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FG: We’ll rely on non-oil revenue to implement national development plan

FG: We’ll rely on non-oil revenue to implement national development plan
November 15
10:26 2022

The federal government says the financing of the national development plan (NDP) 2021-2025 will rely heavily on domestic resource mobilisation from non-oil revenue sources.

Zainab Ahmed, minister of finance, budget and national planning, said this on Monday in Abuja, at the 28th Nigerian Economic Summit (NES) themed ‘2023 and Beyond: Priorities for Shared Prosperity’.

“As we implement the National Development Plan 2021-2025, the financing from the government will rely heavily on domestic resource mobilisation from non-oil revenue sources through the results of the implementation of the Strategic Revenue Growth Initiative (SRGI) and the Annual Finance Acts,” NAN quoted Ahmed as saying.

“This will improve and further diversify government revenues and entrench fiscal prudence and value for money.”

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According to Ahmed, the government has earlier formulated the national development plan (NDP) 2021- 2025 to succeed economic recovery and growth plan (ERGP), 2017- 2020.

“We are in the second year of the NDP, 2021-2025 with the private sector taking the lead,” the minister said.

“Although challenged by a shortfall in revenues, the government has kept its pact by prioritising capital releases in favour of ongoing critical infrastructural projects in power, roads, rail, agriculture, health and education sectors.

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“This is with a view to strengthening the Nigerian economy post-COVID-19 pandemic.”

The finance minister said the country is currently finalising Nigeria Agenda 2050 to succeed the Vision 2020, which lapsed two years ago

She said that the Nigeria Agenda 2050, which would be inaugurated soon, is aimed at increasing the country’s gross domestic product (GDP) per capita to $33,000.

Ahmed said that the theme for this year’s NES was carefully chosen to provide direction for stakeholders to examine the progress the present government had made in delivering the NDP 2021-2025.

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She said that the collaboration between the finance ministry and NESG had provided the platform for regular dialogue and engagement with the private sector and other stakeholders.

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