Dr. Gabriel Gundu, director African Peer Review Mechanisim (APRM) has hinted that Nigeria will commit a some $20 billion to implement all actions relating to the projects in the next four years.
Gundu, in a paper titled: NEPAD Nigeria: Implementing the APRM, Nigeeria's National Programme of Action, presented at the meeting of the Special Adviser to the President on NEPAD with Focal Point Officers, disclosed that the programme has a cost structure that is reflective of the prioritization of governance issues which Nigeria has adopted in line with the APRM vision.
Giving a breakdown of the cost content of the new governance direction meant to turn Nigeria around in line with the universal best practice in socio-economic development, democracy and political governance, economic governance and management and corporate governance, Gundu said that at the end of 2012, Nigerians will see a new Nigeria of her dream if the huge amount is commited in those projects strictly.
Gundu also said that Socio-Economic Development will cost the nation US$8 billion or 40 per cent of the total cost, Democracy and Political Governance will consume US$5 billion or 25 per cent of that amount,Economic Governance and Management, US$4 billion or 20 per cent, while Corporate Governance was allocated US$3 billion which represents 15 per cent of the total cost.
He said that APRM programme "is estimated to have an aggregaate expenditure of US$20 billion, being a supplementation of the normal annual budget of the three tiers of Government, and designed to increase the country's overall capacity for implementing development projects."
Disclosing the cost-sharing formula of the US$20 billion for the three tiers of Government, the APRM Director said the Federal Government was allocated 52.70 per cent, State Governments are to share 26.70 per cent, while the Local Governments will share 20.60 per cent of the total cost.
According to Gundu, "The second year attracts more funds because it is the actual implementation stage of the project which is 35%, the third year, which is completion, assessment and rounding off the project attracts 25% and fourth year is 15%, to be utilized for project evaluation."
He said that similarly, a project having a time frame of three years has an allocation of 30 per cent in the first year, 45 per cent in the second year and 25 per cent in the third year.
He further said that implementation of APRM programmes will start from January 2009 and end December 31st 2012, noting that Nigeria was not Peer Reviewed at the last AU meeting in Cairo Egypt due to time factor, hoping that the process which has gone two out of three in Egypt, will be completed at the next AU extra-ordinary meeting coming up in October this year after which Nigeria will receive a certificate of Peer Review.