The Federal Executive Council presided over by Vice President Yemi Osinbajo on Wednesday projected N348.7 trillion investment plan which will be funded by the federal, state governments and the private sector.
The FEC also approved the 2021-2025 National Development Plan, which is a successor programme to the Economic Recovery and Growth Plan.
Speaking with journalists after the council meeting at the Presidential Villa, Abuja, Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, explained that the plan was structured on economic growth and development, infrastructure, public administration, human capital development, social and regional development.
She revealed that for the investment size, the public sector would contribute N49.7trillion while the private sector would supply N298.3trillion.
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.
Ahmed explained, “Today, the Ministry of Finance, Budget and National Planning presented a memorandum to council, requesting for approval of the National Development Plan for 2021-2025 which is a plan that is succeeding the Economic Recovery and Growth Plan which will expire in December 2021.