*The Federal Government says the five-year plan is structured around six concepts, including economic growth and development, infrastructure, public administration, human capital development, social development and regional development of the country

Isola Moses | 绿帽献妻

The Federal Executive Council (FEC), in Nigeria, has approved a 2021-2025 National Development Plan with an investment size of N348.7trillion, structured around six concepts for inclusive socio-economic growth and development of the country.

绿帽献妻 reports the key areas of focus of the new-fangled development plan including economic growth and development, infrastructure, public administration, human capital development, social development and regional development of the West African country .

Vice-President (Prof.) Yemi Osinbajo presides over FEC’s virtual meeting in Abuja, FCT

Mrs. Zainab Ahmed, Honourable Minister for Finance, Budget and National Planning, disclosed this development after the virtual meeting chaired by the country鈥檚 Vice-President, Prof. Yemi Osinbajo, Wednesday, November 10, 2021.

The Minister disclosed that the five-year plan, which is sequel to the Economic Recovery and Growth Plan (ERGP) billed to expire December 2021, is structured around six concepts.

According to Mrs. Ahmed, such major areas include economic growth and development, infrastructure, public administration, human capital development, social development and regional development.

The Federal Government, she stated, 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.

The Minister also said that the plan, underpinned by a macroeconomic framework projecting an average GDP growth of five percent, will have contributions by the public sector at N49.7trillion, representing 14.3 percent and the private sector at N298.3trillion made towards the investment size.

The annual national budget will also be derived from the plan, the government noted.

It is noted that the approval came a few hours after the Nigerian Senate approved President Muhammadu Buhari鈥檚 External Borrowing (Rolling Plan) request in the sum of $16,230,077,718, and 鈧�1,020,000,000.

The Upper Legislative House of the National Assembly also approved a grant component of $125million.

The Federal Government indicated that the latest 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.

The NASS approval Wednesday was sequel to the consideration of the report of the Senate Committee on Local and Foreign Debts, as presented Senator Clifford Ordia, Chairman of the Committee.

While presenting the report, Senator Ordia said the projects, which funds are requested in the 2018-2020 borrowing plan, are ongoing.

The Federal lawmaker further stated that the said projects would stimulate a 鈥渞ebirth of commercial and engineering activities and the consequent tax revenues payable to Government as a result of these productive activities will increase.鈥�

Recall President Buhari September 2020, had requested the facilities in an addendum to the 2018-2020 borrowing plan.

The NASS July 2021 approved the sums of $8.3 billion and 鈧�490 million loans as initial requests.

Justifying the rationale for the extra request, President Buhari had stated that the loans would stimulate the economy and create jobs.

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