Thread by @FinPlanKaluAja1

The Economic Recovery and Growth Plan (ERGP) is a Medium-Term Plan for 2017 – 2020, for the purpose of restoring economic growth while leveraging the ingenuity and resilience of the Nigerian people – the nation’s most priceless assets.

let us review it together.

"The ERGP has set a GDP growth target of 4.62 percent average annual growth between 2017 and 2020."

Economic growth has not approached 4% since 2017.

"The implementation of the Plan is projected to reduce unemployment from 13.9% as of Q3 2016 to 11.23% by 2020. This translates to the creation of over 15 million jobs during the Plan horizon or an average of 3.7 million jobs per annum. "

The unemployment rate is up

"Stabilizing the macroeconomic environment with low inflation, stable exchange rates, and sustainable fiscal and external balances"
The inflation rate has peaked, now declining, still double-digit. The exchange rate is not stable. External balances under pressure.

"Using agriculture to achieve food security, create jobs. Plans are already in place for national self-sufficiency in rice by 2018 and wheat by 2019/2020."

Imports of rice using CBN fx is banned, local rice output has increased but imports still need to meet demand

"The Plan outlines bold new initiatives for ramping up oil production to 2.5 million barrels per day by 2020, and revamping refineries to reduce petroleum product imports by 60 percent by 2018."

Nigeria was well short of this target.

"Under this Plan, oil revenues will be used to develop and diversify the economy, not just sustain consumption as was done in the past."

Currently, oil revenues cannot cover the salaries of federal workers

"The tax base will be improved by raising the VAT rate for luxury items from 5 to 15 percent from 2018 while improving CIT and VAT compliance to raise 350 billion annually."

FG has hit 50% of VAT raise target (5% to 7.5%)

FG on track to surpass VAT & CIT targets

statehouse.gov.ng/policy/economy…