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Minister of National Planning and Deputy Chairman, National Planning Commission, NPC, Dr. Abubakar Sulaiman, has disclosed that the first phase of the N485 trillion National Integrated Master Plan, NIMP, which is to cover between 2014 and 2018, would gulp N166 billion.
The minister, who disclosed this, yesterday, at a function, said of the said sum, the private sector would take care of the 48 per cent of the 30-year developmental plan, while the public sector finances would take care of the remaining 52 per cent.
It will be recalled that the Federal Executive Council, FEC, last week ratified the plan (2014-2043), following its adoption by the National Economic Council, NEC, two weeks earlier.
Dr. Sulaiman, who described NIMP as a policy document, reiterated the Federal Government’s commitment to the initiative, and assured that it would be made sustainable by the administration.
“The plan is starting in earnest and between 2014 and 2018, about N166 billion is to be expended on covering major infrastructure like transport (roads, railway, sea and airports), power, that is talking about oil and gas, housing, water as well as Information and Communication Technology, ICT.
“The good thing about it is that it is going to be private, public driven. While the public financing which covers 52 per cent of the financing is expected to come from Sovereign Wealth Fund, Debt Management Office, DMO, among others, the private sector will take the remaining 48 per cent,” he said.
Speaking on the benefits of the plan, the minister pointed out that the level of Nigeria’s infrastructure today stood at 25 per cent, compared to Japan, Singapore and China with over 70 per cent.
He added: “There is need for planning and that is why over 1,000 stakeholders, including foreign consultants and those within, politicians, irrespective of political affiliations, technocrats, bureaucrats and all others, were brought into the picture by Mr. President to ensure the right environment is provided.”
