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Nigeria needs N350tr for execution of capital projects – Finance minister

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The Minister of State for Finance, Budget, and National Planning, Clement Agba, said on Wednesday the Federal Government would need at least N350trillion for the execution of capital projects in the next five years.

The minister stated this in a statement issued ahead of the 27th Nigerian Economic Summit slated to hold from October 25 to 26.

He said the private sector would contribute a total of N300trillion for the execution of the capital projects between 2021 and 2025.

Agba said: “States and the Federal Government will contribute N50 trillion with the federal government bringing N30 trillion while states will contribute N20 trillion.

READ ALSO:N1.74tn disbursed for Capital Projects in 2020 –Finance minister

“The National Development Plan 2021-2025 also benefited from the recommendations of the 26th summit.

“The funding requirement for the National Development Plan for 2021-2025 and the projects that have been projected is about N350trillion.

“Out of this, N300 trillion is expected to flow in from the organized private sector in terms of investments and the government will be contributing about N50trillion and the government here is the Federal and State.”

He said the resolutions reached at the last Economic Summit held in 2020 had been submitted to the Federal Executive Council for action.

According to him, the resolutions had been distributed to all Ministries, Departments, and Agencies (MDAs) to implement relevant aspects of the recommendation made by the economic think -tank.

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