Betta Edu: N532.5 billion Is Not Enough To End Poverty In Nigeria, Says Edu – Because Of These Problems
Betta Edu: N532.5 billion Is Not Enough To End Poverty In Nigeria, Says Betta Edu – Because Of These Problems
Betta Edu: The 28 percent increase in the overhead ceiling, she said, “is pertinent to note that the 27.33 percent inflationary rate in the economy today is not commensurate.” Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, has expressed disappointment with her ministry’s 2024 budgetary allocation, claiming it is insufficient to address the nation’s poverty.
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This was said by Betta Edu as she defended her 2024 budget in front of the Joint National Assembly Committee on Humanitarian Affairs and Poverty Alleviation, which is chaired by Senator Idiat Adebule, together with representatives from her ministry and parastatals under it.
She claims that to offset the effects of inflation, the ministry was granted an overhead cap of N532.5 billion, or a 28% increase over the 2023 budget.
The 28 percent increase in the overhead ceiling, she said, “is pertinent to note that the 27.33 percent inflationary rate in the economy today is not commensurate.”
It is important to remember that the current economy’s inflation rate of 27.33 percent does not correspond with the overhead ceiling’s 28 percent growth.
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On the other hand, the cap on the capital budget was lowered by 71%, from N3.7 billion in 2022 to N1.328316 billion in 2023.
Consequently, there was a 71% decrease in 2022 and 2023. The meager capital ceiling of N1.535 billion, which is an increase over the current year’s budget, does not, however, in any way align with the ministry’s headquarters’ mission to reduce poverty in Nigeria.
“To put it simply, there was a reduction of more than 71% between 2022 and 2023, so the slight increase between 2023 and 2024 is in no way consistent with the mandate that we have been given or the expectations placed upon us.
She continued, “We would be completely unable to meet that mandate unless the budget is appropriate for it.”
