(a) What is a development plan ?
(b) Discuss the various ways of financing economic development in Nigeria.
Explanation
(a) Development plan is a document that contains the policy framework and programme for development of a country within a specific period of time. The plan sets national objectives and priorities in development and outlines the programmes and projects that will achieve it.
(b) Ways of financing economic development in Nigeria are:
(i) Inter-nal borrowing
(ii) Aids and grants from international economic organisations
(iii) Loans from international financial institutions e.g IMF, World Bank e.t.c.
(iv) Government savings and reserve
(v) Debt conversion
(vi) Budget surplus
(vii) Revenue from investments.
(viii) Privatisation and commercialization of government owned business enterprises.