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FEC Approves Implementation Of National Poverty Reduction Strategy

Oluwaseye Ogunsanya April 29, 2021 8


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

The special adviser to the president on media and publicity, Femi Adesina, revealed 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 stands on four pillars of macroeconomic stabilisation, industrialisation, structural policies and institutional reforms, redistributive policies and programmes.

It will also give backing to 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.

According to him, 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) which is structured like a private equity fund and 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.

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