The House of Representatives on Wednesday, April 29, 2026, passed for second reading a bill seeking to establish a 50 year national economic plan for Nigeria.
The proposed legislation, titled the National Economic Plan 2026 to 2076, was debated at plenary presided over by the Deputy Speaker, Benjamin Kalu.
Leading the debate, the sponsor of the bill, Amobi Ogah, decried Nigeria’s long standing challenges with policy inconsistency and weak implementation of development plans, noting that the bill provides a legal framework to ensure continuity across administrations.
“A 50 year national economic plan for Nigeria 2026 to 2076 represents a bold and transformative legislative initiative aimed at addressing one of the country’s persistent development challenges, policy inconsistency and short term economic planning,” Ogah said.
“The proposed bill seeks to establish a legally binding, long term economic framework that will guide national development across successive administrations.
“By institutionalising continuity, coordination and accountability, the bill is designed to reposition Nigeria’s economy for sustainable growth and global competitiveness.”
Nigeria has implemented several development blueprints over the years, including Vision 2010, Vision 20:2020 and the Economic Recovery and Growth Plan, many of which were ambitious but fell short at the implementation stage.
Frequent policy shifts, weak institutional structures and lack of legal backing have often led to abandoned projects, reversals and inefficient use of public resources.
Ogah noted that these structural gaps have slowed long term economic transformation and left the country exposed to external shocks, particularly fluctuations in global oil prices.
He said the proposed plan would provide a stable and predictable economic direction over an extended period, with a focus on macroeconomic stability.
“A long term plan enables government to articulate clear fiscal and monetary priorities, reducing uncertainty and volatility. Stability in economic policy is essential for maintaining investor confidence, managing inflation and ensuring sustainable growth,” he said.
“By anchoring economic decisions within a long term framework, Nigeria can better withstand external shocks and maintain steady progress.
“The absence of continuity in Nigeria’s economic policies has historically discouraged long term investment, particularly in capital intensive sectors such as infrastructure, manufacturing and energy.
“A legally binding 50 year plan sends a strong signal of policy credibility and commitment, reducing investment risk and attracting capital inflows.”
Citing global examples, the lawmaker said countries such as South Africa, Rwanda and Botswana have adopted long term development plans, while the African Union’s Agenda 2063 provides a continental framework for growth.
According to him, the bill seeks to promote economic diversification, strengthen institutional coordination in planning and provide legal backing for implementation, monitoring and evaluation.
It also introduces compliance and enforcement mechanisms for government institutions while boosting investor confidence through predictable policies.
Contributing to the debate, the House Leader, Prof. Julius Ihonvbere, urged lawmakers to support the bill, describing it as a strategic framework to entrench discipline in national planning.
“This is not even about the annual budget but a framework to reposition planning through discipline. This way, any party in power will not deviate from it,” he said.
Also speaking, Yusuf Gagdi, who represents Plateau State, said Nigeria experienced significant economic growth during the administration of General Yakubu Gowon through the implementation of national development plans.
“We started having problems when we abandoned agriculture for something else,” he said.
The bill is expected to return to the House for third reading before it is transmitted to the Senate for concurrence.
