142 435. Nigeria has nevertheless always had the potential and resources to reverse its socioeconomic misfortunes. Indeed, many of the distressing trends have been reversing since 1999 because comprehensive economic reforms have been implemented. These are aimed at increasing wealth, generating employment, reducing poverty, and reorientating values by empowering people, promoting private enterprise and changing the way government does business. 436. The economic strategy of the Olusegun Obasanjo administration (1999– 2007) consisted of two phases. The first four years were characterised by unstructured reforms. The second term, from mid-2003 to May 2007, saw the adoption of comprehensive economic reforms, referred to as the National Economic Empowerment and Development Strategy (NEEDS). President Umaru Musa Yar’Adua subsequently introduced a seven-point agenda for Nigeria’s development. The agenda was set within the context of a broader vision to elevate the country to one of the 20 most developed economies internationally by 2020. This third period was built on the foundations of the preceding two periods and the associated ‘national consensus’. It emphasises: deepening democracy and the rule of law; building an economy driven primarily by the private sector; zero tolerance for corruption; and restructuring and staffing government to ensure efficiency and good governance. 437. NEEDS is designed to restructure and transform the Nigerian economy through macroeconomic, structural, public-sector and institutional reforms. Collectively these reforms are expected to ensure socioeconomic empowerment, promote private-sector enterprise and change the way in which government conducts business. 438. The macroeconomic reforms are intended to: address Nigeria’s overreliance on oil revenues; stabilise the key macroeconomic indicators, particularly prices, exchange rates and interest rates; strengthen budget planning and implementing; and reverse the low levels of savings and the large debt overhang. The government negotiated a debt relief package, through the Multilateral Debt Relief Initiative (MDRI), to improve debt management and reduce its external debt burden. It also floated bonds to manage its domestic debt. The government created the Excess Crude Account to reduce fiscal overruns and external price shocks. It improved budget implementation by introducing a Medium-Term Expenditure Framework (MTEF), a Cash Management Committee (CMC), Medium-Term Sector Strategies (MTSSs), a due process mechanism and budget implementation reports. 439. The CMC is designed to ensure that government agencies and departments respect spending limits. The due process mechanism reduces publicsector fraud by scrutinising the use of public funds closely, particularly in the areas of procurement and awarding contracts. Budget implementation reports ensure transparency in the budgetary process and track public expenditure more effectively. The MTEF promotes, in part, longer-term financial planning and aligns public-sector expenditure to national priorities and objectives.