National Devt Plan To Gulp 348.1tn, Says Buhari

Nigeria’s President Muhammadu Buhari has stated that the country’s proposed national development plan 2021 – 2025 requires the sum of 348.1 trillion to achieve its targets.

President Buhari who disclosed this on Wednesday in Abuja during launch and public presentation of the National Development Plan 2021 -2025, also stated that N298.3 trillion of this amount which is about 86 per cent would come from the private sector, while government would provide N49.7 trillion (14.3 per cent) to finance the it.

A statement by the Special Adviser to the President on Media and Publicity, Femi Adesina, revealed that the overall target of the plan is to achieve a broad-based real GDP growth rate of five per cent on the average during the period.

The statement also indicated that the Federal Government also plans to generate 21 million jobs, and through that approach, lift about 35 million people out of poverty.

He added that this would bolster the government’s target of lifting 100 million Nigerians out of poverty in 10 years, under the National Poverty Reduction with Growth Strategy.

‘‘This implies that successful implementation of the plan will require a strong partnership between the public and private sectors.

‘‘In this regard, a development plan implementation unit headed by the Vice President with the Minister of State, Budget and National Planning as the vice-chair will be established in the Budget and National Planning arm of the ministry to ensure overall coordination with the Ministries, Departments and Agencies; sub-national governments; Private sector operators and Civil Society Organisations,’’ Adesina stated.

He noted that the development plan recognised that sectors have differing potentials for growth and, as such, identified and leveraged those sectors with the highest potentials for stimulating growth.

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The National Development Plan which is for five years, is the successor to the Economic Recovery and Growth Plan 2017- 2020, which ended in December 2020