President Muhammadu Buhari has launched the National Development Plan (NDP).
The newly launched NDP will last from 2021-2025.
President Buhari launched the NDP on Wednesday shortly before the commencement of the weekly virtual cabinet meeting at the Presidential Villa Abuja.
The NDP 2021-2025 was approved by the Council on November 10 this year as the successor plan to the Economic Recovery Plan, 2017-2020.
Speaking on the launch, the Minister of finance, budget and national planning Zainab Ahmed said that the NPD 2021-2025 is structured around six clusters.
According to Ahmed, “These 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 GDP growth of 5% over the plan period. The plan is estimated to have an investment size of N348.7 trillion over a five-year period.
“The investment size of the plan would be contributed by the public sector at N49.7 trillion, representing 14.3% and the private sector at N298.3 trillion, representing 85.7%.
She added that the federal government and the states would contribute to the public sector expenditure component of N49.7.
It would interest you to know that the federal government expenditure component is N29.6 trillion, representing 8.5% of the total expenditure size, while the sub-national governments would be contributing N20.1 trillion, representing 5.8%.
Ahmed said that the funding strategies identified for the NDP 2021-2025 were broadening the tax base; enhancing the capacity of the private sector through creating investment opportunities and deliberate policy engagements and incentives.
Other funding strategies include exploring domestic and concessionary financing sources and setting up financial investment vehicles, such as growth funds and public-private partnerships and the Nigeria Investment and growth fund.