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Nigeria needs 32trillion for Vision 20 20

Nigeria needs about 32 trillion naira to actualise the Vsion  20:20:20, says  Minister of National Planning and Vice Chairman, National Planning Commission, Dr. Shamsuddeen Usman

Usman said at the formal launch and first Presidential retreat on the implementation plan for Vision 20:2020 and Public Private Partnership framework for infrastructure development in Nigeria that the total fund would come from the three tiers of government.

Out of the total amount of 32 trillion naira, the Federal Government would contribute 10 trillion naira, while the 36 states and local governments will contribute 9 trillion naira.

The minister also stated that the remaining 13 trillion naira would be sourced from the private sector.

Usman noted that insufficiency of funds from the public sector made complimentary private sector funds (domestic and foreign) critical for the actualization of the Vision 20:2020 programme.

He gave the estimated federally collected revenue from the 2010 to 2013 at 16.3 trillion naira, while the estimated investment for federal, state and local government for the same period was 19 trillion naira.

According to him, the banking sector will be critical for funding of the Vision 20:2020, saying that the country will need to critically re-order and re-prioritize expenditure, to be able to save enough funding for the programme.

The savings, he said , would come from the cancellation of the Joint Venture Cash Calls JVC, of 3.05 trillion naira, removal of petroleum subsidy, estimated at 1.50 trillion naira and other sources such as MYTO, tax and other concessions, estimated at 1.75 trillion naira.

He also said Nigeria would have to enhance its revenue base if the nation must achieve the Vision 20:2020 objectives.

According to Usman, ‘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 called for the stepping up of the ongoing drive to improve tax collection thr ough the implementation of the National Tax Policy, ongoing review of tariffs and correct pricing of petroleum products, power and gas.