Essentially, the objective is to ensure that where necessary, programmes and projects which have direct and significant impact on ordinary people are left unscathed.
The identified pro-poor areas include critical infrastructure projects like the Lagos-Ibadan expressway as well as the second Niger Bridge which are deemed as not only important in reducing the suffering experienced by commuters and motorists in the South-west, South-east and South-south but also critical for the overall economic development of the country.
In addition, the federal government is building a social safety net for the poor and vulnerable in the society with support from the World Bank and DFID.
For instance, using the National Identity Management Commission (NIMC) as a veritable platform, a Conditional Cash Transfer system is expected to be developed and targeted at women and their households of up to five children.
This would encourage them to send their children to school especially the girls and get themselves maternal and infant health care. This approach would complement related ongoing pro-poor projects being implemented by SURE-P and MDGs.
Government’s resolve to cater for the poor was captured in the preparation of the 2015 budget draft presented to the National Assembly last week by the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala.
Already, the federal government’s new policy direction is evidenced in figures from the National Bureau of Statistics (NBS) which showed that prices of food items in markets across the country are generally stable or falling in some instances.
This is in contrast to the usual rise in food and other essential items which generally goes up around the Christmas and New Year season.
Okonjo-Iweala had pointed out that: “Nigerians are not paying more for food despite the devaluation, because agriculture is working. Commodity prices monitored and published by the NOVUS Agro Nigeria Commodity Index buttress this assertion.”
Other evidence of diversification as a way out of the current fiscal challenge could be seen in the agriculture sector, where food imports declined from N1.1 trillion ($6.7 billion) in 2009 to N684 billion ($4.35 billion) in 2013 and continues to decline, according to the NBS data on consumer price index for the month of November 2014 which also shows that inflation eased for the third consecutive month from 8.1 per cent to 7.9 per cent, as a result of slower rise in food prices.
Also, 12 million metric tonnes (MT) of food had been added so far to domestic food supply according to data from the Federal Ministry of Agriculture.
These include maize, 6.13 million MT; rice, 3.25 million MT; cassava, 2.12 million MT, among others. Despite the naira devaluation, there has been a very marginal increase in food prices due to increased food harvests.
Significantly, the wholesale price for beans in Bodija market in Ibadan was N18,500 (100kg) on October 10, which was compared to prices at December 15.
Data also showed that in Dawanu market in Kano, the wholesale price for maize (white) (100kg) was N5,500 on October 10, but declined to N4,933 by December 15.
At the Mile 12 market in Lagos, the wholesale price for gari (white) (60 kg) was N5,500 on October 10, increasing slightly to N5,643 by December 15.
Moreover, at the Ogbete market in Enugu, the wholesale price for beans, gari (white) and sorghum did not change between October 10 and December 15, whereas the wholesale price of gari (white) (100 kg) declined from 6,800 to 3,800.
From the foregoing, it was evident that the prices of foodstuff had remained relatively stable as checks in various locations, including Ugah and Achina markets in Anambra State and the Central and Station markets in Kaduna, showed relative stability in prices.
Source: ThisDaylive
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