Why Buhari plans to spend N500bn on social investment


President Muhammadu Buhari of Nigeria
The need to pay attention on the common man and spend the resources of this country on the poor people explains why the Buhari presidency has proposed a N500 billion estimate in the 2016 budget, even as more details on the 6 social protection plans were released.
In a news release issued Sunday the Senior Special Assistant-Media & Publicity in the Office of the Vice President, Mr. Laolu Akande disclosed that at no time in the nation’s budgetary history has the federal government made a specific vote of such volume for social welfare.
“Even economic historians now say that not only is the half a trillion Naira vote unprecedented, but it is also the greatest service ever done to the Nigerian state and people by any federal government administration,” Akande said.
Continuing, he noted that the six social safety plans would reduce high levels of poverty and vulnerabilities, while also increasing Nigeria’s Human Development Index on the global UN rankings.
“The President’s vision is to increase investments in human capital to guarantee security for all, employment and improved well-being of the people,” the Vice President’s media aide added.
He disclosed that the presidency is aware that past attempts to address poverty have suffered because of insufficient political will, presence of various uncoordinated initiatives and poorly targeted beneficiaries among other factors, and is working to avoid the pitfalls.
The Senior Special Assistant said for the Conditional Cash Transfer, CCT, where one million extremely poor Nigerians will receive N5000 monthly in 2016, the money would be paid directly to the beneficiaries through a payment system that is being worked out.
He said World Bank and the Bill Gates Foundation are collaborating with the presidency to develop an efficient payment system. All together about N60 billion has been estimated to be paid out to extremely poor …Read More

Source:: PM Newspaper