From Isaac Anumihe, Abuja
The United Kingdom Nigeria Infrastructural Advisory Facility (UKNIAF), has said that Nigeria will require an investment of $2.3 trillion over the next 23 years from 2021 to raise the stock of infrastructure from the 30 percent of Gross Domestic Product (GDP) to at least 70 per cent by 2043.
In a statement, the department said that to meet this target, the sum of $150 billion is required annually from 2022 to 2027 and the public sector is to provide 48 per cent of the funds required, while the private sector provides 52 per cent. This, the statement, noted, is huge in view of the lean public sectors resources.
“The implementation of the reviewed National Integrated Infrastructure Master Plan (NIIMP) and the National Development Plan (NDP) will therefore be heavily dependent on a strong partnership between the private and public sectors.
“This will require great emphasis by the Federal Government and states on Public Private Partnership (PPP) as a vehicle to bridge the infrastructure funding gap.”
The statement further explained, adding that NIAF has assisted the Federal and state governments in the areas of capacity building for MDAs in the areas of PPP in projects development as well as assistance in mobilising about $600 million in grants and concessionary funding for a number of critical infrastructure projects among others.
Meanwhile, as part of measures to ensure that the January to December budget cycle is maintained, the Federal Government has commenced the training of staff on the use of Government Integrated Financial Management Information System (GIFMIS).
Declaring the training open, the Director, Budget Office, Mr Ben Akabueze, reminded the trainees that the training is aimed at enhancing the collective capacity to effectively use the Budget Preparation Sub-System of GIFMIS in the budget preparation process.
Consequently, he called for collaboration of the Ministries Departments and Agencies (MDAs) involved in the training.
“To achieve this, collaboration and synergy between the various MDAs is paramount. We must harmonise our sectoral policies and programmes with the overarching NDP 2021-2025 and the specific programmes of this administration,” he said.
We must ensure that our efforts are synchronised, resources are optimally utilised, and the impact of our collective work resonates across the nation.
“Furthermore, it is essential to note that the President Tinubu’s Agenda sets the stage for a transformative era in our great nation. This agenda outlines the framework for sustainably achieving inclusive socio-economic growth, infrastructural development, and the overall well-being of our people. It is, therefore, incumbent upon us to integrate the tenets of this agenda into our respective roles and responsibilities.
“The GIFMIS Budget Preparation Subsystem Training programme serves as a platform to equip us with the tools and knowledge required to facilitate our budgetary processes. This technology-driven system enhances our efficiency, minimises bottlenecks, and enhances accountability,” Akabueze said.