As part of moves to accelerate Nigeria’s poverty reduction efforts under the Renewed Hope Agenda of President Bola Tinubu, the Minister of Finance, Mr Wale Edun, presided over a critical meeting of the Presidential Panel on the Social Investment Program (SIP) yesterday in Abuja.
The meeting focused on evaluating progress and ensuring the effective implementation of social investment policies.
The gathering was convened to provide updates on the Direct Benefit Transfer (DBT) programme, introduce newly appointed members of the National Social Investment Program (NSIP), and discuss the Youth Employment Benefits scheme, including key design considerations.
A comprehensive report on the committee’s activities was presented, highlighting significant achievements in directly transferring funds to Nigeria’s poorest and most vulnerable citizens.
The session also featured the introduction of a new draft for the Youth Employment Benefits scheme, which aims to tackle youth unemployment through targeted interventions.
Edun stressed the importance of transparency and accountability in the execution of social investment policies.
He called for the creation of platforms that allow citizens to monitor and verify the progress of these initiatives, ensuring they effectively reach those in need.
He noted that with the meeting, Nigeria’s social investment landscape is set for substantial improvement.
He added that under his leadership, the Presidential Panel is working to optimize programs such as the Direct Benefit Transfer and Youth Employment Benefits scheme, aiming to uplift the nation’s most vulnerable citizens.
”Through a commitment to transparency, accountability, and citizen engagement, we are making significant strides in poverty alleviation and economic empowerment,” he stated.
In a related development, Adeyemi Adeniran, the statistician-general of the federation and CEO of the National Bureau of Statistics, has urged stakeholders to take decisive action to eradicate poverty in Nigeria.
Speaking at a stakeholders’ technical dialogue on the ‘Operationalisation of the Multidimensional Poverty Index (MPI) as a Policy Tool in Nigeria’ in Abuja, Adeniran emphasized that poverty in Nigeria extends beyond mere lack of income, encompassing deprivations in health, education, and living standards.
He said according to results from the 2022 MPI survey, Nigeria has 133 million citizens living in multidimensional poverty, despite its vast resources and potential for exponential growth.
