This is as Chairman, Nigeria Economic Summit Group (NESG), Mr Asue Ighodalo declared that Nigeria has remained economically, socially and politically vulnerable.
According to Osinbajo, although all forms of corruption are bad, Nigeria got to a situation whereby senior government officials moved from mere procurement maleficence to outright stealing of public funds into private pockets.
He noted that the country witnessed a period of paradox when high economic growth was accompanied by higher poverty rate.
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The Vice President, however, explained that aside confronting grand corruption, the current administration at the federal level was confronting high level of poverty with several interventions.
On infrastructure, Osinbajo said the administration spent N2.6 trillion in 2016 and 2017.
Also, over 700,000 farmers have been granted loans totalling over N120.6 billion under the Anchor Borrowers’ Programme (ABP) while N1.9 trillion has been given to state governments under the Budget Support Programme among others.
He disclosed that the Federal Government was upgrading school curriculum in conjunction with the Massachusetts Institute of Technology (MIT) and some Silicon Valley technology companies.
Earlier in his opening remarks, Minister of Budget and National Planning, Senator Udoma Udo Udoma also seized the opportunity of the summit to reel out some achievements of the government.
According to him “Government of President Muhammadu Buhari has invested in and continues to invest in, several initiatives to improve the quality of governance, improve transparency and reduce corruption. We know we still need to do more – and we will continue to listen to suggestions.
“However, I can assure you that this is a Government that is committed to do whatever is necessary to move our people from ‘Poverty to Prosperity’.
“To achieve this, we will continue to invest in our people.
We will continue with our social intervention and other programmes to ensure that no one is left behind.
“We will continue to fight corruption so as to ensure that resources meant for the development of our people are not diverted for selfish purposes.”
Udoma said the theme of this year’s Summit, which is “Poverty to Prosperity: Making Governance & Institutions Work” provides another opportunity to examine the progress we are making in the achievement of the programmes, policies and objectives of the ERGP.
Chairman of NESG, Ighodalo in his welcome remarks urged the government not to be distracted by the coming general elections in implementing programmes that will reduce poverty.
“Our observation is that though the Federal Government has implemented significant aspects of the ERGP, we expect the implementation process to continue unabated, particularly in the run-up to the general elections in 2019.
“The narrative must shift forcefully to inclusive growth and development. This can only be achieved through good governance and strong institutions.
“Efficient markets and macroeconomic stability are essential for inclusive growth and development, but the diverse dimensions of inclusive growth and development call for a broader capacity to deal with complex problems, strong levels of policy coherence and effective institutions.
“Every child from the age of 5 must be in school and they must be able to remain in school for as long and as far as their abilities propel them. Those who teach our children must have the ability, capacity and moral integrity to impart the knowledge that allows the child to think, analyse and be curious.
“We must enable an environment that encourages patient capital, capital which creates value enhancing jobs in all sectors, leveraging on technology.
“We must deal with our insecurities at all levels; herdsmen/farmers clashes, Boko Haram, kidnappings, Niger Delta issues etc., all are major depressing decelerators.
“We need to settle our power and port problems, the damage they do to our economy is significant.
“I also believe that our Regulators must truly understand that part of their primary role is to encourage the efficient development of the sectors they regulate to improve job creation and growth and assure technological transfer and orderly markets without creating new uncertainties.
“The theme of this year’s Summit: “Poverty to Prosperity: Making Governance and Institutions Work” seeks to emphasise the vital role of good governance as the bedrock of the pathway to sustainable human and economic development.
“This theme is especially apt as we proceed towards the General Elections next year.
Between now and the elections, various candidates for elective office will be doing their best, hopefully within the spirit and letter of our electoral laws, to achieve their ambition
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