A recent announcement by the federal government has it that to secure the future of Nigeria in accordance with the National Development Plan (2021-2025), a sum of N350 trillion would be required. The government asserted that the NDP would eliminate impediments hindering the economy from attainment of its full potential, especially in the aspect of product-mapping as it will take away hindrances to businesses. Minister of Finance, Budget and National Planning, Zainab Ahmed, affirmed the government’s capability to work towards achievement of the NDP 2021-2025 target.
Acting Director of Macro-Economic Analysis Department, Felix Amaechi Okonkwo, speaking at the TV Forum that scrutinized binding constraints to implementing NDP, 2021-2025 in Abuja, stated that the NDP would be facilitated by the private sector with N300 trillion investment. He affirmed that this ongoing plan is unique from previous national plans. While the private sector provides N300 trillion, the federal government provides the remaining N50 trillion, summing it up to N350 trillion. Although the actual amount required it N348 trillion, a rounded up figure gives N350 trillion.
Attainment of regional and global agendas is possible with the plan.
Resultantly, the private sector bears 68 percent of the investment plan while the public sector carries only 14 percent. Zainab Ahmed, however, provided insight on reasons for the government’s decision to drive the NDP (2021-2025). She said the plan had the comprehensive capacity of attaining various regional and global agendas with inclusion of the AU Agenda 2023, the Sustainable Development Goals 2030 and the ECOWAS Integration Agenda 2050. The plan is designed to play a significant role in the international product complexity space.
It would also be responsible for the adoption of measures to ease constraints that have impeded the economy from achieving its full potentials. Minister of State for Finance, Budget and National Planning, Clem Agba, said that the plan was developed with caution to ensure that it is not regarded as an agenda of the President, Muhammadu Buhari, federal government of Nigeria and All Progressives Congress (APC). The plan was designed to be a National Development Plan that ensures inclusiveness and participation, with no one left behind.
Thefts in the oil sector caused havoc to revenue, delaying the plan.
Agba stated that execution of the plan has begun as the budget has recently been derived. He added that some of the projections that were made in terms of revenues were shaken this year from the oil sector. Theft dominated the sector that international oil companies were short in production, causing havoc to the revenue. Speaking at the forum, Special Adviser to the President on Finance and the Economy, Dr. Sarah Alade, affirmed that Volume Three of the plan contains the legislative imperatives and reforms that the government is required to do for achievement of relevant goals and attraction of private investors.
Dr. Sarah further revealed that the government is focusing on regional developments rather than rural developments. She envisaged three state Universities coming together to have one University and an international one. There is likewise emphasis on gender issues, people who require special needs, women and especially the youths. This deliberate emphasis on youths gives the mandate that they are employed and engaged in the development plan and in the aspect of creating job opportunities. Other speakers corroborated the plan in specific ways.
18 laws & 10 policies as potential threats to achieving plan.
According to Permanent Secretary, Nebeolisa Anako, the NDP (2021-2025) is a medium term development plan that maps out steps Nigeria will take to develop it’s economy for five years. He said that currently, 18 laws and 10 policies have been identified as potential obstacles to the smooth achievement of the plan. Also, Special Adviser to the President on Ease of Doing Business, Dr. Jumoke Oduwole, said development of the NDP required that the private sector observe legislative framework, access to justice, including the implementation and application of rules.