FEC approves N348.7tn investment for National Development Plan

Adebayo Obajemu

Minister of Finance, Budget and National Planning, Zainab Ahmed, has disclosed that the Federal Executive Council has approved a 2021-2025 National Development Plan with an investment size of N348.7 trillion.

The Federal Executive Council 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 expires in December 2021, 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 will 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 five per cent, will 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 will also be derived from the plan.

This development comes a few hours after the Senate approved President Muhammadu Buhari’s External Borrowing request in the sum of $16.23 billion and €1.020 billion.