The Federal Government has said a total of N350 trillion is required to fully implement the 2021-2025 National Development Plan.
will require a total of N350trn for infrastructural projects over the next five years, according to the Ministry of Finance, Budget and National Planning.
The Minister of State for Budget and National Planning, Prince Clem Ikanade Agba, stated this at a media briefing to commemorate the 27th Nigerian Economic Summit scheduled for October 25th to 26th, 2021.
According to the Minister, out of the N350 trillion meant for capital infrastructural projects, the private sector is expected to contribute a total of N300trn between 2021 and 2025. The balance of N50 trillion will be contributed by the Federal Government (N30 trillion) and States Government (N20 trillion)
He said, “The National Development Plan 2021-2025 also benefited from the recommendations of the 26th summit.
“In the funding requirement for the National Development Plan for 2021-2025, there will be a requirement of about N350trn and of this, N300trn is expected to flow in from the organised private sector in terms of investments and the government will be contributing about N50trn and the government here is the Federal and State.
“The portion of the Federal Government is N30trn and for the States- that is the sub-nationals is N20trn.”He revealed that the resolutions reached at the last Economic Summit held in 2020 have been submitted to the Federal Executive Council and have been distributed to all Federal Ministries, Departments and Agencies to implement relevant aspects of the recommendations.
Earlier in his welcome remarks, the Chairman of the NESG, Asue Ighodalo, emphasized the urgent need for the country to tackle issues stunting economic growth through public and private partnerships.
“Our country requires a major economic transformation. We possess extensive human and capital resources but we have not effectively leveraged our resources to catalyze economic growth and development.
“Our environment remains unattractive to the levels of capital we require to bridge our deficits and infrastructure gaps.
“There is a need to prioritise investments in our youth by upskilling them for the jobs of the future and opening up the social and political space for them to become a positive force for national development,” Ighodalo said.