Osinbajo: We are looking beyond cash transfer to solve poverty

Vice President Yemi Osinbajo says the federal government is looking beyond conditional cash transfer in solving the nation’s poverty challenge.

According to Laolu Akande, spokesman of the vice-president, Osinbajo made the comment during a virtual conference titled “How Africa’s Informal Sector Reacts to COVID-19”, organised by Africa.com.

Akande quoted the vice-president as saying the federal system practised in the country allows for a better response against the coronavirus pandemic.

Osinbajo said support to the informal sector would be considered a priority, adding that the federal government is working towards expanding its social investment policies.

“Perhaps we have the advantage of being able to manage our problems in smaller measure, or by dividing them, of course we run a federation, which means that Gov. Nasir could do some very excellent work there in Kaduna, Lagos could do some excellent work, Ogun state and others could also do some excellent work,” he said.

“But of course, by the very nature of this pandemic, it also means that you run the risk of everything going south if some state isn’t doing as well as it ought to.

“I think, in the end, we have that advantage that we are able to almost isolate responses, and even look at best practices across the various states and try and ramp up wherever we find that there are deficiencies

“We have done a lot on conditional transfers especially within the context of our social investment policies, but we are now looking at how to possibly enlarge the scope of that and do more.

“We are looking beyond using cash transfers as if it were some incentive for staying at home. We are trying to see whether this can address some of the increasing problems of poverty that we are likely to find now given the disruptions in the economy.

Other dignitaries who spoke at the webinar include President Nana Akufo-Addo of Ghana; Nasir el-Rufai, governor of Kaduna; Ahmed Mushfiq Mobarak, professor of economics, Yale University; and Amandla Ooko-Ombaka, senior engagement manager, McKinsey & Co.

The sessions were moderated by Hakeem Bello-Osagie, a senior lecturer at Harvard Business School, and Teresa Clarke, chief executive officer of Africa.com.