Osinbajo Says FG Will Lift 20m Nigerians Out Of Poverty In Two Years With N5,000

Vice President, Yemi Osinbajo said that the Federal Government’s vision to lift at least 20 million Nigerians out of poverty in the next two years with N5,000 each is now within reach.

Professor Osinbajo stated this on Tuesday in Abuja during the virtual flag-off of the cash transfer scheme, called the Rapid Response Register (RRR).

According to him, RRR is a means by which the urban poor and vulnerable population can be speedily identified using geographic satellite technology and other related means for the purposes of delivering cash to households affected by the fallouts of the COVID-19 pandemic in the country.

Osinbajo in a statement released by his media aide Laolu Akande, was quoted saying:

“The groundbreaking success of the RRR, now emboldens us to achieve our aspiration of a social security programme for a minimum of twenty million Nigerians in the next two years. This will be the largest of its kind on the continent. This (aspiration) is, at least from the perspective of this tested approach, now well within our reach.

“The only constraint, of course, is the funding which we must look for because, this country deserves a social security scheme that will not merely alleviate poverty but also create wealth for the millions of those who are waiting for this opportunity.

“Our government launched the National Social Protection Policy (NSPP) in 2017 to provide the framework for institutionalizing the work we started since 2016 on reducing extreme poverty in Nigeria, based on our administration’s vision to create a comprehensive social security programme for the poor and vulnerable and thereafter the pledge to lift 100 million Nigerian’s out of poverty in ten years.”

The Vice President maintained that the launch of the (RRR) social protection method of targeting, which is the first strategy to be developed and tested in the Sub-Saharan Africa region, would enable Nigeria tackle poverty in a more systematic manner, leveraging technology to expand the scope of the interventions.

“As of 31st December 2020, we have identified and registered about 24.3 million poor and vulnerable individuals into the National Social Register; equivalent to about 5.7 million households. Through this project, we are currently injecting about N10 Billion directly into the hands of about 2 million poor and vulnerable people every month,” the Vice President said.

“This is about the largest evidence-based effort by any administration on poverty reduction and its impact on the lives of the poor is huge; by way of improving the livelihoods of the beneficiaries through enhanced household purchasing power; smoothening consumption; increasing savings and acquisition of household assets; and improving the local economy. There are many more ramifications.”

Earlier in her remarks, the Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Farouq said the Federal Government will pay 24.3 million poor Nigerians the sum of N5,000 each for a period of six months.

A statement issued by the minister’s aide, Nneka Anibeze, said the intervention would serve as cushion for those further impoverished by the COVID-19 pandemic.

“According to records, about 24.3 million poor and vulnerable individuals were identified at the end of 2020 and registered into the National Social Register.

“Each beneficiary will receive N5,000 for a period of six months,” the statement reads.

KanyiDaily recalls that a few weeks ago, President Muhammadu Buhari restated that his administration is committed towards lifting 200 million Nigerians out of poverty.