The Federal Executive Council has approved the National Development Plan, NDP, 2021-2025 to succeed the Economic Recovery and Growth Plan, ERGP, 2017-2020, which expired in December 2020.
7 trillion plan was approved on Wednesday at the week’s cabinet meeting presided over by Vice President Yemi Osinbajo.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, who briefed State House correspondent after the meeting, said that the NDP 2021-2025 is structured along with six clusters.
The Minister of Finance, Budget and National Planning, Zainab Ahmed“The 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 real GDP growth of 5% per annum over the plan period.
Also, the plan has been costed to have an investment size of N348.
7 trillion over the five-year period.
Explaining the package, Mrs Ahmed said that the public sector would contribute N49.
7trillion, representing 14.
3% out of the N348.
7 trillion, while the private sector would contribute N298.
3trillion, representing 85.
“Also, the public sector expenditure component of N49.
7trillion will be contributed by both the federal government and the states.
“The federal government expenditure component is N29.
6trillion, representing 8.
5% of the total expenditure size, while the sub-national government, states, will be contributing N20.
1trillion, representing 5.
Ahmed said that the funding strategies for the plan have also been identified and included broadening the tax base, enhancing the capacity of the private sector through creating investment opportunities and deliberate policy engagements and incentives.
She said that the strategies would also include exploring domestic, concessioning financing sources and setting up financial investment vehicles such as growth funds and public-private partnerships as well as the Nigerian Investment and Growth Fund.
According to the minister, the implementation of the plan requires the establishment of a strong mechanism and framework that promotes performance and accountability.
“There will also be a Development Plan Implementation Unit that will report to the National Steering Committee, which will be headed by the vice president with the Minister of Finance, Budget and National Planning as vice-chair.
“The establishment of the Development Plan Implementation Unit will be in the planning arm of the ministry and the coordination of the implementation of the plan will be carried through to ensure that MDAs, state governments, private sector operators, civil society organizations, among others, are all working in a coordinated fashion.
“The plan also has a specific concentration to deliver during the five-year period.
Immediately we get this plan launched we will be continuing work on the longer-term plan, which is the Nigeria Agenda 2050.
“This is to make sure that we don’t have a vacuum going forward.
Will have a medium-term plan for five years and there is a long-term plan which is the Nigeria Agenda 2050.
She said that work on the long-term Nigeria Agenda 2050 would continue immediately after the NDP 2021-2050 is launched, adding that going forward, the national annual budget would be derived from the NDP 2021-2025.
The Minister of State for Budget and National Planning, Clem Agba, who also briefed the media, said that the National Steering Committee of the NDP 2021-2025, to be headed by the vice president, would have two co-chairs from the public and private sectors.
“The one from the private is Mr Atedo Peterside, while the one from the public sector is the Minister of Finance, Mrs Zainab Ahmed,” Agba stated.
He explained that the National Steering Committee would have a membership of 42 and has key ministers as part of it.
He said that six governors, representing the geo-political zones would also be members of the steering committee.
Agba also said that plan was designed with the inclusion of groups like women, religion, political parties, among others.
“So, deliberately for this National Development Plan 2021-2025 the issue of no one being left behind was key; we had to make that it is national enough.
He also explained that, in designing the plan, the ministry looked at the criticisms against the Economic Recovery and Growth Plan with a view to making changes that would address the issues raised about it.
Cabinet approves National Development Plan 2021-2025