The Federal Executive Council (FEC) on Wednesday approved the 2021-2025 National development Plan (NDP) which investment size is projected at N348.7 trillion.
Minister of finance, budget and national planning, Zainab Ahmed, who briefed the press at the end of the meeting presided by Vice President Yemi Osinbajo, said the plan is structured on economic growth and development, infrastructure, public administration, human capital development, social development and regional development.
She said while the public sector will contribute N49.7 trillion representing 14.3 per cent, the private sector will contribute N298.3 trillion, representing 85.7 per cent to the development plan to make up the investment size.
Funding strategy for the plan, according to the minister, includes broadening the tax base and expanding the capacity of the private sector through creating investment opportunities and delivering quality engagements and incentives.
“This national development plan we call NDP for short is structured around six concepts, and these concepts include economic growth and development, infrastructure, public administration, human capital development, social development and regional development.”
“Also the public sector expenditure component of N49.7 trillion will be contributed by the federal government as well as the states.
“The federal government expenditure component is N29.6 trillion representing 8.5% of the total expenditure size while the state governments will contribute N20.1 trillion representing 5.8%” Ahmed added.
The minister further stated that as part of funding strategy for the plan, the federal government will broaden the tax base and expand the capacity of the private sector through creating investment opportunities and delivering quality engagements and incentives.
Others, according to her, include exploring domestic and concession financing sources and strengthening and setting up financial investments vehicles and public-private partnership as well as the Nigerian investment.
