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National Development Plan (2021-2025)

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By Mercy Kelani

Execution and achievement of the plan requires a sum of N350 trillion.

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.


Related Link

Natdevplan: Website


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Ask Nigeria
Admin
6 months ago

National Development Plan (2021-2025)Execution and achievement of the plan requires a sum of N350 trillion. – Express your point of view.

DimOla
DimOla
Member
6 months ago

The National Development Plan (2021-2025) is achievable if the sum of ₦350 trillion meant for the project are used for the intended project. Raising fund for the project might be challenging if the oil theft still persist.

Iyanu12345ogg
Iyanu12345ogg
Member
6 months ago

The National Development Plan (2021-2025) seeks to create a conducive environment for sustainable economic growth, build resilience to shocks and improve the quality of life for all. It is expected that the plan will drive the country’s progress towards achieving its long-term goals.

Christiana
Christiana
Member
6 months ago

Implementing this National Development Plan would remove obstacles preventing the economy from reaching its full potential. I simply hope the government proves effective in implementing it.

SarahDiv
SarahDiv
Member
6 months ago

The National Development Plan (2021-2025) is an achievable project that requires the support of everybody. Raising the sum of N350 trillion fund for the NDP plan will be a bit challenging especially with the oil theft that is uncontrollable. However, if the project can be executed, it will greatly benefit the country.

Haykaylyon26
Haykaylyon26
Member
6 months ago

National development plan If this plan is perform well it will benefit and improve things for us in the country building infrastructure, economy growth and find solution to the long term issue oil theft

Taiwoo
Taiwoo
Member
6 months ago

Where is the government ought to find this huge amount to execute the national development plan in the country. Although it has remarkable potential and would help a lot but they should not resort to loan for this.

Kazeem1
Kazeem1
Member
6 months ago

sum of N350 trillion require for plan for the development and improvement of the country this plan as to work because if it really does it will do good for the country

Tonerol10
Tonerol10
Member
6 months ago

Execution and achievement of the plan requires a sum of N350 trillion. This amount is too much for national development. How is this possible when Nigeria is still owing. God will help Nigeria

Abusi
Abusi
Member
6 months ago

They gave been planning for a long while and up till now, nothing productive has been done yet. I just hope their new plan on the betterment of Nigeria will be feasible.

Adeolastan
Adeolastan
Member
6 months ago

National Development Plan (2021-2025) is very good and necessary for the country to plan for a great development for nation. If only Nigeria government can do the needful