About 8m Nigerians to Benefit from N500bn Social Investments Fund – VP Osinbajo


About eight million ordinary Nigerians will benefit from various social investments in the 2016 budget, the Vice President Yemi Osinbajo has said.

According to him, the Federal Government will implement the N500 billion budgetary vote for social welfare to provide a ready-made palliative to ordinary Nigerians.

A statement by his Senior Special Assistant on Media and Publicity, Laolu Akande, said: “Altogether, the Federal Government would be directly impacting the lives of more than eight million Nigerians in different social investment 2016 budget spending that would provide succor and be a ready-made palliative to ordinary Nigerians.”

“The direct payment of N5000 monthly to one million extremely poor Nigerians for 12 months as provided for in the 2016 budget for which N$68.7B has been appropriated.

“There is also a direct provision of very soft loan -cash for market women, men and traders, including artisans and agric workers. This would be for a total of 1.76m Nigerians, without the requirement for conventional collateral.

“Some of the traders will likely get about N60,000. A total sum of N140.3b has already been appropriated for this in the budget.”

According to him, there will also be payment of between N23,000 to N30,000 per month to 500,000 unemployed graduates who would be trained, paid and deployed to work as volunteer teachers, public health officers and extension service workers, among other responsibilities.

“They would also be given electronic devices to empower them technologically both for their assignments and beyond,” he added

Osinbajo said N191.5b in the budget had been set aside to train and pay 100,000 artisans, stating that “At least 5.5 million Nigerian primary school children –i.e. starting first in 18 states-three per geopolitical zones-would be fed for 200 school days under the free Homegrown School Feeding Programme. N93.1B has been appropriated for this in the 2016 budget.”

“100,000 tertiary students in Science Technology Engineering & Maths-STEM, plus Education will partake in the N5.8b already provided for this education grant in the budget. This payment would also be paid directly to the students.”

These measures, Osinbajo said, would lift the ordinary man from the pangs of economic hardship and poverty. “Long before now, the Presidency has made adequate arrangements in the 2016 budget to ensure that Nigerians are lifted from poverty and hardship.

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