President Muhammadu Buhari\u2019s administration at the weekend declared that
\nthere are ongoing plans to implement one of its striking campaign promises
\nthat it will pay N5,000 each to the poorest Nigerians across the country
\nmonthly.<\/p>\n
Vice President Yemi Osinbajo who gave the hint noted that government is
\n\u201ccurrently evaluating the best ways to collapse existing cash transfer and
\nsocial welfare schemes to ensure consistency and alignment.<\/p>\n
\u201cOnce this is completed, we will implement the first phase of this
\nprogramme, using recognised identification platforms and transparent
\npayment solutions\u201d, he added.<\/p>\n
Osinbajo (SAN) who disclosed this at the 10th Anniversary Lecture of
\nCrescent University, Abeokuta, Ogun State entitled, \u2018The Nigerian Economy
\nand the Future\u2019, also said the federal government has identified the weak
\ntransmission of electricity from the national grid, which prevents the
\ngeneration of more than 5,000megawatts.<\/p>\n
On the pervasive poverty ravaging the country, Osinbajo said the payment
\nof N5,000 each to poor Nigerians was necessary because \u201cwe cannot talk
\nabout the economy of the future without addressing how we move people out
\nof poverty.<\/p>\n
\u201cOne of the most striking promises we made during the campaign was the
\npayment of N5,000 to the poorest Nigerians across the country\u201d, he noted,
\neven as he regretted that today, \u201cabout 112 million (66% of Nigerians) are
\ndeemed extremely poor, measured by the World Bank parameter of those
\nliving on less than US$1.25 per day.\u201d<\/p>\n
The vice president observed that the level of poverty explains much of the
\nNigerian situation because it affects all aspects of life, including why
\nover a million Nigerians die yearly of preventable diseases.<\/p>\n
\u201cIt reflects in our alarming rates of infant mortality and maternal deaths
\nat childbirth.<\/p>\n
It also tells why so many children of school age are out of school and why
\nso many adults lack access to healthcare and proper vocational training;
\nwhy, in effect, they are less efficient and less productive at work\u201d,
\nOsinbajo noted.<\/p>\n
Giving a succinct analysis of the nation\u2019s economy, the VP said, \u201cThe
\nvexed questions of the day pertain mainly to the economy. What is the real
\nstate of affairs? With so much reliance on a single commodity, how do we
\nsurvive in an era of oil glut and falling commodity prices?\u201d<\/p>\n
He lamented that while many public servants are being owed arrears of
\nsalaries across the country, many traders are experiencing a downturn in
\nsales.<\/p>\n
\u201cArtisans abound, whose businesses cannot thrive without power supply and
\nmany of our youths are searching in vain for employment\u201d, the VP added.<\/p>\n
On power generation, Osinbajo noted that the APC manifesto promised to
\ndeliver a minimum of 10% GDP growth annually, while ensuring an inclusive
\neconomy that improves the lives of all Nigerians.<\/p>\n
This, he said, cannot happen unless a significant improvement is achieved
\nin the power sector, even as he assured that the administration will focus
\non improving the supply of gas to power plants, which will ensure
\nsufficient gas supply that will help maximise the 13,000megawatts of
\ngenerating capacity.<\/p>\n","protected":false},"excerpt":{"rendered":"
President Muhammadu Buhari\u2019s administration at the weekend declared that there are ongoing plans to implement one of its striking campaign promises that it will pay N5,000 each to the poorest…<\/p>\n","protected":false},"author":1,"featured_media":39588,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-39587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n