Beyond the expectations of many, there seems to be great hope for Nigerian youths. Below is what Leadership Newspaper reported;
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”.
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