The Federal Government is planning to create 21 million additional jobs between now and 2025.
It also targets to lift 35 million Nigerians out of poverty within the same period while an average of 5% Gross Domestic Product (GDP) growth is targeted.
The targets are contained in the National Development Plan 2021-2025 draft, a successor plan to the Economic Recovery and Growth Plan 2017-2020.
The Ministry of Finance, Budget, and National Planning made a presentation on the draft to the National Economic Council (NEC) meeting on Friday.
NEC is a constitutional body made up of the 36 State Governors, the Central Bank of Nigeria (CBN) Governor, Ministers of FCT, Finance, Budget and National Planning, among others.
The Council is chaired by Vice President Yemi Osinbajo.
“Council received a presentation and memo from the Ministry of Finance, Budget, and National Planning on the draft of a National Development Plan 2021-2025, which is a successor plan to the Economic Recovery and Growth Plan 2017-2020.
“Among other highlights, the presentation and memo were to acquaint Council with the need for linkage between Annual Budget and Plans.
“The plan also targets an average of 5% GDP growth, the creation of 21million jobs, and lifting 35million people out of poverty within the duration of the Plan,” Vice President’s spokesman, Laolu Akande, said.
The plan, according to the communique issued after the NEC meeting, is a mechanism to engage, empower and employ Nigeria’s teaming energetic youths.
It is also opportunities for young people, women, vulnerable people, etc., via mainstreaming.
Akande said it is a financing plan to increase revenue to 15 per cent of GDP by 2025 and to decrease the budget deficit.
The policy action for the plan include: Prioritization and implementation of critical and strategic infrastructure projects that will directly boost production and productivity; 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.
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