From Uche Usim, Abuja
The private sector is expected to pool N298.3 trillion (89.7%) of the 2021-2025 National Plan’s total spend.
Specifically, the Plan aims to generate 21 million full-time jobs and lift 35 million people out of poverty by 2025; thus setting the stage for achieving the government’s commitment of lifting 100 million Nigerians out of poverty in 10 years.
An Abuja-based Development Economist, Mr Christopher Amadi while analysing the NDP described it as a worthwhile document that will make a meaningful impact on the country if well implemented.
He frowned at recent media reports which focused only on the planned external borrowing, which attempted to make a mockery of the Plan.
He said: “It is unfortunate to read that Nigeria’s public debt stock will rise to N50 trillion in the year 2023 due to the borrowings in the recently launched National Development Plan (2021 – 2025).
“It is unfortunate that these reports present a somewhat shallow picture of the plan by focusing on the borrowing needed to achieve the objectives and targets of the
Plan and ignore the policies, initiatives and actions included in the Plan.
“It will be recalled that the National Development Plan is a medium-term economic strategy document which
seeks to achieve vital developmental goals through significant investment in infrastructure, job creation,
human capital development amongst others. The Plan is a more robust program intended to succeed the
Economic Recovery Growth Plan (2017-2020).
“Whilst the government will need to borrow to contribute to the implementation of the Plan, for the purpose of clarity, the Plan provides for significant financing by the private sector as N298.3 trillion (89.7%) of the Plan’s total funding is expected from the private sector.
“The focus of certain media analysts on the public debt stock and borrowing in the Plan seem like an attempt to demean the Plan while also disregarding laudable efforts by the government to grow revenues and diversify the economy. The Plan’s objectives have been extensively detailed, and financing has been explained to show that it goes beyond mere borrowing, which was implied in these reports”.
Amadi encouraged the media to continue to bring awareness to members of the general public on all activities, initiatives and policies of the Nigerian government and its agencies in a balanced manner to drive the
necessary engagement and aid positive implementation where required.
The NDP and Agenda 2050 succeed the Economic Recovery and Growth Plan, 2017 – 2020 and Nigeria Vision 20:2020 Economic Transformation National Development Plan 2021-2025 07 Blueprint, both of which terminated in December 2020. The Committee was co-chaired by the Minister of Finance, Budget and National Planning, Dr (Mrs) Zainab Ahmed, for the Public Sector and Mr. Atedo Peterside for the Private Sector. The institutional framework had two levels below the NSC, which were the Central Working Group (CWG) and the Technical Working Groups (TWGs).