The Federal Executive Council has approved a 2021-2025 National Development Plan with an investment tune of N348.7 trillion.
Minister of Finance, Budget and National Planning, Zainab Ahmed, stated this on Wednesday after FEC chaired by Vice President, Yemi Osinbajo.
Mrs Ahmed explained that the five-year plan that expires in December 2021, was structured around six concepts including economic growth and development, infrastructure, public administration, human capital development, social development and regional development.
She said the Federal Government would broaden the tax base and expand the capacity of the private sector through creating investment opportunities as part of a funding strategy for the plan.
This development comes a few hours after the Senate approved President Muhammadu Buhari’s External Borrowing (Rolling Plan) request in the sum of $16,230,077,718, and €1,020,000,000.
FEC also approved a grant component of $125 million.
The loans are to be funded by the World Bank, China Exim Bank, industrial, and commercial banks as well as African Development Bank (AfDB) among others. Wednesday’s approval was sequel to the consideration of the report of the Senate Committee on Local and Foreign Debts, as presented by the Chairman of the Committee, Senator Clifford Ordia.
The loans would stimulate the economy and create jobs opportunities.
Edited by Adeniyi Bakare