On Nigeria’s debt stock and National Development Plan

SOME media reports, one of which was published on December 28, 2021, claimed that Nigeria’s public debt stock will rise to N50 trillion in the year 2023 due to the borrowings in the recently launched National Development Plan (2021 – 2025).

It is unfortunate that these reports present a somewhat shallow picture of the plan by focusing on the borrowing needed to achieve the objectives and targets of the plan and ignoring the policies, initiatives and actions included in the plan.

It will be recalled that the National Development Plan is a medium-term economic strategy document which seeks to achieve vital developmental goals through significant investment in infrastructure, job creation, human capital development amongst others. The Plan is a more robust programme intended to succeed the Economic Recovery Growth Plan (2017-2020).

Whilst the government will need to borrow to contribute to the implementation of the plan, for the purpose of clarity, the plan provides for significant financing by the private sector as N298.3 trillion (89.7 per cent) of the plan’s total funding is expected from the private sector.

The focus of certain media analysts on the public debt stock and borrowing in the plan seems like an attempt to demean the plan while also disregarding laudable efforts by the government to grow revenues and diversify the economy. The plan’s objectives have been extensively detailed, and financing has been explained to show that it goes beyond mere borrowing, which was implied in these reports.

The media is encouraged to continue to bring awareness to members of the general public on all activities, initiatives and policies of the Nigerian government and its agencies in a balanced manner to drive the necessary engagement and aid positive implementation where required.

Christopher Amadi

Abuja

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