November 11, (THEWILL) – The Federal Executive Council (FEC) has approved a five-year (2021-2025) National Development Plan (NDP).
The approved plan targets an annual gross domestic product (GDP) growth rate of five percent over the next five years.
The approval signals the return of the five-yearly plan to succeed the current Economic Recovery and Growth Plan (ERGP), which will expire in December 2021.
The development plan is structured around six concepts: economic growth and development, infrastructure, public administration, human capital development, social development, and regional development.
The minister of finance, budget and national planning, Mrs. Zainab Ahmed, disclosed this to State House correspondents after a virtual FEC meeting presided over by Vice President Yemi Osinbajo on Wednesday at the Presidential Villa, 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.
“This investment size is to be contributed by the public sector at N49.7 trillion, representing 14.3 per cent; and the private sector at N298.3, representing 85.7 per cent.
“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 NDP. h
The minister of health, Dr. Osagie Ehanire, said the FEC also 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.
“The FEC today considered three memos from the Ministry of Health, and all of them were in respect of procurements.
“First was the memo from the Federal Medical Center, Katsina for oncology and radioterapy center, to be able to handle cancer cases. The projected award was to a company for N1 billion and twenty-three million, five hundred thousand, six hundred and sixty-eight naira, eighty-six kobo for the completion period of 42 weeks and is going to be executed by a Nigerian company,” he said.
