President Buhari gets Economic Sustainability Plan’s report from VP Osinbajo

President Muhammadu Buhari has received a progress report on the implementation of Nigeria’s N2.3 trillion Economic Sustainability Plan, ESP, from Vice President Yemi Osinbajo.

A release signed by Spokesman to the Vice President,  Laolu Akande, said President Buhari and Professor Osinbajo had the first official meeting in the year in the president’s office where the report was presented.

President Buhari had mandated Vice President Osinbajo to chair the Economic Sustainability Committee, to coordinate the implementation of the ESP aimed at cushioning the economic effects of the Covid-19 pandemic.

“About three months into the implementation of different components of the plan namely, MSMEs Survival Fund; Social Housing Scheme, and Solar Home System, among others, Nigerians across different sectors have been impacted,” Akande said in the release.

Over 270,000 benefit from payroll support.

According to Akande, ”a total of 277, 628 beneficiaries drawn from 56, 575 businesses have been paid in the Payroll Support scheme of the Survival Fund.

“This total number includes the batch of 20,614 beneficiaries that were recently been paid for October, and 257,014 beneficiaries that were paid for November and December.

“A breakdown of the 257,014 beneficiaries shows that: N30, 000 each was paid to 222,466 beneficiaries as November and December payments while N50,000 each was paid to 34,548 beneficiaries as November and December salaries.

“Out of the total number, three percent are beneficiaries with special needs, while 43 per cent are female employees/beneficiaries.”

He said that the enumeration of prospective beneficiaries for the Transport Support Track, which was launched in December 2020, is ongoing, while payments of N30, 000 one-time grant to 333,000 artisans across the country are  in progress with payments already made to verified beneficiaries in states under streams 1, 2, and 3.

The states under Stream 1 are the Federal Capital Territory, FCT, Lagos, Ondo, Kaduna, Borno, Kano, Bauchi, Anambra, Abia, Plateau and Delta. Taraba, Adamawa, Bayelsa, Edo, Ogun, Ekiti, Katsina, Kebbi, Kogi, Kwara, Enugu, and Ebonyi are in stream, while Akwa-Ibom, Cross River, Zamfara, Yobe, Sokoto, Nasarawa, Niger, Imo, Oyo, Osun, Jigawa, Gombe and Benue are Stream 3.

Solar Home System
Akande in the release also said that the process of installation of the N140 billion Solar Home System that would cover up to 5 million households, serving about 25 million individuals in rural areas and urban communities, has begun with the enlistment of solar assembling companies and components manufacturers as well as solar servicing firms.

“Under the scheme, the Central Bank of Nigeria (CBN) will make available funds to private companies involved in the manufacture, installation, servicing of the solar systems, at rates ranging between 5 to 10 percent.

“An important aspect of the scheme is the option of outright ownership by beneficiaries at a cost ranging from N1, 500 per week to N4, 000 monthly depending on the capacities, for a period of 3 years,” he stated.

Prototype Social Housing
Akande said the plan by the Nigerian Government to support 1.5 million Nigerians to acquire low-cost houses Under the Social Housing program of the ESP is on course as the portal for application by prospective beneficiaries was launched in December 2020 alongside the prototype 1-bedroom and 2-bedroom units.

He said that during a visit over the weekend to the completed model houses in Dei Dei at the Federal Capital Territory, Vice President Yemi Osinbajo restated government’s commitment to deliver decent and affordable accommodation that would be within the reach of many Nigerians.

Akande said; “The plan is to have a Rent to Own option as part of the Buhari administration’s resolve to impact the common man in the social housing scheme expected to also generate 1.8m jobs and deliver houses to about 1.5m Nigerian families.

“Already sites for early start projects have been identified in all the 6 geo-political zones in addition to the FCT.

“The sites include those in Ekiti and Ogun in the Southwest, Enugu, and Abia in the Southeast, Delta, and Edo in the South-south, Yobe, and Bauchi in the Northeast, Kaduna and Katsina in the Northwest and Nasarawa and Plateau in the North-central. Sites have also been identified in Abuja.”

“To kickstart the social Housing projects, the CBN has already committed to a N200B facility with a guarantee by the FG via the Finance Ministry.

“The implementing agency, Family Homes Fund Ltd, an agency under the Federal Ministry of Finance has already mobilised thousands of Cooperatives groups across the country who will participate in the social Housing plan as the main warehouse agents and mobilize low-income buyers.

“For instance, FHF met recently with 93 Cooperative Leaders from the 6 geographical zones, under the aegis of the Co-Operatives Federation of Nigeria,” he stated.

Mercy Chukwudiebere