President Muhammadu Buhari’s 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
Nigerians across the country monthly.
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 programme, using
recognised identification platforms and transparent payment solutions”, he
added.
Osinbajo
(SAN) who disclosed this at the 10th Anniversary Lecture of Crescent
University, Abeokuta, Ogun State entitled, ‘The Nigerian Economy and the
Future’, also said the federal government has identified the weak transmission
of electricity from the national grid, which prevents the generation of more
than 5,000megawatts.
On the pervasive poverty
ravaging the country, Osinbajo said the payment of N5,000 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
N5,000 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 the 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?”
He
lamented that while many public servants are 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 promised 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 a significant improvement is achieved 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 maximise the 13,000megawatts of generating capacity.
Leadership
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