• Home
  • ARTICLES
  • NEWS
  • BUSINESS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH
  • POLITICS
  • TECHNOLOGY
  • CRIME
  • METRO
  • SPORTS
  • NEWS EXTRA
  • JOBS & SCHOLARSHIPS
  • TRENDING VIDEO
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
  • ADVERTISE WITH US
DAILY GIST
  • Home
  • ARTICLES
  • NEWS
  • BUSINESS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH
  • POLITICS
  • TECHNOLOGY
  • CRIME
  • METRO
  • SPORTS
  • NEWS EXTRA
  • JOBS & SCHOLARSHIPS
  • TRENDING VIDEO
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
  • ADVERTISE WITH US
No Result
View All Result
  • Home
  • ARTICLES
  • NEWS
  • BUSINESS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH
  • POLITICS
  • TECHNOLOGY
  • CRIME
  • METRO
  • SPORTS
  • NEWS EXTRA
  • JOBS & SCHOLARSHIPS
  • TRENDING VIDEO
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
  • ADVERTISE WITH US
No Result
View All Result
DAILY GIST
No Result
View All Result

JUST IN: FG To Disburse N5.4trn Social Investment Fund To Nigerians

Adam PR by Adam PR
January 16, 2022
in NEWS
0
JUST IN: FG To Disburse N5.4trn Social Investment Fund To Nigerians
20.8k
SHARES
20.8k
VIEWS
Share on WhatsAppShare on TwitterShare on Facebook

The Buhari-led administration is planning to set up a Social Investment Fund of N5.4trn to enable it lift 35 million poor and vulnerable Nigerians out of poverty by 2025.

The amount, it was learnt is expected to be allocated across Ministries, Departments and Agencies of government for social welfare programmes for poor and vulnerable households in Nigeria.

Details of the four-year plan is contained in the National Economic Development Plan of the Federal Government which was launched last December by President Muhammadu Buhari.

A copy of the document which was obtained by DAILY GIST revealed that the setting up of the N5.4trn Social Investment Fund is in line with the National Poverty Reduction with Growth Strategy (NPRGS) as approved by the Federal Executive Council.

The document stated that the resource allocations to poverty alleviation and social protection will be delivered through a broad range of MDAs budgets and tracked under the Ministry of Finance, Budget and National Planning.

According to the plan, the Federal Government intends to lift 35 million people out of poverty by 2025 and implement a national social protection system that will create a pathway from poverty to economic empowerment for all Nigerians.

ALSOREAD

FULL LIST: FG Warns Residents Of Heavy Rainfall And Floods In 25 States and FCT

ASUU Reacts As Tinubu Govt Orders Payment Of Arrears, Salary Increment

FULL LIST: FG Delists 37 Popular Loan Apps In Nigeria

JUST IN: President Tinubu To Increase Education Funding By 25%

JUST IN: FG Increases Price Of Electricity Meters

It added that Nigeria will embark on a path to fundamentally change its social protection approach through specific outcomes.

It said, “To achieve the goals and objectives enumerated above, a Social Investment Fund of N5.4trn from 2021-2025 will be allocated across many MDAs. This is in line with the National Poverty Reduction with Growth Strategy (NPRGS) as approved by the Federal Executive Council.”

The Economic Development Plan explained that while the government has established a series of pro-poor social protection programs over the years, these initiatives have had limited impact on long term poverty reduction.

It stated that overall, 40 per cent of Nigerians live below the poverty line, which represents nearly 83 million people who are living with less than $1.9/day and highly vulnerable to shocks.

“Additionally, there are millions living slightly above the poverty line and therefore not classified as poor, who also remain highly vulnerable to small changes in incomes or market disruptions.

“Past experience has shown that strong economic growth by itself, while necessary, is not sufficient to reduce poverty significantly.

“Growth must be inclusive and gender sensitive and the poverty reduction programme must have elements of redistribution as encapsulated in the NPRGS.

“Therefore, these vulnerable groups need social protection to lift them out of poverty. This protection takes the form of a nationally coordinated system of institutions, policies, programmes and practices designed to support vulnerable individuals and households throughout their life cycle.

“This system will provide vulnerable populations with income to build resilience to socio-economic shocks, enhancing their livelihoods so all Nigerians can live with dignity.”

The document also stated that many challenges had plagued existing poverty alleviation programmes.

Some of these challenges are weak transparency and accountability in funds management and disbursement; weak calibration and identification of target beneficiaries; and insufficient program coordination at federal and state levels.

Others are limited organizational capacity to scale up interventions; unsustainable funding sources limiting the reach of these programs; limited funds to operationalize programs due to insufficient budgetary release; and insufficient capacity to implement distributive policies.

There are also the challenges of the disruptions associated with the politicization of poverty reduction efforts; and the lack of training facilities to address capacity building on social protection.

In the light of these challenges, the plan said that the government will take advantage of renewed interest in poverty alleviation programming to build on the existing social protection framework.

Additionally, it stated that there is substantial funding available to test innovative approaches to poverty alleviation.

Beyond donors, it added that an increasing number of private sector actors such as commercial banks, micro finance banks, NGOs and social enterprise consortiums are keen to get involved and improve multi-stakeholder funding and accountability mechanisms.

“This growing consensus on the need for action, combined with calls for better governance and coordination at the federal and state level will ensure that new social programs reach the right beneficiaries, achieve desired outcomes and are sustainable,” it added.

Share This News

FOR ADVERTS, PUBLICATION AND PROMOTIONS, CONTACT DAILY GIST ON WHATSAPP – 09061956151

JOIN US ON SOCIAL MEDIA

TWITTER — https://twitter.com/NaijamediaNews

THREADS —https://www.threads.net/@dailygistonline

FACEBOOK — https://m.facebook.com/oauvoices

INSTAGRAM —https://www.instagram.com/dailygistonline/ 

 

Tags: FGMuhammadu Buhari
Previous Post

BREAKING: UI, LAUTECH Students Berate Seyi Makinde

Next Post

The Story Of Andres Escobar; The Colombian Defender Who Was Murdered For Scoring An Own Goal

Adam PR

Adam PR

AdamPR is a young Blogger, Publisher, Web Designer. For Adverts and Publications, He can be reached on WhatsApp - 09061956151

Related Posts

Yemi Osinbajo
NEWS

JUST IN: Yemi Osinbajo Gets New Appointment

September 27, 2023
FLOOD ALERT! NEMA Reveals 19 States, 56 Communities To Experience Heavy Rainfall
NEWS

FULL LIST: FG Warns Residents Of Heavy Rainfall And Floods In 25 States and FCT

September 27, 2023
Bola Tinubu
NEWS

JUST IN: Tinubu Moves To Avert NLC Strike, Fixes Date For Fresh Palliatives Package

September 27, 2023
INEC
NEWS

INEC Announces Date For Edo, Ondo Governorship Elections

September 26, 2023
BREAKING: NLC, TUC Declare Total, Indefinite Strike
NEWS

BREAKING: NLC, TUC Declare Total, Indefinite Strike

September 26, 2023
Drama As Nigerian Police Arrest Woman Over Social Media Comment On Tomato Paste
NEWS

Drama As Nigerian Police Arrest Woman Over Social Media Comment On Tomato Paste

September 26, 2023
Next Post
The Story Of Andres Escobar; The Colombian Defender Who Was Murdered For Scoring An Own Goal

The Story Of Andres Escobar; The Colombian Defender Who Was Murdered For Scoring An Own Goal

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

TRENDING NEWS

  • Mohbad at Burial site

    He Was Buried Alive? — Doctor Explains Fresh Blood In Mohbad’s Grave

    22647 shares
    Share 9059 Tweet 5662
  • JUST IN: Police Give Update On Mohbad’s Autopsy, Results

    22388 shares
    Share 8955 Tweet 5597
  • BREAKING: NLC, TUC Declare Total, Indefinite Strike

    22083 shares
    Share 8833 Tweet 5521
  • JUST IN: Alaafin Stool: Gov. Makinde Asked To Arrest Oyomesi

    22032 shares
    Share 8813 Tweet 5508
  • Justice For Mohbad: Police React To Video Of Lady Exposing During Candlelight Procession

    22010 shares
    Share 8804 Tweet 5503
  • BREAKING: Supreme Court On Fire

    21995 shares
    Share 8798 Tweet 5499
  • Why I Wont Cut My Dreadlocks Or Stop Wearing Earrings — Newly Appointed Church General Overseer, Jimmy Odukoya

    21994 shares
    Share 8798 Tweet 5499
  • Justice For Mohbad: Trending Video Of Lady Flaunting Her B00b$ During Candlelight Procession

    21965 shares
    Share 8786 Tweet 5491
  • Police Arrest Nurse Who Gave Mohbad Anti-Tetanus Injection After He Was Beaten At Ikorodu Show

    21641 shares
    Share 8656 Tweet 5410
  • NLC Announces Update On Nationwide Strike After Ultimatum Expires

    21583 shares
    Share 8633 Tweet 5396

DAILY GIST reports Latest News in Nigeria and aims to keep Nigerians updated and informed with Reports and Informations in the aspect of Education, Politics, Health, Business, Technology, Jobs, Entertainment. etc

  • Home
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
  • ADVERTISE WITH US
  • DESIGNED BY ADAMPR

DAILY GIST © 2020 | All Rights Reserved

No Result
View All Result
  • Home
  • ARTICLES
  • NEWS
  • BUSINESS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH
  • POLITICS
  • TECHNOLOGY
  • CRIME
  • METRO
  • SPORTS
  • NEWS EXTRA
  • JOBS & SCHOLARSHIPS
  • TRENDING VIDEO
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
  • ADVERTISE WITH US

DAILY GIST © 2020 | All Rights Reserved