Reps Advance Bill for 50-Year National Economic Plan
The House of Representatives has passed for second reading a bill seeking to establish a 50-year national economic plan covering 2026 to 2076, aimed at addressing Nigeria’s long-standing challenges with policy inconsistency and short-term planning.
The proposed legislation, sponsored by Amobi Ogah, is designed to create a legally binding framework that ensures continuity in economic planning across successive administrations. Lawmakers say the initiative is intended to strengthen coordination, accountability, and long-term development strategy in the country.
During plenary presided over by Deputy Speaker Benjamin Kalu, the House debated the general principles of the bill, highlighting Nigeria’s history of ambitious development plans that often suffered from weak implementation. Previous initiatives such as Vision 2010, Vision 20:2020, and the Economic Recovery and Growth Plan were cited as examples of plans that lacked sustainability due to shifting government priorities, weak institutional structures, and absence of enforceable legal backing.
The new bill seeks to provide a stable and predictable economic direction by institutionalising long-term planning. It is expected to enhance macroeconomic stability by guiding fiscal and monetary policies, reducing uncertainty, and helping the country better manage external shocks, including fluctuations in global oil prices.
Lawmakers also noted that the absence of consistent economic policies has discouraged long-term investments, particularly in capital-intensive sectors like infrastructure, manufacturing, and energy. The proposed plan is expected to improve investor confidence by signalling policy credibility and reducing risks associated with sudden policy changes.
In addition, the bill aims to promote economic diversification, strengthen institutional coordination in planning, and introduce mechanisms for implementation, monitoring, and enforcement across government institutions.
Support for the bill was expressed by several lawmakers, including House Leader Julius Ihonvbere, who emphasised the need for disciplined, long-term planning beyond annual budgets. Others pointed to past periods of economic growth tied to structured national development plans, stressing the importance of sustained implementation.
The legislation will proceed to a third reading in the House before being transmitted to the Senate for concurrence.
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