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VISION 20:2020:Nigeria needs N32trn – FG

President Goodluck Jonathan (r) raising up the Vision 202020 document while the National Planning Minister, Dr. Samshudeen Usman (l) watched during the Presidential Retreat for First Implementation Plan for Nigerian Vision 202020 at the Banquet Hall, State House, Abuja. Photo by Abayomi Adeshida

By Daniel Idonor
ABUJA—THE Federal Government, yesterday, said that it required an investment portfolio of N32 trillion for the actualization of dreams and objectives of the Vision 20:2020.

Minister of National Planning and Vice Chairman, National Planning Commission, Dr. Shamsudeen Usman, who revealed this at the Presidential Retreat on the first implementation plan for  Vision 20:2020, said the three tiers of government must be significantly involved in raising the needed funds.

Shamsudeen said the fund would come from the three tiers of government which constitute the public sector and the organized Private Sector, OPS, with the Federal Government contributing N10trillion, while states and local government contribute  N9 trillion.

The Minister, who indicated that the remaining N13trillion would be sourced from the private sector, noted that insufficiency of funds from the public sector made complimentary domestic and foreign private sector funds critical to the actualization of the Vision 20:2020 programme.

He estimated that federally collected revenue from 2010 to 2013 would be N16.3trillion while the estimated investment for Federal, State and Local governments for 2010 to 2013 would gulp N19trillion.

Shamsudeen who noted that the banking sector would be critical to the funding of the Vision 20:2020 said the country would need to critically re-order and re-prioritize expenditure to save enough funds for the programmme.

According to him, the savings would come from the cancellation of the Joint Venture Cash Calls,  JVC, of N3.05trillion, removal of Petroleum Subsidy estimated at N1.50trillion, and other sources such as MYTO, tax and other concessions estimated at N1.75trillion.

The minister who said that Nigeria needed to enhance its revenue base if it must achieve the Vision20:2020 objectives, added: “This will involve audit of oil revenue remittances and financial activities of the NNPC, implementation of the Petroleum Industry Bill, audit of non-oil revenue including IGR remittances and closer oversight of use of IGR.”

He also called for the stepping up of the ongoing drive to improve tax collection through the implementation of the National Tax Policy, ongoing review of tariff.


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