ECONOMY REBASING : NOT BENEFICIAL TO NIGERIA – Yemi Osibanjo

Yemi-Osinbajo

Vice President Yemi Osibanjo  last weekend said, that the rebase-rating of Nigeria that launched her into becoming Africa’s largest economy did not in any way profit the citizens.

Speaking in Abuja on the need to take care of most vulnerable people in the country at the Social Protection Cross Learning Summit (SPECS), The Vice President noted that although Nigeria’s Gross Domestic Product (GDP) figures were impressive, it did little or nothing in salvaging poverty level in the country. He also lamented on the disparity level in terms of income level which he called , “regrettable”.

Represented by SA to Presidency on Social Protection, Mariam Uwais at the two-day summit, the commitment of the current administration to reduce poverty was restated as well as bridging income disparity gap.

“Our growth has not been inclusive, poverty rate has remained high while inequality between the rich and poor has widened. Despite Nigeria’s enormous human and natural resources, a vast majority of our population has remained excluded from benefiting from the commonwealth of this great nation. Around 120 million Nigerians, over 60% of our population, live on less that $2 per day,” the vice president lamented.

According to the Vice President, the country is in need of a robust unified infrastructure management system, and government is determined to ensure that social protection scheme works in the country.

 

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