President Muhammadu Buhari has launched the National Development Plan, NDP, 2021-2025.
The President launched the NDP on Wednesday shortly before the commencement of the weekly virtual Federal Executive Council meeting at the Presidential Villa Abuja, the nation’s capital.
The NDP 2021-2025 was approved by the Council on November 10 this year as the successor plan to the Economic Recovery and Growth Plan, ERGP 2017-2020.
After the Plan was approved in November by the Council, the Minister of Finance, Budget and National Planning, Zainab Ahmed said it is structured around six clusters.
The clusters she said include economic growth and development, infrastructure, public administration, human capital development, social development and regional development.
Read Also : Electoral Act: Fifth time Buhari declines accent to Amendment Bill
Ahmed explained that the Plan is underpinned by a macro-economic framework, which projects an average Gross Domestic Product, GDP growth of 5% over the five-year period.
She also noted that the Plan has been estimated to have an investment size of N348.7 trillion over the period.
She said that 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%.
Also the public sector expenditure component of N49.7 would be contributed by the Federal and State Governments.
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 as well as the Nigeria Investment and Growth Fund.
(Editor: Terverr Tyav)
