Analysts are urging President Bola Tinubu to allocate funds intended for interventions and palliatives towards improving healthcare, education, and other factors to alleviate poverty in Nigeria.
This comes as President Tinubu seeks approval from the National Assembly for a $800 million loan from the World Bank. The facility aims to expand the coverage of shock-responsive safety net support for vulnerable Nigerians.
However, experts argue that rather than distributing palliatives in the form of cash or increased salaries, the government should focus on initiatives that will reduce the burden on low-income earners and have a lasting impact on the Nigerian economy. They suggest channeling the funds towards quality education, particularly at the primary and secondary levels, to alleviate the financial strain on parents. Additionally, investments in healthcare can empower hospitals to provide free healthcare services for certain ailments, reducing the healthcare expenses of Nigerians.
Furthermore, these analysts emphasize the importance of implementing immediate, short-term, medium-term, and long-term measures to alleviate the hardships faced by citizens. They highlight the need for the government to address the surging cost of transportation, which affects the livelihoods of many individuals, particularly wage earners, small business owners, and the unemployed. Suggestions include activating immediate solutions to reduce transportation costs and the cost of living in general.
In terms of agriculture, experts propose that all agricultural inputs, including machinery, agrochemicals, and fertilizers, should be exempt from import duties and value-added tax (VAT). This would stimulate investment in commercial agriculture. They also recommend exempting gross monthly salaries of up to N200,000 from Personal Income Tax (PAYE), providing low-income earners with more spending capacity to alleviate poverty.
Experts stress the need for the government to reciprocate the understanding, tolerance, patience, and resilience demonstrated by citizens. They caution against diverting funds meant for palliatives and emphasize the importance of transparently supporting critical areas such as transportation and the healthcare system. Efforts should focus on reducing poverty in Nigeria by addressing essential needs like access to clean water and quality education.
Overall, these analysts advocate for strategic and targeted allocation of funds to address the pressing challenges faced by Nigerians, aiming for long-term solutions and sustainable impact.
