The Federal Executive Council (FEC) presided over by Vice President Yemi Osinbajo approved the 2021-2025 National Development Plan. The National Development Plan with an investment size of N348.7tn is expected to be funded by the federal, state governments, and also the private sector. The Minister of Finance, Budget, and National Planning, Dr. Zainab Ahmed briefed correspondents on Wednesday after the FEC’s meeting at the Presidential Villa, Abuja.
Ahmed said, “Today, the Ministry of Finance, Budget and National Planning presented a memorandum to council, requesting for approval of the National Development Plan for 2021-2025 which is a plan that is succeeding the Economic Recovery and Growth which will expire in December 2021.
“This National Development Plan we call NDP for short is structured around six concepts and these concepts include economic growth and development, infrastructure, public administration, human capital development, social development and regional development.”
According to her, the investment size to be contributed by the public and private sector would be N49.7tn and N298.3tn respectively.
She said, “The Federal Government expenditure component is N29.6tn representing 8.5 percent of the total expenditure size while the state governments will contribute N20.1tn representing 5.8 percent.
“The funding strategy for the plan has also been identified and this includes broadening the tax base and expanding the capacity of the private sector through creating investment opportunities and delivering quality engagements and incentives.”
