FEC approves implementation of national poverty reduction strategy

The federal executive council (FEC) has approved the national poverty reduction with growth strategy (NPRGS) submitted by presidential economic advisory council (PEAC).

Femi Adesina, special adviser to the president on media and publicity, disclosed this while briefing state house correspondents at the end of the weekly FEC meeting, on Wednesday.

In February, the Doyin Salami-led advisory council submitted an executive brief of its meetings to the President Muhammadu Buhari.

The NPRGS is anchored on four pillars of macroeconomic stabilisation, industrialisation, structural policies and institutional reforms, redistributive policies and programmes.

It will also support the administration’s goal of lifting 100 million Nigerians out of poverty within a decade.

Adesina said Vice-President Yemi Osinbajo, will chair the steering committee to provide overall guidance for its implementation across ministries, departments and agencies (MDAs), states and LGA.

He said the council also approved the implementation of the strategy and its incorporation into the medium term national development plan 2021-2025 and agenda 2050.

The council directed Abubakar Malami, attorney-general of the federation (AGF), to prepare a bill for submission to national assembly to make the implementation of the strategy sustainable.

One highlight of the NPRGS is the approval for the establishment of the Nigerian investment and growth fund (NIG-Fund). The fund is structured like a private equity fund will invest in commercially viable projects in priority sectors.

The NIG-Fund will raise financing from development finance institutions (DFIs), pension funds, insurance companies, sovereign wealth funds (SWFs), private sector investors, family offices, Nigerians in diaspora, and endowments.

Today the Federal Executive Council (FEC) under the Chairmanship of President @MBuhari approved the establishment of the NIGERIA INVESTMENT AND GROWTH FUND (“NIG-Fund”). It will be structured like a private equity fund & invest in commercially viable projects in priority sectors.

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— Presidency Nigeria (@NGRPresident) April 28, 2021