Nigeria’s Federal Government has said that the 2021 National Development Plan will require a total of N350 trillion for infrastructural projects over the next five years.
The Minister of State for Finance, Budget and National Planning, Clem Agba, said this on Wednesday at a media briefing ahead of the 27th Nigerian Economic Summit scheduled for October 25th to 26th, PUNCH reported.
According to the minister, the private sector will contribute a total of N300tn between 2021 and 2025.
He added that states and the Federal Government will contribute N50tn, with FG bringing N30tn and the states N20tn.
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; N300tn is expected to flow in from the organised private sector in terms of investments and the government will be contributing about N50tn. The government here is the federal and state.
“The portion of the Federal Government is N30tn and for the states, that is the sub-nationals is N20tn.”
Agba said the 2021 National Development Plan would 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 had been submitted to the Federal Executive Council for action.
Agba explained further that the resolutions had 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 was 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 catalyse 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 in order to equip them for future opportunities.