Politics

Tackle poverty with monetary interventions, EU urges FG

The European Union has known as on the Federal and State Governments to extend financing for social safety interventions, “as it is critical to reducing poverty across the country.”

According to an announcement by the fee on Saturday, the Head of Cooperation of the EU Delegation to Nigeria and ECOWAS, Massimo De Luca, made the decision on Friday, throughout the third version of the Social Protection Cross-Learning Summit in Abuja.

He described social safety as a elementary pillar supporting essentially the most susceptible and poor households, offering not solely a security web but in addition a beacon of hope for poor and susceptible people and communities.

The summit was organised by the Federal Ministry of Finance in collaboration with the Social Protection Development Partner Group with the theme: “Social Protection Towards Human Capital Development.”

According to De Luca, social safety performs a important function in human capital improvement by offering security nets that guarantee entry to important providers comparable to schooling, well being, and vitamin, together with contributing to financial stability, poverty discount, and inclusive development, laying a powerful basis for the general improvement of the nation.

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Citing the World Bank’s report which put Nigeria’s poor at 104 million or 46  per cent in 2023, he stated, “Investing in social protection means investing in our collective future, fostering resilience, and ensuring that every individual has the opportunity to contribute meaningfully to the society despite background, location or uncertainties.”

He reiterated the dedication of the EU to collaborating with the Federal Government in direction of addressing points round poverty within the nation.

He stated, “The EU is supporting Nigeria’s social safety sector to the tune of €46 million in its 2021 to 2027 programming, to help system strengthening and design of social security nets applications.

“Already we are finalising processes with UNICEF and GIZ to implement the project in the focal states.”

De Luca stated the intervention would help the strengthening of social safety system, “which looks at interoperability of related database, and ensuring functional shock responsive social register, while supporting three states in the North East with safety nets programme that targets climate change affected communities.”

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