Yar'Adua to Reduce Poverty Below 20 Percent By 2015

from All Africa

Leadership (Abuja)

By Justus Nduwugwe
Abuja

The president, Alhaji Musa Yar'Adua, yesterday launched the N50billion micro-credit development fund, a creation of the bankers committee, which would be administered by the Central Bank of Nigeria.

The launching took place at the Transcorp Hotel, Abuja, as part of the national seminar on Banks and the Nigerian Economy, organised by the Central Bank of Nigeria .

The president said that with the various poverty reduction programmes being enunciated by his administration, including the one being launched, the level of poverty in Nigeria would be reduced below 20 per cent by 2015.

Prior to the launching, the president commended the effort of the apex bank for the proactive initiative of setting up the fund and its quest to make Nigeria's banking system as the fastest in African region.

According to the president, the Central Bank of Nigeria has addressed its mind towards an effective micro-credit system in Nigeria , adding that the seminar is a forum for reviewing and brainstorming on the way forward for an efficient, effective and an encompassing credit system.

Furthermore, he congratulated the bank for the successful conversion of community banks to Micro-Finance Banks as well as the licensing of new ones, amounting to 716 microfinance banks in the various parts of the country.

"I must also note the commendable effort of CBN for making Nigeria , Africa 's financial hub", he added.

The president assured that his administration is committed to ensure the implementation of the FSS 2020 initiative which implementation committee is due for inauguration soon.

He promised to address the infrastructure inefficiencies pervading the country and disclosed that he has mandated the Attorney General of the Federation to work with the FSS 2020 implementation committee with a view to recommending legal and constitutional issues that would be urgently addressed by the National Assembly.

President Yar'Adua also praised the bankers committee for agreeing to set aside five per cent of their profit after tax to be channeled into the micro-credit development fund and lent to the state and local governments for on-lending to the communities in their domain.

He challenged the states and local governments to make available the one per cent of their annual budgets to the fund, which is expected to have wider distribution to the poor and vulnerable group.