Buhari to lift 100 million Nigerians out of poverty

The President Muhammadu Buhari government has approved the National Poverty Reduction with Growth Strategy (NPRGS).

The Federal Executive Council (FEC), led by the president, on Wednesday, April 28, 2021 approved the strategy to accelerate the reduction in poverty through economic growth, redistributive programs, and shared prosperity.

The government said the strategy is anchored on macroeconomic stabilisation, industrialisation, structural policies and institutional reforms, and redistributive policies and programmes that provide social protection.

"The NPRGS will support the Buhari administration's goal of lifting 100 million Nigerians out of poverty within a decade," the statement read.

Nigeria is home to the highest population of people living in extreme poverty since it first overtook India in 2018.

Buhari first promised to lift 100 million Nigerians out of poverty in 10 years in June 2019, but the state of the nation's poor population has not improved much since then, especially amid biting economic woes and rising unemployment and inflation.

A highlight of the strategy is the already approved establishment of a Nigeria Investment and Growth Fund.

The fund, according to the government, will invest in commercially viable projects that will promote growth and innovation, enhance local value addition, create employment, promote exports.

Vice President Yemi Osinbajo will chair a National Steering Committee (NSC) that will anchor the collaborative efforts to drive the NPRGS.

Federal ministries, departments, and agencies, as well as state and local governments, development partners, civil society organisations and private sector actors are expected to contribute to implementing the strategy.

The Ministry of Finance, Budget, and National Planning will serve as the Secretariat of the Steering Committee, and monitor the implementation of the decisions of the Committee.