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”.
leadership.ng/news/440494/unemployed-poor-nigerians-to-get-n5000-monthly-fg

loo, make we dey wait.... once dem start, na to claim unemployment sharply... even if I get job.

Give us 247 cheap affordable power supply and see the rest fall into place.

Not all these rubbish policies that in the end one person will hijack and be taking billions into personal account monthly.

The Northern mentality of leadership only reeks of socialism and welfarism, which breed laziness and ultimately end in poverty and starvation.

Somebody should educate this man on inflation.

another foolish policy.....later they will say there is no money to continue......the economy is failing and all they can think of is a welfare economy......i thought they said they know all about the economy and will fix once power is given to APC...how will this stupid ponzi scheme be funded.....where will additional funds be found.....these people just open their mouths and spew the gutter in their breathe to nigerians.....this zoo of a country wants the citizens to live on hand outs while the refuse to fix the power sector.....

Fix power....fix power we dont need your stupid handouts....we have been living without it and wont die ......

I dey observe first