TheNewsGuru

Tag: Poverty

  • Lamentations in the land: How Tinubu has impoverished Nigerians

    Lamentations in the land: How Tinubu has impoverished Nigerians

    Nigerians are currently experiencing the worst moments of their lives under Bola Ahmed Tinubu as the President of Nigeria as economic hardship bites harder in the country.

    Nigerians have shared their experiences; many have marched the streets in protest in several States. Never has it been this bad, they said.

    Tinubu has made courageous decisions since assuming office as President, including ending fuel subsidy payments and floating the Naira. Tinubu’s decisions have affected the economy adversely.

    His decision to remove fuel subsidy payments led to a drastic increase in petrol prices and a rise in living costs as the Naira continues to lose value against the Dollar on a daily basis.

    As a result, Nigeria’s inflation rate hit a three-decade high above 29% in January 2024. According to the National Bureau of Statistics (NBS), between January 2023 and January, the headline inflation rate increased by 8.08% points to 29.90%.

    Amid Nigeria’s ongoing economic imbroglio, many believe the government in power has been unkind to the poor and unemployed youths. Because over half of Nigeria’s inflation is driven by rising food prices, many poor individuals and families live in hunger.

    A large portion of the Nigerian population believes that the government is insensitive to the plight of the people, neglecting the poor and unemployed amid economic difficulties and soaring food costs.

    Tired of the prevailing economic hardship, in early February, women and youths in their numbers took to the streets and protested against hunger and the high cost of living in some States.

    In Minna, the Niger State capital, in one of the protests, women were seen carrying placards with the inscription “No food, we are dying of hunger”. The protesting women demanded better conditions of living and reduction in the costs of goods and services for the citizenry.

    In Kano State, both elderly men and women besieged the Bachirawa, Kurna and Rijiyar Zaki road along Katsina-Kano road chanting, “we can’t bear the high cost of living”.

    The economic hardship, according to a recent report by AFP, forces people to skip meals and eat poor-grade rice that should be used as fish feed.

    On Monday, the Emir of Kano, Alhaji Aminu Ado Bayero sent the Nigerian First Lady to convey his frustration to President Tinubu; still about the hardship and hunger being experienced by citizens in the country.

    “Although we have several means of communicating with the government on our needs and requests, your way and means are the surest way that you would tell the President the actual happenings in the country.

    “The hunger and starvation didn’t start with this government; the situation has become more alarming and needs urgent attention,” the Emir of Kano told Oluremi Tinubu.

    Similarly, on Wednesday, the Sultan of Sokoto and Chairman of the Northern Traditional Rulers Council, Muhammad Sa’ad Abubakar III voiced his dissatisfaction with the current state of affairs in the country.

    The Sultan of Sokoto specifically warned the federal government about the hardship, insecurity, poverty and unemployment in Nigeria and the North.

    The Sultan, who spoke at the 6th Executive Committee Meeting of the Northern Traditional Rulers Council in Kaduna, said the economic hardship in Nigeria had reached a level where citizens were agitated and angry.

    “To make matters worse, we are faced with the rising level of poverty amongst our people, lack of normal sources of livelihood for the common man to have even if it is one good meal a day.

    “I believe talking of insecurity and the rising level of poverty are two issues that we cannot fold our arms and think everything is okay. I have said it so many times and at so many fora that things are not okay in Nigeria and of course, things are not okay in the North,” he said.

    Also, Kano-based business mogul Aminu Dantata, owing to the hardship in the land, has supported the move to ditch the current presidential system of government being practised in the country.

    “Things are not working; the country is stagnant and the citizens are not enjoying anything out of it, so there should be a serious move to adopt the Parliamentary System so that Nigeria would be great,” Dantata said.

    At least 63 per cent of Nigeria’s population lives in extreme poverty, the statistics bureau says.

    Due to the hardship, many impoverished Nigerians have had to forgo items like meat, eggs, milk, and potatoes, which are now considered luxuries. A loaf of bread is N1,500. A crate of eggs is N3,500. It is nearly impossible to have breakfast in Nigeria today.

    Nigerians are no longer staying silent about their frustrations and are expressing their anger. They are calling on the government to address the issues of hunger and insecurity.

    Where do we go from here?

  • IMF raises alarm, warns Nigeria experiencing deepening economic crisis

    IMF raises alarm, warns Nigeria experiencing deepening economic crisis

    The International Monetary Fund (IMF) has raised an alarm and warned that Nigeria is experiencing a deepening economic crisis.

    TheNewsGuru.com (TNG) reports IMF communicated this information in a recently published report titled: “Review of Nigeria’s Post Financing Assessment by the IMF Executive Board”.

    The IMF expressed concern that the stagnant per-capita growth, widespread poverty, and severe food insecurity have further intensified the persistent cost-of-living crisis in Nigeria.

    In line with the report, the inadequate collection of revenue has impeded the delivery of services and the allocation of resources towards public investment.

    According to the report, the observed inflation rate for October stood at 27 percent compared to the same period last year (with food inflation at 32 percent).

    This growth, it said, is attributed to the removal of fuel subsidies, the depreciation of the exchange rate, and the negative impact on agricultural production in the country.

    The report read in part, “Nigeria faces a difficult external environment and wide-ranging domestic challenges. External financing (market and official) is scarce, and global food prices have surged, reflecting the repercussions of conflict and geo-economic fragmentation.

    “Per-capita growth in Nigeria has stalled, poverty and food insecurity are high, exacerbating the cost-of-living crisis. Low reserves and very limited fiscal space constrain the authorities’ option space.

    “Against this backdrop, the authorities’ focus on restoring macroeconomic stability and creating conditions for sustained, high and inclusive growth is appropriate.”

    In the midst of Nigeria’s ongoing economic challenges, the report highlighted that on January 12, 2024, the Executive Board of the International Monetary Fund completed an evaluation of post financing and approved the Staff Appraisal without delay.

    Additionally, it emphasized that Nigeria possesses sufficient capability to repay its debts to the IMF.

  • 88.4m people wallow in abject poverty in Nigeria – Official

    88.4m people wallow in abject poverty in Nigeria – Official

    Mr Temitope Fadeshemi, Permanent Secretary, Federal Ministry of Agriculture and Food Security says 88.4 million people in Nigeria are living in extreme poverty.

    Fadeshemi spoke on Wednesday in Kaduna during the distribution of farm inputs and empowerment materials to 250 smallholder farmers.

    He was represented by Bashir Abdulkadir, Director,  Department of Extension Services of the ministry.

    The gestures were extended to the farmers under the National Poverty Reduction with Growth Strategy (NPRGS).

    He said, ”The level of poverty in Nigeria is alarming. An estimated population of 88.4 million people in Nigeria is living in extreme poverty.

    ”The number of men living on less than 1.90 U.S. dollars a day in the country reached around 44.7 million, while the count was at 43.7 million for women.

    ”Overall, 12.9 per cent of the global population in extreme poverty was found in Nigeria as of 2022.

    ”This is why the Federal government of Nigeria through the Federal Ministry of Budget and National Planning in collaboration with FMAFS is making conscious efforts at reducing the spate of poverty across the country.”

    According to Fadeshemi, the event marked a significant milestone in the Federal Government’s collective commitment to uplifting the lives of smallholder farmers and fostering sustainable agricultural practices.

    He added, ”I am delighted to remind you that NPRGS, in collaboration with the Federal Department of Agricultural Extension Service (FDAE), has diligently enumerated and validated approximately 250 farmers for participation in this transformative programme.

    ”These farmers are not just the backbone of our agricultural sector; they are the heartbeat that forms the heartbeat of our nation’s prosperity.

    ”The NPRGS reflects our government’s dedication to addressing poverty at its roots, emphasizing the pivotal role agriculture plays in economic growth and development.

    ”Through initiatives like today’s training and empowerment programme, we are sowing the seeds of positive change, ensuring that smallholder farmers have the knowledge, resources, and support needed to thrive in an ever-evolving agricultural landscape.”

    Fadeshemi said that the programme was not merely an investment in agriculture; but an investment in the future of the nation.

    He said, ”As we equip these farmers with the tools to enhance productivity, improve resilience, and embrace sustainable practices, we are laying the foundation for a more resilient and prosperous agricultural sector.

    ”I commend the efforts of the FDAE for their meticulous work in identifying and validating deserving farmers for this programme.

    ”The collaboration between our Ministry and the National Poverty Reduction with Growth Strategy (NPRGS) exemplifies the power of synergy in achieving meaningful impact.

    ”To the participating farmers, I say this: your role is paramount in shaping the trajectory of our nation’s agricultural success.

    ”As you undergo this training and empowerment journey, absorb the knowledge, hone your skills, and apply the insights gained to elevate your farms and communities.”

    According to the permanent secretary, the success of the farners is intertwined with the prosperity of the  nation, adding ” together, we shall create a ripple effect that reaches every corner of our beloved country.

    ”Let us embrace this opportunity to build a future where smallholder farmers are not just beneficiaries of progress but active contributors to our nation’s growth.

    ”With determination, collaboration, and a shared vision, we can transform challenges into opportunities and empower our agricultural sector to lead the way towards a more resilient and prosperous Nigeria.

    ”It is my hope that this program may be the catalyst for a brighter, more bountiful future for all.”

    Dr Timkat  Nanfa, the State Coordinator of the ministry expressed  appreciation to the Federal Government for counting the state worthy to be part of the beneficiaries of the programme.

    He urged  the participants to make good use of the empowerment, saying inputs will help them in their farm operations and also fight poverty.

    He listed the items as; 175 bags of organic fertilizers, 175 sprayers,  65 bags of maize seeds bags and 71 bags of rice seeds.

    Others were: 14 tins of tomato seeds, 14 tins of pepper seeds, Okra seeds tins, 1,000 poultry chicks, 40 bags of poultry feeds and 50 bags of fish feeds, among others.

  • Nigeria is not poor, stop talking about poverty to your children – First Lady, Mrs Tinubu warns

    Nigeria is not poor, stop talking about poverty to your children – First Lady, Mrs Tinubu warns

    Wife of President Bola Tinubu, Senator Oluremi Tinubu has asked parents to stop talking about poverty to their children, stressing that Nigeria is not poor as a nation.

    TheNewsGuru.com (TNG) reports Mrs Tinubu said this on Saturday at the State House in Abuja, adding that the year 2024 would be glorious for Nigerians.

    In her Christmas message after she held an elaborate Christmas party for the children of Nana Berry Orphanage, Abuja, the First Lady advised parents to continue to give hope to their wards.

    “As we go into the year 2024, our message should be how to transform the lives of the young ones.

    “Whoever we are, we should stop talking about poverty in front of our children, we are not a poor nation, the wealthy ones should also take care of the poor ones and make them wealthy, that is all it takes.

    L“We have taken the issue of poverty out of contest and it is really polluting the hearts of the young ones, but we have to give them hope and show them the life that is positive.

    “We are entering a glorious year and those who believe that it is going to be glorious will enjoy it,’’ Mrs Tinubu said.

    The First la6dy, during the party, told the children a bible story and advised parents to also imbibe the habit of teaching their wards good morals in order for them to become great adults.

    “Parents are supposed to tell the children Christmas stories, that is what we all grow up with, for this year Christmas, we have decided to change the trajectory of what Christmas represents in the State House.

    “For us in this dispensation, I think we have to adopt a home per year, next year, another orphanage home would come so that the children can have a sense of wellbeing and to also to give them a sense of belonging.

    “They are all Nigerians, as you can see, they all have dreams like every one of us, bringing them here is for them to know that nothing is impossible, they too can become the person who God will put in place of power like this.’’

    She advised parents to also start training their children in the ways of the Lord because children learnt very quickly; one of the things that has given me drive while growing up even from a humble beginning are what I have seen.

    “This year Christmas celebration is also to remind them about the sacrificial death of Jesus Christ, and how the love of Christ has made him to lay down his life down for mankind.

    “Also, that is what we have to do as a nation, to continue to make the necessary sacrifice for a lot of people to benefit, it is not about us but for generation that are coming after us.

    “We have to give them good foundation because we belief that their lives will be better than ours.’’

  • ‘Wahala de’: N532.5bn too tiny to end poverty in Nig, Humanitarian minister tells Senate

    ‘Wahala de’: N532.5bn too tiny to end poverty in Nig, Humanitarian minister tells Senate

    The Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Beta Edu has cried out that except the allocation to her ministry in the 2024 budget is appropriately raised, she would be completely unable to meet her mandate of tackling poverty in the country.

    Edu spoke during the defence of the 2024 budget of her ministry before the National Assembly joint Committee on Humanitarian Affairs and Poverty Alleviation on Tuesday.

    She said her ministry was given an overhead ceiling of N532.5 billion which represents a 28 per cent increase over the 2023 budget to cushion the effects of inflation.

    “It is pertinent to note that the 28 per cent increase in the overhead ceiling is not commensurate to the 27.33 per cent inflationary rate in the economy today.

    “Conversely, the capital budget ceiling was reduced from N3.7 billion in 2022 to N1.3 billion in 2023 and this represents 71 per cent reduction.

    However, the pittance capital ceiling of N1.5 billion, an increase from the current year’s budget, does not in any way match the mandate of the ministry to shrink poverty in Nigeria.

    “Simply put, there was over 71 per cent reduction between 2022 and 2023 so the minimal increase between 2023 and 2024 does not in any way match the mandate which we have been given and what is expected of us.

    At this point, I will plead humbly and sincerely with the chairman, co-chair and members of this great committee that as we look into Nigeria as a nation, “the burden lies on us to actually tackle the issue of poverty with sincerity.

    “One thing you can take from me and my team working under President Bola Tinubu is that he truly wants Nigerians to be out of poverty.

    “Except the budget is appropriately raised, we would be completely unable to meet that mandate.

    It will be words that would not be matched with actions. I am happy that you represent constituencies and senatorial zones. A lot is expected of you from your constituencies to meet their real sincere demands.”

    Edu said the ministry has several special projects which will be used to meet its target.

    She said the Federal Executive Council recently approved the creation of Humanitarian and Poverty Eradication Trust Fund.

    According to her, the trust fund is expected to receive contributions from the Federal Government, 30 per cent counterpart funding from donor agencies and development partners.

    “We also have 30 per cent coming from the private sector and 10 per cent from other innovative funds of resource mobilisation which we have already started engaging in our over 111 days in office.

    She appealed to the committee and the appropriation committee to help the ministry by providing an appropriation for its budget line.

  • Nigeria should be among 10 richest countries – VP Shettima

    Nigeria should be among 10 richest countries – VP Shettima

    Vice President Kashim Shettima has said Nigeria has no justification not to be among the 10 richest countries in the world.

    Shettima stated this while delivering the 13th convocation lecture of the Al-Hikmah University in Ilorin, Kwara.

    The title of the lecture was: “Addressing Nigeria’s Food Security Challenge Through Hi-Tech Approach: The Role of Nigerian Universities”.

    Speaking on the them, the Vice President identified agricultural revolution as a panacea to insecurity and poverty in the country.

    He said that a revolution could be achieved through the deployment of technology to actualise food security for the country’s growing population.

    Shettima underscored the role of education and training of the country’s population to take full advantage of the growing influence of technology in all aspects of human existence.

    “It is only when Nigeria begins to think boldly about revolutionising production, processing and guaranteeing sustained food security, that it can identify sectors of the nation’s agricultural assets that are most likely to benefit from the application of technology.

    “Nigeria’s future can be secured by agricultural revolution through imaginative and bold leadership, a secure and peaceful environment, and a sound education system that does not reduce the limit of the citizens to only the sky.

    “The final issue involves the choices Nigerians have to make regarding our future. We can overcome insecurity if we can grow our economy to radically reduce our poverty levels. Only an agricultural revolution can guarantee this.”

    He said Nigeria could reduce its dependence on the rest of the world when the country can employ all who seek employment.

    “We can improve our levels of political cohesion when we reduce stresses around diminishing resources and rely more on what we all have in abundance.

    “I have a very healthy vision of our future as a nation, even when I am advised that we have huge challenges.

    “I see a country that can survive its current limitations. History is replete with countries that almost gave up, but are among the strongest today.

    “I believe our future lies in an imaginative and bold leadership, a secure and peaceful environment, and an education system that teaches us that only the sky is not our limit.”

    The vice president noted that Nigeria has no justification not to be among the 10 richest countries in the world.

    Shettima emphasised the value of realistic stocktaking of the nation’s assets and liabilities.

    “Going by the amount of arable land, water resources and size of our humanity, Nigeria has no reason not to be among the 10 richest countries today.

    “That we are near the bottom is precisely why we sought to offer our services to do justice to all that God has bestowed us with.

    “Nigeria today reminds us that it is not enough to have potential. Indeed, the potential to grow and the failure to utilize that potential is a virtual death sentence for any living thing.

    “For nations, it breeds frustration and decay. For countries such as ours, it breeds unacceptable levels of poverty and avoidable conflicts as we see today.”

    “The call to transform potential into assets is the motivation for President Bola Tinubu. That is what he wants to offer to the nation in this most trying moment.

    “And, I can testify to his faith, that this is a task that can be accomplished.”

    He maintained that Nigeria had enough of everything needed to feed its huge population, grow a vibrant agricultural industry and supply huge markets with agricultural produce from which technology would have extracted the greatest value.

    “In 25 years, we will have a population of about 450 million people. Only about 100 million of that population will be actively involved in economic activities because the rest are either too old or too young.

    “This 100 million will have to be prepared to be optimally productive, and only a visionary and sustained marriage between technology and raw assets can ensure that. We believe this can and must be done.”

    In his welcome address, the Vice-Chancellor of the University, Prof. Noah Yusuf, noted that food insecurity had become a big problem in Nigeria.

    According to him, most citizens are struggling with how to find food for their daily living.

    He thanked the Kwara State Government for constructing the road leading to the university and granting the permission to name the road after the university.

    In attendance were Gov. AbdulRahman AbdulRazaq of Kwara, his deputy, Kayode Alabi, Inspector-General of Police, Kayode Egbetokun and Special Adviser to the President on Political Matters (Office of the Vice President), Dr Hakeem Baba-Ahmed.

    Others are the Pro-Chancellor and Chairman of the Governing Council, Al-Hikmah University, Sekinat Yusuf, the Founder of the University, AbdulRaheem Oladimeji, Senators representing Kwara at the National Assembly, among others.

  • How Africa can earn respect globally – AfDB president, Adesina

    How Africa can earn respect globally – AfDB president, Adesina

    Africa will not earn respect globally until we end poverty at scale, says Dr Akinwumi Adesina, President, African Development Bank (AfDB).

    Adesina stated this on Tuesday, in Lagos at the 40th Anniversary Lecture of The Guardian and the Public Presentation of the Guardian Federalist Papers titled, “Federalism is the Answer.”

    Speaking on the topic of the lecture, “For the World to Respect Africa,” Adesina said for way too long, Africa had allowed poverty to linger pervasively in the midst of plenty.

    According to him, poverty, is abnormal, especially when resources are vast and when it has been pervasive for so long.

    He said Africa should not become a museum of poverty, adding that to reverse this trend, there must be a public accountability component.

    Expressing disappointment in the continents current state,  Adesina said poverty must not become the comparative advantage of Africa, despite housing half of the world’s gold and one-third of all the minerals in the world.

    “Our governments must realise that it is their responsibility to lift all their people out of poverty and into wealth as fast as possible.

    “It is doable. We have seen clear examples of such progress in other regions of the world, especially in Asia over the past three decades.

    “There is no reason why acute poverty cannot be eradicated in Nigeria and across Africa. We have to become a continent that grows inclusive and well distributed wealth.”

    Using South Korea as an example, Adesina said the country moved from GDP per capita that was $350 in the 1960s when it got independence, to approximately $33,000 in 2023.

    This, he said, is the kind of quantum leap that Africa needs rather than attempting to alleviate poverty.

    “We must really ask ourselves, when will we make the shift that South Korea made from being a country that was one at the low end of the development ladder to a rich, industrialised nation that it is today?

    “We simply must turn the tide. Ultimately, we must put ourselves in a position where we also can give. that is how Africa will earn respect,” Adesina said.

    Speaking on resources, Adesina said there was something fundamentally wrong in the management of natural resources.

    He noted that if natural resources continued to be mismanaged, Africa would remain stuck.

    “Consequently, in the midst of plenty, majority of people remain poor. I have urged African governments to stop securing loans backed by their natural resources.

    “That is because those natural resource backed loans are not transparent. They are expensive and make debt resolution very difficult.”

    The AfDB president said the resources of a country do not belong in the pockets of powerful and rich individuals but for the benefit of the people of that country.

    Adesina also said Africa would get respect when it was able to feed itself, adding that a nation or region that begged for food was free only in words but dependent on others for life.

    On his part, feeding 9.5 billion people in the world by 2050 would be a big challenge given climate change and a limited amount of cultivated arable land.

    He said Africa would play a critical role in this because the continent had 65 percent of the remaining uncultivated arable land in the world.

    “What Africa does with agriculture will determine the future of food in the world.

    “The African Development Bank has invested over $8 billion in agriculture for the past seven years, which has improved food security for 250 million people.

    “The export of raw commodities is the door to poverty while the export of value added products is a highway to wealth,” he said.

    Adesina said that the continent would earn respect when it deepened good governance and the rule of law.

    According to him, military coups in parts of Africa pose a danger.

    He, however said terrorists and peddlers of unrest do not just appear, noting that they were people who lived in extreme poverty, unemployment and environmental degradation.

    “Today, 85 percent of Africans are living in or close to a country in conflict. This calls for the strengthening of the overall security architecture in conflict affected areas,” Adesina said.

    In her goodwill remarks, Noimot Salako-Oyedele, Deputy Governor, Ogun State described The Guardian Newspapers as a beacon of journalism excellence.

    Paying tribute to the late founder, Alex Ibru, she acknowledged the contributions of his wife and children in driving the newspaper forward.

    She noted that their unwavering commitment ensured that the organisation did not falter but continued to thrive.

    “The Guardian is an institution that has actively contributed to shaping our society. It has played a crucial role in holding public figures accountable and championing social justice,” she said.

    Chairman, Guardian, Lady Maiden Alex- Ibru said the interlocking mutually reinforcing fundamental principles of the Guardian were, and are “intellectual excellence, the balanced coverage of events, consistently upholding the interest of justice, equity and the rule of law.”

    She said other principles of the organisation include pursuing probity in public life, and actively promoting the best interests of Nigeria and Africa.

    “It is upon that seminal anchor that I welcome you to the guardian’s 40th anniversary lecture, ” she said.

  • FEC approves creation of $5bn poverty alleviation trust fund

    FEC approves creation of $5bn poverty alleviation trust fund

    The Federal Executive Council (FEC) has approved the establishment of the Humanitarian and Poverty Alleviation Trust Fund to raise 5 billion dollars annually.

    The Minister of Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu, disclosed this  while briefing State House Correspondents on the outcome of the FEC meeting, held on Monday, at the Presidential Villa, Abuja.

    Edu said ” every year we hope to be able to raise at least 5 billion dollars within this fund and this is from the various fund and sources.

    “We are hopeful that with the creation of this funding, we can sit down with all the key stakeholders including other ministries and actually work out the full modalities of implementation in Nigeria”.

    The minister expressed gratitude to President Bola Tinubu for the approval for the creation of the Humanitarian and Poverty Alleviation Trust Fund.

    ”The council approved for the establishment of the Humanitarian and Poverty Alleviation Trust fund to actually be put together under a governing board.

    “And then of course, the implementation of that humanitarian and poverty trust fund, would be carefully worked out by members of the committee.

    ”Of course, it will involve the Minister of Finance and other ministers that are relevant to the process. This is a flexible form of financing that is supposed to help Nigeria adequately respond to humanitarian crisis.

    “This will also respond to challenges as well as adequately address the issue of poverty in Nigeria and bring victory for the poor and indeed, bring help and succor which the Renewed Hope Agenda stands for,” she said.

    Edu further said that the fund was a flexible form of financing that could help the government get contributions from different sectors.

    She added that the fund would get contributions from the government, private sector, development partners, philanthropic individuals and other innovative form of funding.

    ”This is to allow for emergency response to humanitarian crisis in Nigeria. Every other day we hear about crisis, the flood and the rest of it. So we need to be able to respond adequately as a country.

    ”Beyond this, the issue of poverty reduction is one of the agenda of the President Bola Tinubu in his eight point agenda and we have to tackle it headlong,” she said

    The minister also revealed that the FEC has ratified the protocol on the protection of the rights of older persons in the country.

    ”The Federal Executive Council, where the chairman of Council and members of council took decisions to ratify the protocol on the protection of the rights of older persons in Nigeria.

    ”We have signed up to the African Charter and this has made us one of the countries within Africa that has approved that older people be protected and should not be discriminated against at any level.

    ”And this gives them a lot of protection and the government of President Bola Tinubu is interested in their welfare and protecting their rights,” the minister said.

  • FG targets 0.6% poverty rate, 6.3% unemployment rate

    FG targets 0.6% poverty rate, 6.3% unemployment rate

    The Federal Government says it targets to reduce poverty rate to 0.6 per cent and unemployment rate to 6.3 per cent by 2030 and 2050 agenda.

    The Minister of Budget and Economic Planning, Sen. Atiku Bagudu, said this at a news briefing for the 29th Nigerian Economic Summit (#NES29) in Abuja on Thursday.

    The theme of the #NES29 scheduled for Oct. 23 to Oct. 24 at the Transcorp Hilton, Abuja is “Pathways to Sustainable Economic Transformation and Inclusion”.

    Bagudu said that the theme was chosen to discuss the imperatives for transforming the nation’s economy while ensuring inclusivity.

    He said that the discussions around the theme would be on five sub-themes; namely, stimulating economic growth and mobilizing finance for sustainable development.

    They also include harnessing human capital development, promoting national cohesion inclusion and reforming public institutions, among others.

    Bagudu said that the sub-themes would address relevant pillars in the National Development Plan (NDP) 2021-2025, the Nigeria Agenda 2050 and the Renewed Hope Agenda.

    “The main target of the Nigeria Agenda 2050 is to increase the country’s per capita GDP to 6,000 dollars and 33,000 dollars by 2030 and 2050 respectively.

    “It will also bring the poverty rate to 0.6 per cent and unemployment rate to 6.3 per cent, while transiting the economy to the highest per capita GDP in the group of upper-middle income economies.

    “The plan will be effectively implemented by successive governments through six number 5-Year Medium-Term National Development Plans and Annual Budgets,” he said.

    The minister said that the renewed hope agenda and eight priority areas of the current administration were aimed at fast-tracking the goals of the Nigeria Agenda 2050

    Also, the NDP 2021-2025 with a double-digit growth rate and inclusive development.

    “The ministry is in the process of conducting the mid-term review of the NDP 2021-2025 with the purpose of fine-tuning the plan and ensuring that the renewed hope agenda of the current government is incorporated into the NDP 2021-2025.

    “The Ministry will welcome innovative ideas from the stakeholders at the summit to ensure its effective integration into the NDP 2021-2025,” Bagudu said.

    He said that the success of the summit would depend on the active and deliberate participation of all critical stakeholders.

    The stakeholders, according to him include, the federal government, sub-national government, private sector operators, civil society organisations, the media and development partners,” Bagudu said.

    The minister commended the contributions and commitments of the various corporate organisations and government institutions towards the successful hosting of the summit.

    The Chairman of the Nigerian Economic Summit Group (NESG) Mr Olaniyi Yusuf, said their objective was to promote development in the country.

    “In the face of a rapidly changing global economic landscape and increasing inequalities, a strategy for sustained growth must ensure a form of industrialization that makes opportunities accessible to all people and broadly distributes income and non-income gains across society.

    “Our inability to fully integrate solutions to social issues into targeted industrial and economic policies undermines the developmental potential of our country, thus widening income inequality gaps.

    “While there has been a broad decline in poverty worldwide, both extreme and moderate poverty remain and continue to increase in our country.

    “Low productivity, inadequately diversified local economic activity, high unemployment rates and job insecurity remain a challenge for our country,” he said.

    Yusuf said that the country’s pressing concern was the need to translate economic growth into improved living standards for all its citizens.

    “In spite of experiencing growth at an average rate of over the past years, the country grapples with rising unemployment, income disparity, and multidimensional poverty.

    “These challenges are worsened by an uneven allocation of resources, macroeconomic instability, and institutional deficiencies.

    “Data from the National Bureau of Statistics (NBS) in 2022 revealed that approximately 62.9 per cent of the population (i.e., 133 million people) live in multidimensional poverty, threatening the development of a vibrant middle class,” he said

    Yusuf said that the country’s youthful population presented a tremendous opportunity for accelerating national development through entrepreneurship and innovation.

    He said: “With a large pool of creative and ambitious young minds, the country has the potential to foster a vibrant start-up ecosystem and drive economic growth.

    “By leveraging technology and innovation, these creative minds can introduce disruptive solutions, create jobs, and contribute to the overall progress of the Nigerian economy,” he said.

    The chairman said that 2023 presented another opportunity to demonstrate a strong political will to tackle Nigeria’s socio-economic challenges.

    “Hence, the NESG aims to focus on enhancing the role of entrepreneurship, skills and innovation, as well as sub-national and local governments, as drivers of economic growth and development.

    “The ultimate objective is to foster the creation of a more inclusive, sustainable, and equitable economy.

    “The summit aims to foster collaboration among key stakeholders from diverse sectors and devise effective strategies to promote good governance at all levels of government,” he said.

    The NES was organized annually by the Federal Ministry of Budget and Economic Planning and the Nigerian Economic Summit Group (NESG).

  • Why development of Nigeria is slow – Uwa

    Why development of Nigeria is slow – Uwa

    An alumnus of King’s College, Mr Etigwe Uwa (SAN), has blamed the slow pace of national development and growth on the weaponisation of poverty and ethnicity by some political leaders.

    Uwa was speaking at the 114th annual Founder’s Day lecture organised by the King’s College Old Boys Association (KCOBA) on Wednesday, in Lagos.

    The lecture, with the theme: “Dismantling the Barriers; Creating a Pathway for the Emergence of Effective Leaders in Nigeria”, is one of the activities lined up for the commemoration of the anniversary.

    The week long celebration by the association is tagged ‘King’s Week 2023’.

    According to Uwa, corruption among  politicians is the reason why the country still finds itself where it is, as they seem not to make the yearnings of the masses their top priority.

    He noted that it was time the citizens resolved collectively as a people to break the barrier in the political space and take back what rightly belonged to them.

    “Until Nigerians realize that there must be a mass invasion of the political space, not much is going to happen.

    “We should also allow for a constitutional amendment that will accommodate independent candidacy.

    “I will also suggest an electronic voting system, so that counting and collation is done electronically. We should take a cue from the banks and the telecommunications who have data base of all their customers and monitor their activities electronically. This too can be done when voting.

    Uwa, who was a panelist at the lecture, emphasized the need to address the imbalance existing in the education sector in the country.

    According to him, such imbalance takes away the motivation that people need to work hard.

    “We must strive to do a catch up and create a level playing field. We must put our hands together, work together and ensure that there is equity in all spheres of our social life including education, he said.

    Earlier in his keynote address, Sen. Enyinnaya Abaribe also identifies ethnicity and religion as some of the barriers facing the country, as it yearned for greatness.

    According to him, these barriers are intertwined and have the potential to bring down any nation if not checked.

    He stressed the need for a collective effort to stand against these factors in a bid to advance the course of the citizens and the nation itself.

    “Whenever you see a system where people put tribal and religious sentiments ahead of the good governance, then such system could be heading for difficult times. Ultimately it slows down progress.

    “We must also not allow our inability to take care of our children by allowing them drop out of school and align with some other things in the name of religion.

    We must not leave out the substance that we are supposed to use to make Nigeria great.

    “We must be able to know when to draw the lines by ensuring that the children are given their rights, especially quality education, taught good morals as well as commit more to character moulding that will give way to sound leaders of the country,” he said.

    The lawmaker also identified lack of justice and equity as another barrier hindering accelerated growth and development of the country.

    “Nothing endangers the feeling of the citizens, when they seem to be treated like second class citizens, especially when it is done brazenly.

    “Another barrier is that of lack of competence and vision. Institutional competence has also been discovered over time to be one of the major reason for the state of our nation today.

    There is the need for the right man for the job to always be the one to be considered, irrespective of who is involved.

    “Another mind bugling issue that has posed as a serious barrier to the advancement of our country is that of corruption.

    “Nigeria as a country is blessed with a lot of honest and enterprising people and we must not allow the corrupt ones to hold us down, because of their shameful acts. The challenge is that we hardly make a scape goat of any one.

    “We must encourage those that are forthright, showcase them to the world in order to breakdown these barriers,” he stated.

    Mr Funsho Doherty, ADC gubernatorial candidate for Lagos State, also a panelist at the lecture, urged citizens not to lose hope as the country was blessed with abundance of both human and material resources.

    According to him, Democracy itself does not produce good leaders, noting that all what is required is good pillars to ensure the emergence of such leaders.

    He said that there was the need for a better electoral process, adding that in doing this, all the pillars of democracy must not be undermined.

    “We must focus on all the factors that have been highlighted here today if we indeed want to dismantle all the barriers and find means of coming together as a people and stay united,

    “We cannot succeed if we are divided. We must also leverage on the use of technology in a bid to advance our political course and support our victory,” he said.

    The President of the association, Alhaji Kashim Ibrahim-Imam emphasised on the need for a free and compulsory basic education for children of school age.

    According to him, education is the right of every child, and it is a disservice  to the country itself as well as the children, if it failed to provide it

    Mr Olumide Apata, Chairman, Planning Committee if this year’s Kong’s Week, said that if the country must dismantle the barriers, it must start with the people.

    He also stressed the need for the elders in the country to ensure that they do not constitute barriers.