Implementation of national development plan to gulp N350tn -FG

The Federal Government has said that the 2021 National Development Plan will require a total of N350tn for infrastructural projects over the next five years.

The Minister of State for Finance, Budget and National Planning, Clem Agba, disclosed this on Wednesday at a media briefing ahead of the 27th Nigerian Economic Summit scheduled for October 25th to 26th.

According to the minister, the private sector will contribute a total of N300trillion between 2021 and 2025.

He added that states and the Federal Government will contribute N50 trillion, with FG bringing N30 trillion while states will contribute N20 trillion.

He said, “The National Development Plan 2021-2025 also benefited from the recommendations of the 26th summit.

“The funding requirement for the National Development Plan for 2021-2025 and the projects that have been projected is about N350tn and of this.

“N300 trillion is expected to flow in from the organized private sector in terms of investments and the government will be contributing about N50tn and the government here is the Federal and State.

“The portion of the Federal Government is N30trillion and for the states- that is the sub-nationals is N20trillion.”

Agba revealed that the 2021 National Development Plan will be Co-chaired by the founder of Stanbic IBTC Bank Plc and Anap Business Jets Limited, Atedo Peterside and Zainab Ahmed, Nigeria’s Finance Minister.

He stated that the resolutions reached at the last Economic Summit held in 2020 have been submitted to the Federal Executive Council for action.

Agba explained further that the resolutions have also been distributed to all Federal Ministries, Departments and Agencies to implement relevant aspects of the recommendation made by the economic think -tank.

“The National Development Plan 2021-2025 also benefited from the recommendations of the 26th summit,” he said.

Also speaking at the event, the Chairman of the NESG, Asue Ighodalo, said there is urgent need for the country to tackle all of the issues stunting economic growth through public and private partnerships.

He said, “Our country requires a major economic transformation. We possess extensive human and capital resources but we have not effectively leveraged our resources to catalyze economic growth and development.

“Our environment remains unattractive to the levels of capital we require to bridge our deficits and infrastructure gaps.”

He, however, commended the President for the efforts in saving the economy from the worst scenario through intervention programmes.

Ighodalo noted with concern the need to prioritise youths in policies and programmes that will equip them for future opportunities.

“There is a need to prioritise investments in our youth by upskilling them for the jobs of the future and opening up the social and political space for them to become a positive force for national development,” said the NESG boss.