The World Bank’s Nigeria development update, titled, ‘Turning the Corner: From Reforms & Renewed Hope, to Results,’ in December last yearstated in unambiguous terms that poverty rate in Nigeria had increased to 46 percent in 2023, representing 104 million poor Nigerians.
However highlights of the 2022 Multidimensional Poverty Index survey had revealed that: 63% of persons living within Nigeria, representing 133 million people are multidimensionally poor. In general, the incidence of monetary poverty is lower than the incidence of multidimensional poverty across most states of the country.
In Nigeria, the poverty alleviation measures implemented so far have focused more on growth, basic needs and rural development approaches. The country’s previous military and civilian governments in the country approached eradication or alleviation of poverty through key programmes like Operation Feed the Nation, Green Revolution, Better Life for Rural Women and Family Economic Advancement.
Indeed poverty eradication will be achieved by expanding employment opportunities, and also by making life more affordable for low income households thus reducing vulnerability by increasing the asset base and strengthening social security and the social wage.
The Social Protection Policy for Nigeria commonly called NSIP which the President Buhari administration started in 2016 and gave priority attention to, is an umbrella policy framework that incorporates related social agenda paradigms intended to reduce poverty and provide a life of dignity for all citizens.
The NSIP was intended to check poverty, improve capacity and put money in the hands of the poorest and the most vulnerable in the country. Under President Muhammadu Buhari, the NSIP had successfully implemented and executed four programmes aimed at addressing the negative effects of poverty and promoted economic development.
The NSIP programmes are Home Grown School Feeding Programme, GSFP; Government Enterprise and Empowerment Programme , GEEP; N-Power; National Social Safety Net Programme, NASSCO; and the National Cash Transfer Programme, N-CTP otherwise called ‘Trader Moni’.
In a regretable twist on the impact of the lives of poverty stricken and vulnerable Nigerians after almost 7 years of success, President Tinubu recently suspended the work of NSIP. Though the reasons are not far fetched, this action will go a long way in increasing poverty level among Nigerians.
Nigeria’s President on Monday suspended the country’s minister of humanitarian affairs and poverty alleviation, Betta and Mrs Halima, National Coordinator of NSIP over the use of private bank accounts for ministry’s financial transactions under the government’s social welfare programme.
Betta Edu’s and Halima’s action have resulted in the President ordering a “thorough investigation” of all ministry’s financial transactions,” including the entire framework of Nigeria’s social investment programmes.
President Bola Tinubu was elected last year after promising to rid Africa’s most populous country of chronic corruption and extreme poverty. His government said the suspension follows his commitment “to uphold the highest standards of integrity, transparency and accountability” in how Nigeria’s resources are managed.
Meanwhile, sequel to President Bola Tinubu’s six-week suspension of the four (4) programmes under the National Social Investment Programmes, NSIP President Tinubu has approved the establishment of a Special Presidential Panel, to immediately undertake a comprehensive review and audit of existing financial frameworks and policy guidelines of the social investment programmes with a view to implementing a total re-engineering of the financial architecture of the programmes with detailed modification to procedures guiding it’s implementation.
The Special Presidential Panel, which comprised ministers representing strategic sectors will ensure a multi-disciplinary approach to the reform effort.
However and regrettably too, the hope of Nigerians being saved from the threats of extinction by poverty will continue to elude them and something must be done urgently by PBAT to save the country from the consequences of increased poverty in the land.
Whether or not President Tinubu will deliver on his promise to continue with the good work started by his predecessor, PMB to eradicate poverty, only time will tell and that will be a topic for discuss another day.
