Democracy Day: We Lifted 10.5 million People Out Of Poverty- President Buhari

As Nigeria commemorates this year’s Democracy Day, President Muhammadu Buhari has proudly said In the last two years 10.5 million Nigerians have been lifted out of poverty, they include farmers, small-scale traders, artisans, market women, and the like.

However, the president agreed that despite government efforts and achievements which were there for Nigerians to see, much more still needed to be done.

“And we are doing our best in the face of scarce resources and galloping population growth rate that consistently outstrips our capacity to provide jobs for our populace.”

“I am very convinced that this 100 million target can be met and this informed the development of a National Poverty Reduction with Growth Strategy. The specific details of this accelerated strategy will be unveiled shortly.”

My vision of pulling 100 million poor Nigerians out of poverty in 10 years has been put into action and can be seen in the National Social Investment Programme, a first in Africa and one of the largest in the world where over 32.6m beneficiaries are taking part. We now have a National Social register of poor and vulnerable households, identified across 708 local government areas, 8,723 wards and 86,610 communities in the 36 States and the FCT.

Our conditional cash transfer program has benefited over 1.6 million poor and vulnerable households comprising more than 8 million individuals. This provides a monthly stipend of N10,000 per household.

I have also recently approved the National Poverty Reduction with Growth Strategy Plan that augments existing plans to further reduce poverty in Nigeria.

As of the end of 2020, the Development Bank of Nigeria had disbursed 324 billion Naira in loans to more than 136,000 MSMEs, through 40 participating Financial Institutions. I am to note that 57% of these beneficiaries are women while 27% are youth.

I have also recently approved the National Poverty Reduction with Growth Strategy Plan that augments existing plans to further reduce poverty in Nigeria.

As of the end of 2020, the Development Bank of Nigeria had disbursed 324 billion Naira in loans to more than 136,000 MSMEs, through 40 participating Financial Institutions. I am to note that 57% of these beneficiaries are women while 27% are youth.

We are able to do all these and still accelerate our infrastructure development through sensible and transparent borrowing, improved capital inflow, improving and increasing revenue through capturing more tax bases and prudent management of investment proceeds in the Sovereign Wealth Fund.

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