Vice President, Prof Yemi Osinbajo, yesterday explained the economic strategy of the administration which will create jobs and drive massive investments into the country.
The Vice President said most of the administration’s plans will be channeled through the primary schools feeding programme which he said will create jobs in agriculture, including poultry, catering and delivery services while attracting investments worth N980billion to the economy.
Osinbajo spoke at the ongoing 45th Annual Accounting Conference of the Institute of Chartered Accountants of Nigeria (ICAN), in Abuja, on the topic “Repositioning Nigeria for Sustainable Development: From Rhetoric to Performance”.
He said the school feeding programme will create increase in jobs, food production, as well as
investments.
According to him, other multiplier effects of
the introduction of the scheme include, 1.14m new jobs, increased food production–up to 530,000 metric tonnes per annum.
President Muhammadu Buhari and the All Peoples Congress, APC had during the Presidential campaign tour in January, promised a one meal per day for primary schools students across the country.
Osinbajo also stated that growth figures recorded in the last three administrations which recorded rising oil prices, GDP and foreign reserves did not put a dent to poverty or unemployment levels in the country.
He said though there were indeed seemingly good growth figures, such figures “can be deceptive where the structure and quality of growth are not considered”.
“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”.
“This is an irony of a top-down economic model, because this is what comes to bear when the major revenue earner is extractive and the value chains are poorly developed.
Osinbajo, who made a comparative analysis of previous administrations, called for a social sector investment which would mean investing in the people, education, job creation, national school
feeding scheme, conditional cash transfer and economies of the States as indices that would boost the economy.
Some of these ideas have already been put in place by the Buhari administration, including the bailout package for workers in the country; some others are currently being worked out, the Vice
President said, pointing to some economic policies the Buhari administration has adopted.
“One of the most important interventions required in the education sector is capacity-building to improve teacher quality.
This programme is intended to drive teacher capacity development; boost basic education, attract talents to the teaching profession”.
Osinbajo also identified conditional cash transfer as another avenue for alleviating poverty.
The programme, he said, is intended to support the 25million poorest households to incentivize 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.
The Vice President observed that despite challenges in the power sector, “there have been measurable improvements over the past three months (June to August 2015)”.
He mentioned the improvements to include:
“26% increase in operational generation capacity (June to August 15, 2015 compared to January to May 2015); decrease in pipeline vandalism, boosting gas supply; 10% reduction in transmission losses (June to July 2015 compared to January to May 2015); reduction in red tape to remove delays blocking the 450MW Azura-Edo IPP and the 500MW Exxon Mobil Qua-Iboe IPP and the imposition of a September 2015 deadline for the submission of the DISCOs’ revised tariff trajectories.”


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