The Nigerian government plans to make cash payments to poor people of
about $25 per month to try to ease poverty and stimulate the economy,
the vice-president said on Thursday, a plan that would cost a total of
about $300 million per annum, Reuters reports..
The government has said it wants to borrow as much as $5 billion abroad but has not detailed how it wants to plug a budget deficit which officials have put in the range of between 2.2 trillion and 3 trillion naira.
Buhari has rejected a devaluation of the naira, which would hit poor people as Nigeria needs to import much of its food needs.
“One million poor and vulnerable Nigerians would receive 5,000 naira ($25) monthly,” Vice-President Yemi Osinbajo said in a statement outlining government priorities for the next 12 months.Osinbajo did not say how these benefits would be funded, saying only there were part of a 6.06 trillion naira record budget for 2016 which parliament passed last month. Buhari still has to sign the bill.
The government has said it wants to borrow as much as $5 billion abroad but has not detailed how it wants to plug a budget deficit which officials have put in the range of between 2.2 trillion and 3 trillion naira.
Buhari has rejected a devaluation of the naira, which would hit poor people as Nigeria needs to import much of its food needs.
Hian! 😒
ReplyDeleteWhat can N5,000 buy?
ReplyDeleteIs that the best solution? Creating more companies will go a long way or investing on our failed texiel company will help the unemployed youth,it is well oh may God give our FG good foresight on how to handle this great nation.
ReplyDeleteExactly. Look at Ajaokuta steal.
DeleteWhat can 5k buy in market? When a bag of rice is 18k! They should focus on creating employment for people! Don't give people fish, teach dem how to fish!
ReplyDelete