N532.5bn Too Small To End Poverty In Nigeria – Edu Laments

N532.5bn Too Small To End Poverty In Nigeria – Edu Laments

Expressing her concern, the Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, has bemoaned the inadequacy of her ministry’s 2024 budgetary allocation in addressing poverty-related issues in the country.

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Edu conveyed her dissatisfaction during the defense of her 2024 budget before the Joint National Assembly Committee of Humanitarian Affairs and Poverty Alleviation, which is chaired by Senator Idiat Adebule. She led officials from her ministry and its affiliated agencies in making their case.

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Highlighting the specifics, Edu pointed out that the ministry was allocated an overhead ceiling of N532.5 billion. This figure reflects a 28 percent increase over the 2023 budget, a measure intended to mitigate the impacts of inflation.

“It is pertinent to note that the 28 percent increase in the overhead ceiling is not commensurate to the 27.33 percent inflationary rate in the economy today,” she stated.

“It is pertinent to note that the 28 percent increase in the overhead ceiling is not commensurate to the 27.33 percent inflationary rate in the economy today.

“Conversely, the capital budget ceiling was reduced from N3.7bn in 2022 to N1.328316bn in 2023 and it represents a 71 percent reduction.

“So, in 2022 and 2023 there was a 71% reduction.  However, the pittance capital ceiling of N1.535b which is an increase from the current year’s budget does not in any way match with the mandate of the ministry’s headquarters to shrink poverty in Nigeria.

“Simply put,  there was an over 71% reduction between 2022 and 2023 so the minimal increase between 2023 and 2024 does not in any way match with the mandate which we have been given and what is expected of us.

“Except the budget is appropriate for it, we would be completely unable to meet that mandate,” she added.

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