NEC endorses Renewed Hope Economic plan to fast-track $1trn economy

By Johnbosco Agbakwuru

ABUJA — THE National Economic Council, NEC on Thursday approved the Renewed Hope Development Plan (2026-2030), aimed at actualizing Nigeria’s journey to a $1 trillion economy.

The Ministry of Budget and Economic Planning under the purveiw of Atiku Bagudu is expected to kickstart the process with states of the federation keying into it to ensure inclusivity and accelerated growth.

The Vice President and Chairman of the Council, Senator Kashim Shettima, said the new national development plan will build on existing policies, deepen continuity, and align Nigeria’s growth trajectory with the long-term goals of Nigeria Agenda 2050.

He described the transition as critical to sustaining the country’s economic trajectory and consolidating the administration’s ongoing reforms.

“Another major consideration today is the expiration of the National Development Plan 2021–2025 and the preparation of its successor, the Renewed Hope Plan 2026–2030.

“This, to us, is no ordinary transition. It is the bridge between lessons learnt and ambitions pursued. The Renewed Hope Plan will consolidate ongoing reforms, deepen policy continuity, and align our medium-term strategies with the long-term horizon of Nigeria Agenda 2050. It’s a practical roadmap towards a $1 trillion economy by 2030,” he said.

He emphasised that the plan will be participatory rather than top-down, engaging multiple tiers of government, civil society, and private actors.

“What is even more crucial is that this plan will not be drawn from the ivory towers of Abuja alone. It will be participatory. We are going to keep on engaging state governments, local governments, organised private sector, civil society, labour, youth, and traditional institutions, and the conversation begins here today,” he noted.

The Vice President announced that NASENI has scaled up local production of solar-powered irrigation pumps to reduce energy costs for farmers and expand dry-season cultivation.

“This is the story of the nation’s refusal to be hostage to petrol-powered systems. This is an intervention to lower farmers’ energy costs, expand dry-season farming, and reinforce food security,” the Vice President stated.

On the role of NEC as a problem-solving platform, Shettima urged members to maintain the Council’s focus on translating policies into real outcomes for citizens.

“Distinguished colleagues, you have made sure that this Council is not a stage for applause. You are the reason it is a workshop for solutions. Let this 151st meeting echo as a continuation of our covenant.

“Let it be remembered not only for the issues tabled but for the resolve shown. Let it move from chamber to community, from rhetoric to result,” the Vice President stated.

The NEC also reviewed balances in the federation account as at 27th August 2025.

Accountant General of the Federation, who represented the Minister of Finance and coordinating Minister of the Economy, Wale Edun gave the update on the following account balances:

Excess Crude Account -$535,823.39, Stabilization Account- N78,453,757,583.19 and Natural Resources Account – N106,727,969,527.59.

But briefing State House Correspondents further on the new developments, Atiku Bagudu, Minister of Budget and Economic Planning disclosed that the plan, will be launched in December, 2025, to incorporate all the three tiers of government, from the local government to the national level.

The new plan will replace the 2021-2025 medium term plan, which expires this year.

Bagudu said the post COVID 2021-2025 plan could not achieve the projected 7% growth, due to the absence of strong political will be the previous government to implement reforms necessary for its success.

According to Bagudu, the 2021 to 2025 medium term plan was literally a post covid era plan, which challenged all, literally all countries in the world.

” Secondly, and because of that, some of the macroeconomic reforms that were intended to be taken both as a result of agenda 2050, in particular, were delayed until when President Tinubu assumed office in 2023 and he took the reforms.

” So, between 2021 to 2023 we didn’t quite take those removal of subsidy, foreign exchange, market liberalisation, and even the tax reforms and others.

” Regrettably, those actions were not taken and therefore, the anticipated result, of 7% growth rate was not achieved.

” But from 2023 when the macroeconomic reforms were taken, we have seen the economy responding as envisaged, with higher growth percentage and in addition to those macroeconomic reforms.

He stated that the federal government expects higher success from the 2026- 2030 plans on the backdrop of higher revenues to states and local government.

” They are getting more, more revenue. Their domestic borrowing had reduced substantially. That gives us the confidence in going to the next plan, 2026 and this lesson that had been learnt, we are confident that we can have a plan that will guide and support all the three tiers of government as well as the private sector, about how the next five years will look like”

The 30-year prospective plan provides that six, five-year medium-term plans that will be implemented.

Bagudu said the new plan will ensure policy continuity, consolidate ongoing reforms, and respond to emerging socioeconomic challenges.

” It will also help in providing a coherent framework to accelerate job creation, improve human capital, expand sustainable infrastructure, enhance food security, and strengthen social protection.

” The renewed HOPE plan, 2026-2030, will serve as a bridge between current reform momentum and the long-term aspirations of Nigeria’s Agenda 2050.

He disclosed that the preparation of the new plan will commence this month so that it can be completed on time for Mr. President can launch it in December

“This will enable federal, state, and local governments, among other users, to make use of it in ensuring that their programs reflect the consensus.

” Since this is a national development plan, the process of developing it will be participatory, involving the three tiers and arms of government, organized private sector, political parties, civil society, and peace-based organizations, opinion leaders, and traditional institutions, labor, youth, and student organizations to mention but a few.

” The three governance structures, namely a national steering committee, a central working group, and technical working group, which will be co-chaired by both public and private sector members, will be put in place to midwife the plan, as well as having governors to represent the six geopolitical zones”.

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