Customs Impounds Tramadol Worth N1.8bn in Lagos Airport
The Murtala Muhammed Airport (MMA) Command of the Nigeria Customs Service (NCS) seized 23 packages...
Month: May 2023
All Resolutions Approved At Ecobank Transnational Incorporated’s 35th AGM and EGM
Ecobank Transnational Incorporated (“ETI”), the parent of the Ecobank Group, the leading pan-African bank with...
Buhari To Confer Highest National Honour On Tinubu May 25
Muhammadu Buhari, Nigeria’s president, will on Thursday, May 25 confer national honours on President-elect Bola...
We’re Investigating Zamfara Gov Over ‘N70bn Fraud’ – EFCC
The Economic and Financial Crimes Commission (EFCC), has said that it is currently investigating the...
FG Renames Aviation Ministry To ‘Ministry of Aviation and Aerospace’
The Federal Executive Council (FEC) has approved the change of nomenclature of the Federal Ministry...
FG Unveils Blockchain Tech Policy, Inaugurates National Implementation & Steering Committee
In a bid to fast track the adoption and utilise the gains of emerging technologies,...
MAN Raises Concerns Over FG’s Increase In Excise Rates for Alcoholic Beverages, Tobacco
The Manufacturers Association of Nigeria (MAN) has raised significant concerns on the Federal Government’s increase...
Meta celebrates Africa’s ‘Rising Stars’ in its 2023 ‘Made by Africa, Loved by the World’ campaign
18 May 2023 – As part of Africa Day celebration on 25 May, Meta announced the...
JumiaPay Nigeria Partners with Trove Finance to Simplify Investing
Lagos, (Nigeria), May 15th, 2023 – JumiaPay, the digital paymentsand fintech platform of the leading...
Nigeria Needs N350trn For Development Plan, Says FG
The Federal Government has stated that about N350 trillion would be needed to secure Nigeria’s future in line with the National Development Plan (2021-2025). According to the government , the NDP would ease constraints hindering the economy from attaining its full potential, particularly in the product-mapping space as it will expunge obstacles to businesses. Minister of Finance, Budget and National Planning, Zainab Ahmed, who spoke during a special TV forum that examined binding constraints to the implementation of NDP, 2021-2025 recently in Abuja said the government would work to ensure it meets the target. The meeting was attended by the Special Adviser to the President on Finance and the Economy, Dr. Sarah Alade; Minister of State for Finance, Budget and National Planning, Clem Agba and Permanent Secretary, Nebeolisa Anako. The TV forum was also featured the Special Adviser to the President on Ease of Doing Business, Dr. Jumoke Oduwole; Acting Director, Macro-Economic Analysis Department, Felix Amaechi Okonkwo and an Economist, Dayo Alao. Speaking at the occasion, Okonkwo said the NDP would be driven by the private sector with N300 trillion investment. He said, “Let me just mention that this plan is different from other plans we have in the past, very different. It is going to be driven by the private sector. The funding, the investment size envelope of this plan is about N350 trillion, out of which the private sector is providing N300 trillion, while the government is providing N50 trillion approximately. “The actual figure is N348 trillion but I just decided to round up the number. So 68 per cent of investment size of the plan is from the private sector, while only 14 per cent is from the public.” On her part, Ahmed gave an insight on why the government decided to drive the NDP (2021-2025). She said, “I want to place on record that this plan is sufficiently comprehensive with the capacity to attain various regional and global agendas including the AU Agenda 2063, the ECOWAS Integration Agenda 2050 and the Sustainable Development Goals 2030. “In order to have the future we all desire, the plan is developed to play a sizeable role in the product complexity space internationally and also adopt measures to easing constraints that have hindered the economy from attaining its full potentials, particularly in the product mapping space.” According to Agba, the plan was carefully done to ensure that it is not seen as an agenda of the President Muhammadu Buhari; Federal Government of Nigeria and All Progressives Congress. He said, “We wanted the plan to be a National Development Plan where there is inclusiveness and participation and that no one is left behind. The plan itself is already running because the budget is derived from the plan. But again you know that, the plan sometimes cannot be so sacrosanct, you know there is also room for flexibility.” “Some of the projections we made in terms of revenues, we are challenged this year when from the oil sector, there were so much theft coming on that the oil producers, that is the international oil companies had a short in production, so that affected revenue drastically.” Alade also shed light on the contents of the NDP saying Volume Three is the legislative imperatives and reforms that government needed to do to be able to attract private investors and achieve relevant goals....
