First phase of NIIMP to gulp N166bn – FG

Minister of National Planning and Deputy Chairman, National Planning Commission (NPC), Dr. Abubakar Olanrewaju Sulaiman, on Monday, disclosed that the first phase of the N485 trillion National Integrated Master Plan(NIIMP) to cover between 2014 and 2018, would gulp N166billion.

He also said the private sector would take care of the forty eight percent of the 30 year developmental plan while the public sector finances the rest fifty two percent.

The minister disclosed this while featuring on Good Morning Nigeria, an NTA Breakfast programme in Abuja.

The Federal Executive Council (FEC) last week ratified the plan (2014-2043)  following its adoption by the National Economic Council (NEC)  some two weeks earlier.

Sulaiman, who reiterated the Federal Government’s commitment to the initiative, assured that for now, it’s a policy document to be made sustainable by the administration.

He said: “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 oils and gas, housing, water  as well as the 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% 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%.”

Speaking on the benefits of the plan, Sulaiman  noted that  the level of Nigeria’s infrastructure today stood at 25% as compared to Japan, Singapore and  China with over 70%.

“There is need for planning and that is why over a thousand 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.

“You will agree with me that when power for instance is fixed, other things will automatically key in. That exactly is what the transformation agenda of Mr. President, wants to achieve, providing the right and conducive environment for both local and foreign investors,” the minister added.