NASS to host national dialogue on planning, budget reforms to achieve $1trn economy

By Gift Chapi-Odekina, Abuja

The National Assembly has announced plans to hold a two-day national policy dialogue aimed at strengthening Nigeria’s planning and budgeting framework to drive sustainable economic growth and achieve a $1 trillion economy target.

Chairman of the House Committee on National Planning and Economic Development, Gboyega Isiaka (APC–Ogun), speaking on behalf of the joint Senate-House committee, said the dialogue will bring together key stakeholders from government and the private sector to rethink Nigeria’s development strategy.

Scheduled for April 14–15, 2026, the event will take place at the Bola Ahmed Tinubu International Conference Centre in Abuja. The initiative is being organized in collaboration with the Office of the Vice President, the Ministry of Finance, the Ministry of National Planning, and the Budget Office of the Federation.

Isiaka explained that the forum will focus on “imperatives of national planning and economic budgeting for sustainable growth,” stressing the need to align national development plans with the budgeting process.

“Nigeria’s current growth rate is about 3.54 per cent, but to reach a $1 trillion economy, we must outpace this rate and also grow faster than our population growth of about 2.7 per cent,” he said.

He noted that Nigeria has implemented several development frameworks over the years—from pre-independence plans to Vision 2020 and the Economic Recovery and Growth Plan—but results have been mixed due to economic and structural challenges, including oil price fluctuations and external factors.

“This dialogue provides a platform to gather ideas from policymakers, legislators, heads of Ministries, Departments, and Agencies (MDAs), as well as professionals in finance, procurement, and economic planning,” Isiaka said. “The aim is to develop a national plan and budgeting system that will deliver sustainable growth.”

Deputy Chairman of the House Committee on Budget and National Planning, Hon. Clement Jimbo, emphasised the critical role of effective planning in national development.

“If you fail to plan, you are planning to fail,” Jimbo said, citing Singapore’s rapid transformation as an example. “Even incremental gains from this dialogue can help improve Nigeria’s development trajectory.”

Addressing concerns about Nigeria’s current budgeting model, particularly the envelope system, Jimbo acknowledged its limitations but noted that no system is without flaws. He added that alternative approaches, including performance-based budgeting, will be explored during breakout sessions designed to allow MDAs to share experiences and propose reforms.

On managing potential oil windfalls, Jimbo said the executive branch bears primary responsibility but expressed confidence in ongoing efforts. “One option is to save excess revenue above budget benchmarks for downturns, while another is to adjust the budget to reflect new realities,” he said.

The lawmakers reiterated that the dialogue marks a significant step toward building a more responsive and effective national planning and budgeting system capable of driving long-term economic growth.

The post NASS to host national dialogue on planning, budget reforms to achieve $1trn economy appeared first on Vanguard News.