The Federal Executive Council (FEC) yesterday approved the 2021-2025 National Development Plan (NDP), the successor plan to the current Economic Recovery and Growth Plan (ERGP).
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, announced this to State House correspondents after the week’s virtual meeting presided over by the Vice-President Yemi Osinbajo at the Presidential Villa in Abuja.
The minister said the plan has an investment size of N348.7 trillion, which would be pooled from the Federal and state governments, as well as the private sector.
She explained that the plan is structured on economic growth and development, infrastructure, public administration, human capital development, social development and regional development.
Mrs. Ahmed also explained that for the investment size, the public sector will contribute N49.7 trillion while the private sector will contribute N298.3 trillion.“Today, the Ministry of Finance, Budget and National Planning presented a memorandum to council, requesting for approval of national development plan for 2021-2025 which is a plan that is succeeding the Economic Recovery and Growth Plan (ERGP), 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.
“This also says that the plan will be underpinned by a micro economy framework, which projects an average GDP growth of five per cent… and the plan has been costed to have an investment size of N348.7 trillion over a five-year period.
“Also, the public sector expenditure component of N49.7 trillion will be contributed by the Federal Government as well as the states.
“The Federal Government expenditure component is N29.6 trillion, representing 8.5 per cent of the total expenditure size, while the state governments will contribute N20.1 trillion, representing 5.8 per cent.
“The funding strategy for the plan has also been identified. These include broadening the tax base and expanding the capacity of the private sector through creating investment opportunities and delivering quality engagements and incentives…
“The plan requires the establishment of a strong implementation mechanism and framework that promotes performance and accountability, which is necessary for the implementation of the plan.
“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 Plan Development Implementation will be in the planning arm of the ministry to ensure that the ministries, departments and agencies (MDAs), state governments and private sector organisations are all working in a coordinated fashion,” she said.
Also, the Minister of State for Budget and National Planning, Clement Agba, said the Federal Government took cognisance of the criticisms that trailed the ERGP, especially the argument that it was not inclusive enough, before coming out with the new National Development Plan.
Also, Health Minister Dr. Osagie Ehanire said FEC approved contracts worth about N1.264 billion for projects at the Federal Medical Centre in Katsina, and Uthman Dan Fodio University in Sokoto.
He said the council approved the procurement of an oncology and radioterapy centre for the medical centre to be able to handle cancer cases.
