NEWSZENTS:The project that will gulp 125 billion Naira monthly will start with the approval of the 2016 budget, last month the Senate shut down the motion to compel the President to fulfill his campaign promise on the project economists feel the Nigeria system is not equipped enough to implement because of lack of adequate data.
About 25 million Nigeria are believed to be in this category, from a population of 180 million people, Nigeria must be doing well as a nation to record only 25 million of its citizens as poor, not even in the advanced nations meaning, only 13% of the 180 million are poor in Nigeria. The figure does not add up; however the integrity of this administration will be based on how it is able to keep most of his campaign promises including the free food for school pupils.
According to analysis, the cash transfer programme, when fully implemented, will cost the Federal Government N125bn monthly and a total sum of N1.5tr annually.
This is amidst dwindling oil price, which has led to a reduction in government revenue by about 50 per cent.
This development has led to the government recording fiscal deficit of about N676.47bn within the first six months of 2015, according to statistics from the Central Bank of Nigeria.
Top government officials, involved in the preparation of the budget, confided in one of our correspondents that both initiatives had been identified as part of the six priority programmes that would be implemented under the social development sector of the economy.
The source, who spoke on condition of anonymity, said apart from the cash transfer and school feeding programme, other social protection and welfare schemes were being planned to take care of Internally Displaced Persons.
Details of the initiative for IDPs were still sketchy as of the time of filing this report.
The official said, “We have started working on the budget since September this year at the Ministry of Budget and Planning.