Oct 18, 2021

Mawazo Writing Africa

Writing about the main

Buhari inaugurates steering committee on poverty reduction, establishes Private Equity Fund

The committee is chaired by Vice-President Yemi Osinbajo.

In his inauguration speech, President Buhari reiterated the government’s commitment to provide 100 million Nigerians in 10 years with a well-researched framework for moving out of poverty and funding.

He noted that the NPRGS had already proposed the establishment of a private equity fund, the Nigeria Investment and Growth Fund (NIG-Fund), to lead resource mobilization and also the resources in a sustainable way.

“This journey began in January 2021 when I directed the chairman of the President’s Economic Advisory Council and the Secretary of the Federation Government to work together to come up with what makes 100 million Nigerians can be lifted out of poverty in 10 years.

“I am pleased to note that the process of developing this inclusive poverty reduction strategy has recognized and seen the mistakes of the past nd and laid the foundation for sustainable poverty reduction.

“This would be done through broad consultation at all levels of government, development partners, the private sector and civil society,” he said.

He added that the NPRGS would address the underlying causes of poverty, on the basis of which it would develop programs that address the multidimensional nature of poverty – human and natural resources in the various geopolitical zones.

“The biggest challenge for this National Steering Committee is to translate our good intentions into positive effects for the average Nigerian, so that we have an appreciative effect on the poverty situation in our country.

” If India Can lift 271 million people out of poverty between 2006 and 2016, Nigeria can certainly lift 100 million people out of poverty in 10 years reien.

“Fortunately we have already started, but we need to solve the challenges of slow implementation ion, inadequate alignment and lack of adequate resources,” said the president.

Buhari counted the responsibilities of the steering committee, which include anchoring joint efforts and monitoring the implementation of the strategy.

It would also provide guidance to the technical working group and federal ministries, extra-ministerial departments and agencies, sub-national governments and other stakeholders in order to to achieve the objectives of the program.

According to him, the committee will also monitor progress and any other efforts that are helping to achieve the goal of lifting 100 million people out of poverty in 10 years.

“The performance of our economy despite COVID-19 gives me consolation that we can achieve our goal, but we have to scale seriously and work more with states and local governments.

“This call will be an important summit given the latest projections from the IMF, the World Bank and our own Nigerian economy. Everyone agreed that Nigeria needs to tackle its poverty head on if ours economic gains should be sustained, ” he said.

Members of the NPRGS are also the Secretary of the Federation Government and the President’s Chief of Staff.

Present at the ceremony were the Vice President, the Secretary of the Government of the Federation, Boss Mustapha, some governors and senior government officials,

Governor of Ekiti State (Southwest), Governor of Delta (South-South), Governor of Sokoto State (Northwest), Governor of Borno ( Northeast), Governor of Nasarawa State (North Central) and Governor of Ebonyi (Southeast) are also members of the committee.

Others are the Minister of Finance en, Budget and State Planning, Minister of State for Budget and State Planning and the Minister for Humanitarian Affairs, Disaster Management and Social Development.

Others are the Minister for Agriculture and Rural Development, Minister for Industry and Trade and Investment, Minister for Labor and Employment, Education Ministers and Health Ministers.

The President urged the committee to start work immediately so that the Technical Working Group (TWG) would “start putting the nuts on” screws together. < / p>

“You should therefore consider providing the TWG with immediate guidance on: Establishing the NIG Fund using the Development Finance Assessment Report, Public and Private Sector Funding.

“Harmonize existing human capital development; Expand existing poverty reduction initiatives such as social investment programs, various agricultural support initiatives and support for micro and medium-sized enterprises.

“Use existing development partner support programs and projects with potential for quick wins like the Nigeria COVID-19 Action Recovery and Economic Stimulus, ” he said.

The President said the responsibilities were onerous but expressed confidence that the committee would be able to lay the groundwork and demonstrate within over the next two years, whether it is practical to lift 100 million Nigerians out of poverty at or under 10 years of age.

“As you all know, funding will always be a challenge, especially in times of limited resources .

“The NPRGS has therefore proposed the establishment of a private equity fund, the Nigeria Investment and Growth Fund (NIG-Fund) were to lead our resource mobilization initiative and manage the resources in a sustainable manner, “he added.

In his remarks, Vice President Osinbajo said the NPRGS would consolidate other government efforts to reduce poverty, including the N-Power programs, school meals and conditional cash transfers.

Osinbajo noted that the president’s position that local governments, states and the federal government should work together to alleviate poverty, within and in implementation was adequately reflected and stressed the need for access and inclusion.

Earlier, Boss Mustapha said the poverty situation in the country was already increasing with a growing population, adding that the situation was caused by the COVID-19 Pandemic has worsened.