* Adds Nigeria’s Problems Caused By Bad Governance
* Announces October As Take-off Month For New Cash Transfers To 15.7m Households
President Bola Tinubu-led government on Monday stated that Nigerians will soon know what went wrong in the Central Bank of Nigeria (CBN) and affected the economy.
The Federal Government revealed this while stating that the audit report of the apex bank will soon be ready.
Specifically, the government admitted that most of the problems confronting Nigeria were caused by bad governance from the nation’s leadership.
This is coming on the heels of announcement of October as the take-off month for giving new cash transfers to 62 million Nigerians in 15.7m households
This was made known by Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, during an appearance on Arise TV on Monday.
According to Edu, they had meetings with the World Bank and very soon the federal government will announce the upscale of the National Safety Net Program which will be putting funds in the pocket of over 15 million households in Nigeria.
“These are tangible funds that people can use to start businesses and improve their lives. This will be happening next month October.”
She further noted that the Federal Government will partner with the state government and local communities in the verification of the National Social Register.
The minister added, “I’m sure you know very well that we have sent out a team and are in engagement with the Nigeria Governors Forum (NGF) just to verify the National Social Register working with the states and local communities and we are going to expand it.
“Right now, we have 15.7 million households which amounts to about 62 million persons under the National Social Register. We want to verify if they are still in that social bracket to know if they still deserve such interventions.
“The President has approved the verification and expansion of the National Social Register to cover everybody in that bracket.”
However, government says most of the problems faced by Nigeria are caused by bad governance from the nation’s leadership.
The government commended President Tinubu over his decision to audit the Central Bank of Nigeria.
Recall that President Tinubu in a letter dated July 28, 2023, named the Chief Executive Officer of the Financial Reporting Council of Nigeria, Jim Obazee, as the special investigator for the CBN.
The President asked the Special Investigator to investigate CBN and key Government Business Entities, adding that the investigator would report directly to the President’s office.
The letter read, “In accordance with the fundamental objective set forth in Section 15(5) of the Constitution of the Federal Republic of Nigeria 1999 (as amended), this administration is, today, continuing the fight against corruption by appointing you as a Special Investigator, to investigate the CBN and Related Entities. This appointment shall be with immediate effect and you are to report directly to my office.”
The Secretary to the Government of the Federation, George Akume while addressing newsmen on the 63rd independence anniversary of Nigeria said Nigerians would know what went wrong and what brought the country to its present situation.
He said, “Most of these problems confronting us are because of bad governance. The present government has confronted and is confronting these challenges. When President Bola Tinubu came on board, he made a very sound decision at the CBN. That singular act led to a massive improvement in the capital market, as experts have told us, it is something that can never happen in the past 15 years.
“We have a new team at the CBN and a special investigator has been in the CBN for some time now and his result will soon be released and Nigerians will know what really went wrong and what brought us to where we are today.”
According to him, no world leader had been invited for the 63rd independence anniversary of Nigeria scheduled for October 1, saying the decision was taken in line with its option for a low-key celebration.
He noted, “Low-key celebration has nothing to do with whether we’re not doing well. Economic times are hard, we are looking at it not just at the national level but also as a family. We have not invited world leaders. During the inauguration of the President, 53 world leaders were invited, so we have not invited any world leaders.
“As you are aware, the President has given his approval for this 63rd anniversary to be low-key in line with the present economic realities. The theme of the anniversary is “Nigeria @ 63, Renewed Hope for Unity & Prosperity.”