The Federal Government is targeting 70 per cent capital stock and $150bn yearly to close Nigeria’s yawning infrastructure gap. But it acknowledged that the current yearly budgetary allocation available to fix; and upgrade the nation’s infrastructure was too insignificant meet the $150bn target require yearly for the National Integrate Infrastructure Master Plan.
This disclose by Minister of State for Budget and National Planning; Prince Clem Agba, during the formal launch and presentation of the reviewed NIIMP on Thursday in Abuja.
According to Agba, the Reviewed National Integrated Infrastructure Master Plan; and the newly approved National Development Plan (2021-2025) estimated the current nation’s infrastructure stock at between 30-35 percent of the GDP in 2020; but this was far from the estimated target of 70% envisage in 2043.
Thereafter, He said there was no doubt that the estimated resource requirement of $2.3 trillion for the National Integrated Infrastructure Master Plan implementation was enormous and tasking; stressing the private sector to get involved.
According to the Minister, the government of Major General Muhammadu Buhari (retd); in its resolve to bridge the nation’s infrastructure gap in the wake of the COVID-19 pandemic; floated a N15 trillion Infrastructure Corporation and also signed Executive order 7; which had informed right policy framework and created enough space for Public Private Partnership (PPP) in infrastructure development.