We Can’t Achieve $1trn Economy Target With 3.54% Growth Rate – Lawmaker

Chairman of the House of Representatives Committee on National Planning and Economic Development, Hon. Gboyega Isiaka, has said Nigeria’s current growth rate of about 3.54% is insufficient to meet its long-term economic aspirations, particularly the $1 trillion economy target.

He noted that growth must significantly outpace the country’s population increase, estimated at 2.7 per cent, to achieve meaningful progress.

Isiaka said this while addressing journalists in Abuja on Monday, when he announced the National Assembly Joint Committee on National Planning and Economic Development plan to hold a two-day dialogue.

The lawmaker who spoke on behalf of the panel said the event has been scheduled for April 14 and 15, 2026, at the Bola Ahmed Tinubu International Conference Centre, Abuja.

He explained that the dialogue would convene critical stakeholders from across government, the private sector, and policy institutions to chart a more coherent development path for the country.

Isiaka added that the dialogue is designed to bridge longstanding gaps between national development plans and budget implementation—an issue widely seen as a major constraint to sustainable economic growth.

According to him, the initiative—organised in collaboration with the Office of the Vice President, the Ministry of Finance, the Ministry of National Planning, and the Budget Office of the Federation—will focus on aligning Nigeria’s development agenda with its fiscal framework.

“We cannot continue on a business-as-usual trajectory. Our growth must not only accelerate but must also be deliberately tied to a well-structured and implementable national plan,” Isiaka said.

Reflecting on Nigeria’s history of development planning—from pre-independence strategies to Vision 2020 and the Economic Recovery and Growth Plan—he observed that while some frameworks recorded partial successes, many fell short due to structural weaknesses, macroeconomic volatility, and external shocks such as fluctuating oil prices.

“The lessons are clear. Plans alone are not enough; execution, consistency, and adaptability are critical. This dialogue is about getting it right going forward,” he added.

Isiaka explained that the forum would also serve as a platform for robust engagement among policymakers, legislators, heads of Ministries, Departments and Agencies (MDAs), and experts in finance, procurement, and economic planning, with the aim of producing actionable outcomes.

“We are bringing everyone to the table to build consensus around a planning and budgeting system that delivers real, measurable results for Nigerians,” he said.

Also speaking, Deputy Chairman of the House Committee on Budget and National Planning, Hon. Clement Jimbo, underscored the centrality of strategic planning to national development, warning that weak planning frameworks could continue to undermine economic progress.

“If you fail to plan, you are invariably planning to fail,” Jimbo said, as he pointed to global examples such as Singapore’s transformation through disciplined and forward-looking policies.

He emphasised that even marginal improvements from the dialogue could have far-reaching impacts on Nigeria’s development trajectory.

“Even if we achieve just one per cent improvement from the ideas generated here, it will significantly enhance our planning process and outcomes,” he noted.

Regarding Nigeria’s current budgeting model, particularly the envelope system, Jimbo acknowledged existing concerns but maintained that every system has inherent limitations. He explained that while alternatives such as zero-based budgeting offer advantages, they may be difficult to implement fully given the scale of government operations.

“With over a thousand MDAs, adopting zero-based budgeting wholesale could be time-intensive and impractical. What we need is a system that reflects our realities while improving efficiency and accountability,” he said.

He added that the dialogue would explore a range of options, including performance-based budgeting, with breakout sessions designed to enable MDAs to share experiences and propose reforms tailored to Nigeria’s context.

Responding to questions on managing potential oil windfalls, Jimbo said while the responsibility lies primarily with the executive, there are viable strategies to ensure fiscal stability, including saving excess revenues and adjusting budgets to reflect changing economic conditions.

“There are multiple pathways to managing windfalls effectively, and I am confident that with the right framework, Nigeria can better optimise such opportunities,” he said.

The lawmakers expressed optimism that the forthcoming dialogue would mark a turning point in Nigeria’s approach to development planning—laying the foundation for a more responsive, coordinated, and results-driven budgeting system capable of delivering sustained economic growth.