The Federal Executive Council has approved a 2021-2025 National Development Plan with an investment size of N348.7 trillion.
Minister of Finance, Budget and National Planning, Zainab Ahmed made this disclosure at the state house after the virtual FEC meeting which was chaired by Vice President Yemi Osinbajo.
Mrs Ahmed noted that the five-year plan which succeeds the Economic Recovery and Growth Plan (ERGP) that expires in December 2021, is structured around six concepts including economic growth and development, infrastructure, public administration, human capital development, social development and regional development. The annual national budget will also be derived from the plan from now on.
This development comes a few hours after the Senate approved President Muhammadu Buhari’s External Borrowing request in the sum of $16.2bn and €1.02bn and 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.