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Osinbajo unveils Buhari’s economic blueprint

Vice President Yemi Osinbajo on Wednesday unveiled the economic blueprint of President Muhammadu Buhari, stating that the Federal Government would invest more in social sectors to reduce poverty.

Osinbajo, while speaking at the 45th Annual Accountants Conference and 50th Anniversary celebration of the Institute of Chartered Accountants of Nigeria, said the government would be investing more in the people, education, and job creation.

Other areas where investment would be stimulated are national school feeding scheme, conditional cash transfer and reflating the economy of the states to boost development.

Speaking on the topic ‘Repositioning Nigeria for Sustainable Development: From Rhetoric to Performance’, he said the multiplier effects of the introduction of the scheme would help to create 1.14 million new jobs; increase food production by up to 530,000 metric tonnes per annum as well as attracting fresh investments of up to N980bn.

He said while some of the economic blueprint had already been put in place by the Buhari administration, including the bailout package for the workers in the country, others were currently being worked out.

Osinbajo added, “One of the most important interventions required in the education sector is capacity building to improve teacher quality. This programme is intended to drive teachers capacity development; boost basic education; attract talents to the teaching profession. Better educated population increase economic potential for productivity.”

He reiterated that the All Progressives Congress “has made a commitment to provide one-meal-a day for all primary school pupils that will create jobs in agriculture, including poultry, catering and delivery services.”

While stating that although Nigeria had recorded rising oil prices, Gross Domestic Product and foreign reserves during the previous administrations, he lamented that unemployment had remained on the rise at the same time.

This, according to him, has made it clear that such figures, including a rise in revenue by itself, does not create jobs or significantly reduce poverty level in the country.

The Vice President stated, “The growth recorded in the past 16 years did not translate into job creation and poverty reduction for Nigerians. So, why are most (of our people) poor despite rising revenues and GDP growth?

“Our main revenue earners, the extractive oil and gas economy, do not by themselves create many jobs. Such is the irony of a top-down economic model, when the major revenue earner is extractive and the value chain is poorly developed.”

On the conditional cash transfer programme, Osinbajo said this was another avenue for alleviating poverty.

He explained that the programme was intended to support the 25 million poorest households to embrace vaccination, education and production.

The multiplier effects of the introduction of the programme, he noted, would include lifting millions out of poverty; putting millions into rural production; and boosting rural economy.

He added that there was a need for the government to improve on the power sector; and having one-stop shop for approvals of investments.

Other areas of focus, he listed as innovation and fighting piracy; diversification of the economy in the areas of agriculture – self-sufficiency in rice and wheat (staples) production; manufacturing; entertainment and technology.

On the power sector, he noted further that “despite the challenges, there have been measurable improvements over the past three months (June to August 2015)”.

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Posted By Bobricky On 09:39 Wed, 02 Sep 2015

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