The Federal Government is set to mobilize all relevant agencies, particularly the Ministry of Humanitarian Affairs and Poverty Alleviation, to design and implement poverty reduction programmes that will attract private sector investments.
This is according to Senator Abubakar Bagudu, Minister of Budget and Economic Planning, who made this known on Tuesday during the Humanitarian Roundtable organized by the Ministry of Humanitarian Affairs and Poverty Alleviation in Abuja.
He emphasized that President Bola Tinubu’s administration is committed to drastically reducing Nigeria’s poverty rate through strategic partnerships and economic empowerment initiatives.
The Minister stated that the government is actively engaging development partners, financial institutions, and private investors to create sustainable solutions that will lift millions of Nigerians out of poverty.
“We are determined to support our hardworking people in participating meaningfully in the local economy to generate profitable and efficient activities that can give them the income they need to escape poverty. That is a model of humanitarian and poverty reduction that we are seeking to achieve,” Bagudu said.
Tinubu’s Poverty Reduction Agenda
Bagudu reiterated that poverty alleviation remains a top priority for President Bola Tinubu’s administration, with a focus on job creation, skills development, and access to financing for small and medium-sized enterprises (SMEs).
He noted that the government is working closely with the Ministry of Humanitarian Affairs and Poverty Alleviation to implement social investment programmes that will directly impact vulnerable populations.
The Minister called on international development partners, state governments, and the organized private sector to collaborate with the Federal Government in scaling up poverty intervention programmes.
More insights
A report titled “2025 Nigerian Budget and Economic Outlook” by PricewaterhouseCoopers International Limited projects that rising inflation, interest rates, and naira depreciation could push 13 million more Nigerians below the national poverty line by 2025.
- The report projected a significant increase in the number of people living below the poverty line, citing these economic headwinds as major contributors.
- The recent minimum wage increase from N30,000 to N70,000 in Nigeria has had a limited impact on the overall population, affecting only a small percentage of the populace.
- The majority of Nigerians are employed in the informal sector, such as agriculture, small-scale businesses, and street vending. These sectors are often outside the scope of minimum wage regulations.
President Bola Tinubu has described an increment in wages as paying workers “good and living wages” during his first media chat in December 2024.
Prof. Nentawe Yilwatda, the Minister of Humanitarian Affairs and Poverty Reduction, announced the federal government’s plan to distribute N75,000 cash transfers to an estimated 70 million ‘poorest of the poor’ Nigerians by 2025.
President Tinubu suspended all programs managed by the National Social Investment Programme Agency (NSIPA) and the Ministry of Humanitarian Affairs and Poverty Alleviation due to allegations of misappropriation, including those under the direct cash transfer initiative in January 2024.
