... Edun Advocates For Social Protection Policies Alongside Economic Reforms
By Daniel Peters
In its renewed determination to drive economic growth and development in Nigeria, the Federal Government has engaged relevant stakeholders with a view to boosting power sector investment as a major priority area for achieving the desired objective.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, while chairing a meeting with World Bank delegates, led by Dr. Ndiamé Diop, Country Director for Nigeria, and Ms. Olu Verheijen, Special Adviser to the President on Energy, in his office in Abuja, on Monday, reaffirmed President Bola Ahmed Tinubu Administration’s commitment to repositioning the economy for the future of Nigerians.
He stated that the meeting was held to discuss innovative ways to drive Nigeria’s power sector forward.
Mr Edun noted that the meeting focused on World Bank-supported initiatives, including the Power Sector Recovery Operation (PSRO) and the Distribution Sector Recovery Program (DISREP), aimed at improving power distribution and management systems in order to ensure economic growth and development in the nation
Key highlights from the meeting include:
– Plans to roll out 3.5 million meters to enhance power distribution
– $50 million funding for state solar plant pilots and infrastructure upgrades
– Measures to support tariff frameworks, market reforms, and co-financing the Transmission Company of Nigeria’s Performance Improvement Plan.
“This collaboration aims at strengthening Nigeria’s power sector, enhancing energy access, promoting economic growth and development, improving job creation as well as poverty alleviation in line with the Renewed Hope Agenda of the present administration”.
The Finance Minister and World Bank delegates expressed their commitment to working together towards achieving these goals for the benefit of all Nigerians.
Meanwhile, Edun has advocated for social protection policies alongside economic reforms to address the elevated cost of living in Nigeria.
Mr Edun made the appeal at the 3rd edition of the Social Protection Cross Learning Summit held in Abuja on Friday.
The Minister observed that the high-level meeting, organised under the leadership of the Vice President, Kashim Shettima within the framework of the partnership between himself and the Social Protection Development Partners Group, provided a platform for stakeholders to deliberate on addressing pressing issues for effective delivery of social protection towards human capital development.
Key issues highlighted at the submmit include:
*Social Protection Programmes and Economic Reforms*
A key element of support for the poor and vulnerable is the social intervention programme, which includes a $1.2 billion allocation for direct payments to households, with $800 million from the World Bank and $400 million from Federal Government’s resources.
*Direct Cash Transfers and Integrity*
The Finance Minister emphasized the importance of direct transfers to bank accounts or mobile wallets, rather than cash handouts, to ensure the integrity of the payments. “The goal is to have a biometrically and uniquely identified system for digital payments to establish trust and enable repeated payments throughout the country as needed”.
*Ongoing and Planned Social Protection Programmes*
In addition to the payments for 15 million households, the Honourable Minister referred to other interventions providing 50,000 to 100,000 Naira for identified families in each of the 36 States.
He highlighted the increasing ability to build upon and repeat programmes with integrity and rigour, especially given the elevated cost of living in Nigeria at this time.
*Summit Objectives and Expected Outcomes*
“The Summit aimed to explore three critical areas: increasing coverage and educational/health outcomes for children, options for financing social protection (including grants from development partners and budgetary allocations), and coordination for quality, speed, and scale in delivering interventions to the public as well as vulnerable populations”.
Expected outcomes as projected by the Honourable Minister include enhancing understanding of social protection’s role in human capital development and economic stability, developing actionable recommendations, and detailing commitments, milestones, delivery mechanisms, and financing solutions.
Mr Edun expressed appreciation and thanks to the development partners, particularly the EU, for their technical and financial support in making the Social Protection Cross Learning Summit a success.
He commended the partners’ resolve to foster social protection systems that contribute to the welfare of Nigerians and help the most vulnerable populations, which he said, is a top priority of President Bola Ahmed Tinubu’s Renewed Hope Agenda.
