Vice President Yemi Osinbajo has said the President Muhammadu Buhari-led Federal Government was planning an economy that will work for all Nigerians, especially the poor and vulnerable.
Osinbajo said the plan was to accelerate growth for the country’s economy.
He spoke on Friday while delivering a keynote address at the 19th meeting of the National Council on Development Planning, themed “National Development Planning in Nigeria: Issues and Challenges”.
According to Osinbajo: “It is generally agreed that the primary purpose of planning in our economy is to accelerate growth and development outcomes that will improve the lives of Nigerians.
“To be meaningful, our planning processes must lead to tangible outcomes in the form of growth that exceeds population growth. Indeed, our plans must bring about an economy and society that works for all Nigerians.”
Osinbajo noted that an aspect of national planning that is often overlooked is how to manage distributional outcomes in a rapidly changing economic environment.
He said this while referencing the Buhari administration’s Social Investment Programmes, SIPs, as an example of deliberate efforts aimed at ensuring inclusive growth.
“This point is readily understood if we recall that the strength of feelings on issues like the national minimum wage or indeed the deregulation of PMS prices is related to their expected impact on the poor segments of society.
“It is accordingly important when drawing up national plans to take account of the interests of the more vulnerable members of society. This is why social investment and social protection are at the heart of the Buhari Administration’s policy interventions.
“Indeed, top of mind for Mr President is how to lift 100 million Nigerians out of poverty in this decade as we radically re-engineer the productive base of our economy in agriculture, manufacturing, mining and the digital and creative sectors,” he added.