OrderPaperToday -The House of Representatives has called on the executive to design a 40 years SMART economic plan to respond to the post-covid-19 realities.
The House made the call on Tuesday following a motion moved by Henry Nwawuba (PDP, Imo) which further urged the executive to develop a strategic economic development framework which will lead to achieving sustainable development.
Moving the motion, Nwawuba expressed displeasure that Nigeria failed to achieve the objectives of the Millennium Development Goals (MDGs) and the Vision 2020 goals.
He said the 40 years plan must aim at moving Nigeria away from dependence on oil for survival.
“Diversification of Nigeria’s economy is the only viable way to survive the current global economic uncertainty with the unpredictability of international oil prices, decline in the nation’s foreign exchange reserves from $45 billion recorded in June 2019 to $36.2 billion in March 2020 and growing concern of post COVID-19 global economic outlook as businesses close down across the world, ” he said.
Nwawuba also said that the outbreak of the “current world ravaging novel Corona Virus (COVID-19) has revealed our nation’s unpreparedness to manage pandemics and progressive population despite Nigeria’s oil revenue of over 80 trillion dollars in 40 years.”
He argued that requisite institutions will pave way for “massive industrialization, political and economic development in line with evolving viable international policy model.”
When the motion was put to vote, the “ayes” had it.