The Federal Executive Council on Wednesday approved a 2021-2025 National Development Plan with an investment size of N348.7 trillion.
Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this after the virtual meeting chaired by Vice President Yemi Osinbajo on Wednesday.
Mrs Ahmed noted that the five-year plan which succeeds the Economic Recovery and Growth Plan (ERGP) that expired in December 2020, is structured around six concepts including economic growth and development, infrastructure, public administration, human capital development, social development and regional development.
According to her, the Federal Government would broaden the tax base and expand the capacity of the private sector through creating investment opportunities as part of a funding strategy for the plan.
In addition, the plan underpinned by a macroeconomic framework projecting an average GDP growth of 5 per cent, would have contributions by the public sector at N49.7 trillion representing 14.3% and the private sector at N298.3 trillion made towards the investment size.
The annual national budget would also be derived from the plan.
This development comes a few hours after the Senate approved President Muhammadu Buhari’s External Borrowing (Rolling Plan) request in the sum of $16,230,077,718, and €1,020,000,000.
Also approved by the upper chamber was a grant component of $125 million.
The loans are to be funded by the World Bank, China Exim Bank, industrial, and commercial banks as well as African Development Bank (AfDB) among others.
Expatiating on the National plans, Minister of state for budget and national planning, Prince Clem Ikanade Agba, whose schedule it is to supervise and coordinate national development plans, said “in going into this plan, we took a look at the previous plan, that is ERGP, with a view to seeing what the criticisms were; what did we do well and vice versa; and one of the downsides that we learnt from from the ERGP or complaints that came from people was that: it wasn’t inclusive enough; it wasn’t participatory enough, and that people saw it as a federal government plan.
“So, deliberately, for this National Development Plan 2021-2025, the issue of no one being left behind was key. We have to make sure it’s national enough. That is to say that it should be prepared by federal government, State governments, local governments, and more importantly, the organised private sector.
“That is why in terms of governance structure that was approved by Mr President, we have two co-chairs. One is from the private sector, Mr Atedo Peterside, and one from the public sector, my sister, Dr Zainab Ahmed.
“The National Steering Committee has 42 members. Key ministers are part of it, members of Manufacturers Association of Nigeria (MAN), and other organs of organised private sector are part of it.
“From the state, we have six governors representing each of the geo-political zones. We have ALGON represented by their President. ALGON also nominated members in the Central Working Group.
:The Nigeria Governors Forum (NGF) was also part of the Central Working Group. Then, we ensured that the Technical Working Group, which has 26 members, has youth representation in each of those thematic areas.
“We also have the inclusion of women in each of these 26 Technical Working Groups. In fact, the National Steering Committee has its co-chair- a woman. The chair of Central Working Group is also a woman. We went over and beyond to ensure that this plan is not just seen as a plan of this government but the plan of the nation, including the three political parties at the Senate level.
“The APC, PDP, and APGA were all invited to participate at the National Steering Committee level.
“Religion wasn’t left out. The heads of Christian Association of Nigeria (CAN) and Muslims organization were involved.
“The physically challenged were also part of it.
When the zero plan of the plan was put together, it was again circulated among these groups for review.
“It went through National Economic Council (NEC) and today it now passed through the Federal Executive Council for approval. This is just to ensure that everyone is on board because when you are part of a building, then you understand various sections of the building; where the rooms are, where the kitchen is, and where to go for your food.”
Wednesday’s approval was sequel to the consideration of the report of the Senate Committee on Local and Foreign Debts, as presented by the Chairman of the Committee, Senator Clifford Ordia.
Ordia, while presenting the report, said the projects which funds are requested for in the 2018-2020 borrowing plan are ongoing.
The lawmaker noted that the said projects would stimulate a “rebirth of commercial and engineering activities and the consequent tax revenues payable to Government as a result of these productive activities will increase.”
In September 2020, President Buhari requested the facilities in an addendum to the 2018-2020 borrowing plan.
The National Assembly had in July approved the sums of $8.3 billion and €490 million loans as initial requests.
Making a case for the extra request, the president stated that the loans would stimulate the economy and create jobs.
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