The Federal Executive Council has approved the National Economic Development Plan (NDP) 2021-2025.
The NDP approval came during the FEC meeting chaired by Vice President Yemi Osinbajo on Wednesday.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, who briefed state house correspondents at the end of the meeting, said the plan would replace the Economic Recovery and Growth Plan (ERGP)
The ERGP elapses in December 2021.
According to Ahmed, the NDP is built around six pillars, which includes economic growth and development, infrastructure, public administration, human capital development, as well as social and regional development.
She added that the plan is under the macroeconomic framework, which projects average GDP growth of 5% over the period of the plan.
“The plan is equally projected to have an investment size of 348.7 trillion over the set 5year period.
“Investment size will be contributed by the public sector at 49.7trillion, which is 14.3%.
“In the all-inclusive plan, the private sector will net in 298.3trillion, representing 85.7%.
“The funding strategy also includes enhancing the tax base and boosting the capacity of the private sector to create investment opportunities as well as deliberate policy engagement and incentives, among others,” she said.