The Buhari Administration at the weekend declared that
there are ongoing plans to implement one of its striking
campaign promises that it will pay N5000 each to the
poorest Nigerians across the country.
Vice President Yemi Osinbajo who gave the hint noted that
government is “currently evaluating the best ways to
collapse existing cash transfer and social welfare schemes
to ensure consistency and alignment.
“Once this is completed, we will implement the first phase
of this program, using recognized identification platforms
and transparent payment solutions”, he added.
Osinbajo who disclosed this at the 10th Year Anniversary
Lecture of Crescent University, Abeokuta, Ogun State titled,
‘The Nigerian Economy and the Future’, also said the federal
government has identified the weak transmission grid,
which prevents the wheeling of more than 5,000MW as a
gridlock to be removed.
He assured that the Buhari administration would work with
the distribution companies to ensure the necessary
investment to get electricity to consumers is in place.
On the pervasive poverty ravaging the country, Osinbajo
said the payment of N5000 each to poor Nigerians was
necessary because “we cannot talk about the economy of
the future without addressing how we move people out of
poverty.
“One of the most striking promises we made during the
campaign was the payment of Five Thousand Naira to the
poorest Nigerians across the country”, he noted, even as he
regretted that today, “about 112 million (66% of Nigerians)
are deemed extremely poor, measured by World Bank
parameter of those living on less than US$1.25 per day.”
The Vice President observed that the level of poverty
explains much of the Nigerian situation because it affects all
aspects of life,including why over a million Nigerians die
yearly of preventable diseases.
“It reflects in our alarming rates of infant mortality and
maternal deaths at childbirth. It also tells why so many
children of school age are out of school and why so many
adults lack access to healthcare and proper vocational
training; why, in effect, they are less efficient and less
productive at work”, Osinbajo noted.
Giving a succinct analysis of the nation’s economy, the VP
said, “The vexed questions of the day pertain mainly to the
economy. What is the real state of affairs? With so much
reliance on a single commodity, how do we survive in an era
of oil glut and falling commodity prices?
“With so many indications of waste, corruption and
impunity, how do we set our economy on the right path?
With so many unemployed, how do we offer hope and
sustain the enthusiasm of our children still in school? And
with so many of our consumer goods imported from abroad,
how do we continue to live well without going bankrupt?
Indeed, what is the place of Nigeria in the African and World
Economy?” He further queried.
He lamented that, while many public servants were being
owed arrears of salaries across the country, many traders
are experiencing a downturn in sales.
“Artisans abound, whose businesses cannot thrive without
power supply and many of our youths are searching in vain
for employment”, the VP added.
On power generation, Osinbajo noted that the APC
manifesto, is to deliver a minimum of 10% GDP growth
annually, while ensuring an inclusive economy that
improves the lives of all Nigerians.
This, he said, cannot happen unless we achieve a significant
improvement in the power sector, even as he assured that
the administration will focus on improving the supply of gas
to power plants, which will ensure sufficient gas supply that
will help maximize the 13,000MW of generating capacity.
His words: “The plans for the power sector will be supported
with a National Infrastructural Master Plan that requires an
investment of Three Trillion Dollars over a thirty-year
period. This is the minimal requirement to improve our
infrastructure stock from 35% of GDP to the benchmark for
our peers, which is estimated at 70% of GDP.
“Apart from enabling manufacturing and other sectors, we
expect that the investment in infrastructure will also directly
create thousands of jobs in construction and maintenance
activities”.
On the petroleum sector, the VP also noted that Nigeria has
the 6th largest gas reserves and 8th largest crude oil
reserves in the world, yet itnis struggling with high
unemployment and low industrialization.
He regretted that “this embarrassment is compounded by
the recurring scarcity of refined petroleum products which
deal goes further still to harm our economy.
“Also corruption and a lack of transparency has dealt a
massive blow on the petroleum industry thereby depleting
our resources and creating a business environment which
repels serious minded investors, whether locally based or
international”, he added.
He expressed dismay that with the huge natural and human
endowments in the country, the most recent World
Economic Forum’s Report on Global Competitiveness Index
(GCI) 2014 -2015 ranked Nigeria 127 out of 144 countries.
“This is in comparison with many other countries in Africa,
ranking higher including Mauritius – 39, South Africa – 56,
Rwanda – 62, Botswana 74, Algeria – 79, Kenya – 90,
Zambia – 96 and Ghana – 111. Similarly, the World Bank’s
Report on Ease of Doing Business Index ranks Nigeria, 170
out of 189 countries surveyed”, he noted.
Osinbajo assured that in order to address the myriads of
problems and challenges facing the economy, the Buhari
Administration will tackle corruption in all sectors of the
economy and establish a sufficient tax culture.
He further assured that the Administration will encourage
Public-Private Partnerships and ensuring a transparent
framework that reduces the bottlenecks in doing business.
“We are hopeful that an influx of domestic and international
capital will begin to chase the huge opportunities in Nigeria
very soon”, the VP noted, adding that the administration will
give top priority to agriculture and education sectors.
Osinbajo expressed appreciation for the great work being
done at the University to secure the future of Nigerian
children and the country.
“Crescent University represents that bold effort of some
private individuals in Nigeria who, of their own volition and
with their personal wealth, decide to build institutions of
higher learning”, he said.
Earlier, the Vice Chancellor of the University, Prof. Ibraheem
Gbajabiamila, while welcoming the dignitaries who came to
grace the occasion, said the students of Crescent University
were doing well in their academics and are brought up in a
well disciplined environment.
The Proprietor, Judge Bola Ajibola expressed gratitude for
the Vice President’s visit as well as other dignitaries.
He said students of the University have maintained
academic excellence nationally and internationally and all of
them are accommodated in the school hostel, adding that
“there is no cultism and other social vices”.
www.leadership.ng/news/440494/unemployed-poor-nigerians-to-get-n5000-monthly-fg

It is a good policy but I don't know how feasible it is when the number of unemployed is more than the employed. Some parastatals are owing their staff. Government complains on spending too much on recurrent expenditure. I can't actually match these.
Let's assume we have 20 million unemployed. Paying N5,000 to each person translates to N100bn every month and N1.2 trillion per annum.
Statisticians can help me out on the figures and compare it to the National Budget.
Instead, I believe this money can be invested on developmental project.

Wen will they start d payment

Abeg they should allocate portion for all willing unemployed hands to farm and the unwilling can starve.at least they can produce 5000Naira food monthly

Why not start with national identity card with social security number ?

barry40:
It is a good policy but I don't know how feasible it is when the number of unemployed is more than the employed. Some parastatals are owing their staff. Government complains on spending too much on recurrent expenditure. I can't actually match these.
Let's assume we have 20 million unemployed. Paying N5,000 to each person translates to N100bn every month and N1.2 trillion per annum.
Statisticians can help me out on the figures and compare it to the National Budget.
Instead, I believe this money can be invested on developmental project.

it's possible if money is bin channelled to d right places and project. Also if resources are bin utilise productively and at full capacity the government will not have problems delivering to its people. But our so called leaders are so corrupt and self centred that they channel dis fund to der personal accounts and acquire choice properties around the world and also live luxury lives with der family not caring about d plight of the masses. We all know dis but they will always have an edge over us because we are blinded by religious and ethnic bigotry and they will keep riding on this loophole. Divide and Rule. The Divide and Feed der accounts.

please, where are they registering for this?
hunger too much.
this buhari has brought badluck to we business people.

...coming from a mere comissioner. Mtcheew!