Poor and Unemployed Nigerians To Get N5000 Monthly Allowance-FG

 The Buhari/Osinbajo administration  last weekend declared that it will pay N5000 each to the poorest Nigerians across the country. The effort is in a bid to implement one of its striking campaign promises made to Nigerians.
Vice President Yemi Osinbajo who disclosed this at the 10th Year Anniversary Lecture of Crescent University, Abeokuta, Ogun State ‘The Nigerian Economy and the Future’ said 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 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.”

On power generation, he said:
“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.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.

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