FEC approves Economic Recovery Growth Plan worth N348.7trn

The Federal Executive Council (FEC) has approved the 2011-2025 National Development Plan (NDP), the successor plan to the Economic Recovery and Growth Plan (ERGP).

This was announced at the   State House Correspondents after the week’s virtual meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja.

According to the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who spoke on the approval by FEC, 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.

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She also explained that for the investment size, the public sector will contribute N49.7 trillion while the private sector will contribute N298.3 trillion.

According to her, the funding strategy includes broadening the tax base and expanding the capacity of the private sector through creating investment opportunities and delivering quality engagements and incentives.

“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 this concepts include economic growth and development, infrastructure, public administration, human capital development, social development and regional development.


“This also says that the part… by a micro economy framework which projects an average GDP growth of five percent over the… and also 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% and the private sector at N298.3 representing 85.7%.

“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% of the total expenditure size while the state governments will contribute N20.1 trillion representing 5.8%.

“The funding strategy for the plan has also been identified and this include broadening the tax base and expanding the capacity of the private sector through creating investment opportunities and delivering quality engagements and incentives.

Minister of State for Budget and National Planning, Clement Agba, said the Federal Government took cognizance of the criticisms that trailed the ERGP, especially the argument that it was not inclusive enough, before coming out with the new national development plan.

“In going into this plan, we took a look at the previous plan that is ERGP with a view to seeing what the criticisms were; what did we do well? And one of the downsides that we learnt from the ERGP or complaints that came from people was that: it wasn’t inclusive enough, it wasn’t participatory enough, and that people saw it as a federal government plan.

“So, deliberately, for this National Development Plan 2021-2025, the issue of no one being left behind was key. We have to make sure it’s national enough. That is to say that it should be prepared by federal government, state governments, local governments, and more importantly, the organised private sector.

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