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Osinbajo unveils Buhari’s economic blueprint

Vice President Prof. Yemi Osinbajo on Tuesday unveiled the economic blueprint of President Muhammadu Buhari, stating that the Federal Government will invest more in social sectors to reduce poverty.

Osinbajo, while speaking at the 45th Annual Accountants Conference and 50th Anniversary celebration of the Institute of Chartered Accountants of Nigeria, said the government would be investing more in the people, education, and job creation.

Other areas where investment would be stimulated are national school feeding scheme, and conditional cash transfer.

Speaking on the topic “Repositioning Nigeria for Sustainable Development: From Rhetoric to Performance,” he said the multiplier effects of the introduction of the scheme would help to create 1.14 million new jobs, increase food production by up to 530,000 metric tonnes per annum, as well as attract fresh investments up to N980bn.

He said, “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 and attract talents to the teaching profession.”

He reiterated that the All Progressives Congress “has made a commitment to provide one-meal-a day for all primary school students. That will create jobs in agriculture, including poultry, catering and delivery services.”

While stating that although Nigeria has recorded rising oil prices, Gross Domestic Product and foreign reserves during the previous administrations, he lamented that unemployment has remained also on the rise at the same time.

This, according to him, had made it clear that such figures including a rise in revenue by itself does not create jobs or significantly reduce poverty level in the country.

He said, “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.

“Such is the irony of a top-down economic model, when the major revenue earner is extractive and the value chain is poorly developed.”

He also said there is need for the government to improve the power sector.