President Muhammadu Buhari will on Wednesday launch Nigeria’s National Development Plan, NDP, 2021-2025.
Minister of Finance, Budget and National Planning, Zainab Ahmed, stated this on Tuesday at the launch of the Baseline Report and Realignment of the National Statistical System with SDGs 2020 at the State House Conference Centre, Abuja.
Mrs Ahmed was represented by the Director, Macro-Economic Analysis in the ministry, David Adeosun.
The NDP 2021-2025 was approved by the Federal Executive Council on November 10 this year as the successor plan to the Economic Recovery Plan, 2017-2020.
While briefing State House correspondents after the plan was approved in November, Ahmed said that the NPD 2021-2025 is structured around six clusters.
“These clusters include economic growth and development, infrastructure, public administration, human capital development, social development and regional development,” she stated.
She added that the “plan is underpinned by a macro-economic framework, which projects an average GDP growth of 5% over the plan period.”
Investment size
According to Mrs Ahmed, the plan has “been costed to have an investment size of N348.7 trillion over the five-year 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 government and the states.
“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%.
Funding strategies
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.
Minister had also disclosed at the briefing that after the launch of the plan, work will continue on the long-term plan, which is the Agenda 2050.
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