Osinbajo Proposes N1tr Annual Bailout for the Poor

Vice President Yemi Osinbajo yesterday proposed that N1tr bailout should be given to the poor annually as a means of stimulating the economy.

Osinbajo stated this during the 9th Presidential Quarterly Business Forum at the old Banquet Hall of the State House, Abuja, where he said, “If we spend N1tr to bailout the poor in this country every year, we will make a massive difference.”

He said the Federal Government has so far spent N15bn on interest-free loans across the country.

“The loans ranging from N50,000 to N350,000 have been disbursed to more than 300,000 market women, traders, artisans, farmers across all 36 States of the country and the FCT.

“We took the view that since the largest number of small businesses in Nigeria are the market women and men and petty traders, we needed to expand the opportunities in these categories.

“Our energizing economies project is putting power especially solar power in markets and commercial clusters. We have powered Ariara Market, Aba; Sabongari Market, Kano; Sura market in Lagos, Isinkan market in Ondo, Bola Ige market in Ibadan, Oyo State and Edaiken market in Benin, Edo State.

“So there are actual interactions with the small businesses. Our focus has been to ensure that the regulators understand their role as facilitators not an obstacle to business. We are also establishing one-stop shops in the States, where all regulators are under the same roof in the States,” he said.

Nigeria this year became the poverty capital of the world according to a United Nations report. The country is also projected to have the highest number of poor people on the globe by 2030.

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