The federal government has said that it would rely heavily on domestic resource mobilisation to implement the National Development Plan 2021-2025.
The Minister of Finance, Budget and National Planning, Zainab Ahmed said this at the 28th Nigerian Economic Summit Monday in Abuja.
The 28th Nigeria Economic Summit has as its theme: “2023 and Beyond: Priorities for Shared Prosperity the
“As we implement the National Development Plan 2021-2025, the financing from 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. This will improve and further diversify government revenues and entrench fiscal prudence and value for money,” she said.
The minister noted that in spite of the very challenging situation the country finds itself due to shortfall in revenues, government kept its pact by prioritising capital releases in favour of critical ongoing infrastructural projects in the power, roads, rail, agriculture, health and education sectors.
This, she said, is part of efforts to strengthen the economy post Covid-19 pandemic.
Part of the federal government’s plan is to focus on unlocking the economic potential of the non-oil and high employment generating sectors to achieve sustainable and inclusive growth and development.
These include reforms in agriculture that have started yielding results, leading to an improvement in net earnings of rural farmers to the sum of N174 billion in the areas of Cassava, Rice, Sorghum, Maize and Cotton production.
In his welcome address, the Chairman, Nigeria Economic Summit Group (NESG), Mr Asue Ighodalo, insisted that for the federal government to achieve its $9 trillion GDP growth by 2050, there is need to accelerate economic reforms.
“The Nigerian Agenda 2050 currently being worked on proposes a time frame of 25 years.
“This means that we must recalibrate our vision and work toward a specific target growth by a specific date, benchmarking with the most prosperous nations in the world.
