The Federal Executive Council (FEC) has approved the National Development Plan(NDP) for 2021 to 2025 to succeed the Economic Recovery and Growth Plan(ERGP) which expired in Dec. 2020.
Zainab Ahmed, Minister of Finance, Budget and National Planning disclosed this while briefing State House correspondents after a virtual FEC meeting presided over by Vice President Yemi Osinbajo on Wednesday at the Presidential Villa, Abuja.
She said the NDP was structured along six clusters–economic growth and development, infrastructure, public administration, human capital development, social development and regional development.
The minister said that plan had been costed to have an investment size of N348.7 trillion over the five-year period.
“The Ministry of Finance, Budget and National Planning presented a memo requesting approval for the NDP for 2021 to 2025, which is a plan that is succeeding the ERGP which expired in Dec. 2020.
“This National Development Plan, NDP, is structured along six clusters. The clusters include economic growth and development, infrastructure, public administration, human capital development, social development and regional development.
“The plan is underpinned by a macro-economic framework, which projects an average real GDP growth of five per cent per annum over the plan period.
“Also, the plan has been costed to have an investment size of N348.7 trillion over the five-year period.’’
Ahmed said the investment size was to be contributed by the public sector at N49.7 trillion, representing 14.3 per cent and the private sector at N298.3 trillion, representing 85.7 per cent.
According to her, the public sector expenditure component of N49.7 trillion will be contributed by both the Federal Government and the states.
“ The Federal Government expenditure component is N29.6 trillion, representing 8.5 per cent of the total expenditure size, while the sub-national government, states, will be contributing N20.1 trillion, representing 5.8 per cent.
“The funding strategies for the plan have also been identified and these include broadening the tax base, enhancing the capacity of the private sector through creating investment opportunities and deliberate policy engagements and incentives.
“There will also be exploring domestic and concessioning financing sources and setting up financial investment vehicles such as growth funds and public private partnership as well as the Nigerian Investment and Growth Fund. The implementation of the plan requires the establishment of a strong implementation mechanism and framework that promotes performance and accountability, which is necessary for the implementation of the plan.”