We can eradicate poverty by spending N1trn on poor Nigerians — Osinbajo

ABUJA—VICE President Yemi Osinbajo has said spending N1 trillion to bail out the poor in Nigerian annually is capable of making significant difference in the country’s economy.

Osinbajo, who stated this yesterday at the 9th Presidential Quarterly Business Forum at the old Banquet Hall, Presidential Villa, Abuja, said government was working through the Presidential Enabling Business Environment Council, PEBEC, to improve the business environment.

The Federal Government through the Bank of Industry (BoI) and Government Enterprise and Empowerment Programme (GEEP) recently launched ‘Trader Moni’ as a product to reach small holder traders and poor Nigerians.

The product provides traders access to loans of up to N10,000 at the first instance.

Osinbajo said the MSME clinics carried out across the country had recorded great successes and that he personally attended 18 of the 20 clinics so far carried in 20 states.

According to him, “If we spend N1 trillion to bail out the poor in this country every year, we will make a massive difference.”

He said job creation had always been a top priority of the administration, noting that the surest way to create jobs was through provision of an enabling environment for the private sector to thrive.

Osinbajo said the National Agency for Food Drug Administration And Control (NAFDAC) and Corporate Affairs Commission (CAC) were among government agencies improving on the ease of doing business in the country.