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”.

Unemployed, Poor Nigerians To Get N5000 Monthly – FG |
http://leadership.ng/news/440494/unemployed-poor-nigerians-to-get-n5000-monthly

Wind of Change....

And to be sincere dis con3 is DAMN rich.. asin walai Nigeria is very rich, if we can harness our resources and eliminate corruption, I'm sure FG will be able to pay more than 5k monthly sef...

If u ain't happy wiv dis Govt u have my permission to stay sober for d rest of ur miserable life...

I'm sure some working class will enroll for this

Hmmm, how possible is this

..

Patiently waiting for them to do so.

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 re-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.

Please no more future tense, time to put the manifesto to work is NOW!

Beesluv:
I'm sure some working class will enroll for this

and i pledge to expose any working class around me that attempt to enroll for this programm

He needs to be specific on when the first phase of the the programme will kick off.

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 re-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.

Keep calm and move all 20mill national youth farm Corp (nyfc)

Beesluv:
I'm sure some working class will enroll for this

you spoke my mind.
Can it even see the light of day? It's not even possible in a country that keeps no record.


Resons Why You Need To Stop Typing Amen To Facebook Posts

Are they still campaigning?

All this talk talk and talk.

This one na father christmas approach to reducing poverty and unemployment ...


The question to ask, is it sustainable on the long run

juicee1:
you spoke my mind.
Can it even see the light of day? It's not even possible in a country that keeps no record.


Resons Why You Need To Stop Typing Amen To Facebook Posts

don't you think that this can work through BVN? Am thinking for the possible way..

What madness is this Mr Buhari?

You can't promote a culture of dependency and then hope Nigeria will industrialize and this will never allow you to achieve your pipe dream of making 1naira equal to 1$. True dullard showing his colors.

They shud quash NYSC and pay the one year allawee money to fresh graduates upfront. Nysc is as useless as d P in psycho.

chesterlee:
Coming from the 'mere commissioner'?
I will wait till the Daura President confirms it!!!

You are the Dullard...
This man is old enough to father your father..
it's people like ur mother, father, siblings, aunties, uncles, grandma, grandpa that will jump into this offer

Is not a big deal even here in europe they pay there citizen

,

hmmn

Okay o...
Hope it won't turn out to be FUTURE IMPOSSIBLE TENSE...... Lol

Good initiatives...... Action nt voice!!!

lol

lurther:
Are they still campaigning?

All this talk talk and talk.

only ?

Sai Buhari

Good news

Coming from the 'mere commissioner'?

I will wait till the Daura President confirms it!!!

Hmmm

ok