DEVELOPMENT PLANNING FINANCING AND ECONOMIC DEVELOPMENT IN NIGERIA

Government at all levels is established to among other things provide social welfare services to their populace either directly or indirectly, with a view to improve their standard of living and which at long run reflect on the nations’ growth and progress. To realize this there is the need for development planning. However, development panning financing is a huge task on the hands of the successive Nigerian government because it’s an exercise that requires tactics and strategies before it can be effectively implemented. Nigerian state has endured a several years of underdevelopment, recession, negative growth and retrogression. The objective of this study is to find out the effect of vision 2020 on economic development in Nigeria. The study employed qualitative research method and data were collected via secondary sources such as bulletins, articles, text books, internet, magazines, and government publications among others. Despite the decline in oil prices in 2016, covid19 pandemic, and heavy reliance on oil sector as the main source of income to the federal government, the study found that development planning financing has significant effect on economic development in Nigeria. For instance, Nigeria’s corruption rating improved slightly (Corruption Perception Index (CPI) of the country decreased to 25 Points in 2020 from 26 Points in 2019), Human Development Index remained at 0.54, Nigeria’s ranking decreased to 161, GDP it improved marginally from 30th position to 27th position during the period With a view to avoid future occurrence of negative shocks from lower and volatile oil prices which affected the revenue generation of government at all levels the study recommend the need for diversification in terms of revenue generation by exploring other ways of generating income such as revisiting agriculture, information and communication technology (ICT), manufacturing, construction, healthcare, education host of others. This would enhance social progress, resource allocation; attract foreign investment which at the tail end would lead to national development.