FG completes work on 5 year economic plan

The federal government has completed the Medium-Term National Development Plan for 2021-2025 which seeks to recalibrate economic growth parameters. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed this on Monday at the Nigerian Economic Summit (#27) organised by the ministry in partnership with the Nigerian Economic Summit Group (NESG). Mrs Ahmed […]

The federal government has completed the Medium-Term National Development Plan for 2021-2025 which seeks to recalibrate economic growth parameters.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed this on Monday at the Nigerian Economic Summit (#27) organised by the ministry in partnership with the Nigerian Economic Summit Group (NESG).

Mrs Ahmed said, “We have concluded work on the Medium-Term National Development Plan for 2021-2025 which sets the development agenda for sustainable growth driven by new and emerging economic sectors.”

The ministry had previously estimated that at least N350 trillion would be needed to implement the plan, giving the breakdown thus: The private sector will contribute a total of N300tr between 2021 and 2025, adding that states and the federal government will contribute N50tr, with the federal government bringing N30tr, while states will contribute N20tr.

However, it is not clear how the federal government intends to achieve this as the fiscal position of the country keeps getting direr.

On the private sector side, the minister said the federal government would rev up incentives to attract investments.

She said, “Government cannot drive the required investments on its own and acknowledges the need to continue to incentivise private sector participation in the much-needed economic transformation of our country.”

Mrs Ahmed also noted that, “The Annual Finance Acts, an important innovation introduced by this administration, are also key tools for effecting fiscal policy change and incentivising private sector actors.”