In its new National Development Plan, the federal government says it plans to create 21 million jobs and bring 35 million people out of poverty (2021-2025).
The new strategy succeeds the 2017-2020 Economic Recovery and Growth Plan.
Osinbajo said the national economic council (NEC) received a presentation and memo on the draft of the development plan from the ministry of finance, budget, and national planning during its meeting on Friday, according to Laolu Akande, Vice-spokesperson. President’s
He explained that the purpose of the presentation and note was to familiarize the council with the relationship between the annual budget and plans.
“The plan also targets an average of 5 percent GDP growth, the creation of 21 million jobs, and lifting 35million people out of poverty within the duration of the Plan,” the statement reads.
He defined the proposal as a way to engage, empower, and employ our nation’s young people; create chances for young people, women, and vulnerable people through mainstreaming; and boost revenue to 15% of GDP by 2025 while lowering the budget deficit.
Prioritization and implementation of key and strategic infrastructure projects that would immediately enhance production and productivity are among the policy actions specified by Akande for the plan.
Others include “institutional reforms in public sector, law enforcement, judiciary, and secure property rights, including intellectual property;“Measures to diversify revenue and increase tax to GDP ratio by improving tax administration, including the informal sector, and widening the tax base.”
InsightnaijaTV recalls that President Muhammadu Buhari created a steering committee on national poverty reduction in June, with the goal of moving 100 million Nigerians out of poverty in ten years.
The nation’s excess crude account (ECA) balance as of October 13, 2021, remained at $60.8 million, according to Zainab Ahmed, minister of finance, budget, and national planning, who provided financial updates during the meeting.
“Stabilization account balance as at October 13, 2021, is N25,009,892,511.55; development of natural resources account balance as at 13th October 2021, stands at N56,144,024,000.71,” she added.
