambitious in conception but weak in implementation.
“From Vision 2010 to Vision 2020 and the economic recovery
and growth plan (ERGP), the country has repeatedly demonstrated its capacity to
plan, but not necessarily to sustain those plans,” Ogah said.
The chairman of the committee on HIV/AIDS, tuberculosis and
malaria control said frequent changes in government priorities, weak
institutional frameworks and the absence of legal enforceability have often led
to policy reversals, abandoned projects and inefficient use of public
resources.
“These structural deficiencies have hindered long-term
economic transformation, leaving the country vulnerable to external shocks,
particularly fluctuations in global oil prices,” he said.
The legislator said the proposed fifty-year national
economic plan will provide a stable and predictable economic direction over an
extended period.
Ogah added that the bill will ensure policy continuity
across successive administrations, promote diversification of the Nigerian
economy, strengthen institutional coordination in economic planning, provide
legal backing for implementation, monitoring and education, introduce
compliance and enforcement mechanisms for all government institutions, and
enhance investor confidence through predictable economic policies.
Backing the bill, Julius Ihonvbere, the majority leader,
said Nigeria needs a framework to reposition planning through discipline.
“This way, any party in power will not deviate from it,” he
said.
Lawmakers unanimously voted for the bill when Benjamin Kalu,
the deputy speaker who presided over plenary, called for a voice vote.
By
TheTimes Nigeria
