The Presidency on Tuesday provided reasons to why President Muhammadu Buhari’s Social Investment Programmes (SIPs) are getting full fledge ministry status.
Since its commencement in 2016, the SIPs have been under the office of Vice President Yemi Osinbajo.
President Buhari had in his October 1st Independence Day speech, announced the programmes movement to the Ministry of Humanitarian
According to a statement by Communications Manager of National Social Investment Office (NSIO), Justice Bibiye, the schemes were moved to the ministry for sustainability.
He said: “In a strategy aimed at ensuring the continuity and sustainability of the Buhari administration’s Social Investment Programmes, the schemes are being upgraded to a full ministry status with the take-off of the Ministry of Humanitarian Affairs, Disaster Management and Social Development.”
He said that the Buhari’s SIPs are already gaining acclaims across the globe.
He said: “Endorsed by the Africa Development Bank (AfDB), World Bank and the World Economic Forum, as testament of its national impact in Africa’s most populous country, the National Social Investment Programmes (N-SIP) truly embodies what it means to go global while making local impact.
“Regarded as the largest social protection programme in Nigeria’s history, the Social Investment Programmes has four broad programmes, namely: N-Power, Conditional Cash Transfers, National Home-Grown School Feeding and Government Enterprise and Empowerment Programmes, GEEP).
“At inception, the Office of the Vice President was responsible for overseeing the N-SIP since 2016, while issues of funding, contract awards and procurement had always been undertaken by the Ministry of Budget and National Planning.
“An inter-ministerial Steering Committee, chaired by the Vice President and composed of several Ministers including from the ministries of Education, Health, Finance, Budget and Planning, Labour and Employment, Women Affairs and others, also had policy oversight on the programme implementation.
“In his Independence speech earlier today (yesterday) President Muhammadu Buhari stated in order to “institutionalise these impactful programmes, we created the Ministry for Humanitarian Affairs, Disaster Management and Social Development which shall consolidate and build on our achievements to date.”
“Indeed the Social Investment Programmes have also been recognized by several local and international organisations for empowering Nigerians and meeting the urgent needs of Nigerians in different areas including providing employment, supporting small businesses and poverty alleviation.
“Organisations like Action Aid (Nigeria), of Africa Network for Environment and Economic Justice (ANEEJ), and the Nigerian Economic Summit Group (NESG) have all commended the NSIP for its nationwide social impact
“The impact of the SIPs has duly attracted the attention of the rest of the world. Among the global recognition for the impact of its schemes are the Financial Inclusion Award, which was at the 2019 African Bankers’ Awards: where BOI won for the GEEP scheme; the Tutu Leadership Fellowship for 2019, where GEEP CEO, Uzoma Nwagba, named among recipients; the Public Social Entrepreneur award, given by Schwab Foundation, a sister organization of the World Economic Forum, WEF, to Mrs Maryam Uwais, the Special Adviser to the President on Social Investments; and recently.”
He also said that one of the SIP components, GEEP, which is executed through the Bank of Industry (BOI) was recognized as the most impactful Financial Inclusion programme in Africa during the African Bankers’ Awards ceremony which held in Malabo, Equatorial Guinea on June 14th, 2019.
“The award was for BOI’s role in implementing GEEP, which includes the popular TraderMoni scheme. The awards event featured financial institutions and projects from all 54 countries in Africa, as well as the international community;
“TraderMoni is one of the microcredit schemes under GEEP, where millions of petty traders get N10,000 loans. Upon repayment within 6 months, the beneficiary becomes eligible for a larger amount of N15,000 and all the way to N100,000 if and when the collateral-free loans are repaid. The other microcredit schemes are MarketMoni and FarmerMoni.
“Also, in April, the impact of the SIPs was recognised by the African Leadership Institute when the GEEP COO, Uzoma Nwagba was named among the recipients for the prestigious Tutu Leadership Fellowship for 2019. According to the AFL, Nwagba’s role in GEEP, which it described as “the world’s largest micro-credit scheme” was critical.
“GEEP to date has leveraged the power of a technology-driven operation to disburse and manage a portfolio of two million loans to underbanked Nigerians, demonstrating the biggest advancement of financial inclusion via credit in Africa,” the citation read.
“Similarly, with the N-Power job scheme, which currently engages 500,000 young graduates and 200,000 non-graduates in different key sectors, and the School Feeding Programme, which currently feeds almost 10 million school children in 32 states, the SIPs’ impact is truly felt nationwide.
“Indeed, millions of Nigerians can testify of the impact of the largest social welfare programme in sub-Saharan Africa. This is because since its implementation in 2016, the N-SIPs have impacted over 12 million direct beneficiaries and over 30 million indirect beneficiaries, comprising family members, employees of beneficiaries, cooks and farmers.” he said