Economists have commended President Bola Tinubu’s government for launching a $1 billion social protection programme for vulnerable Nigerians.

They said the initiative would cushion economic hardship, reduce poverty and promote sustainable economic empowerment.

The economists spoke in separate interviews in Lagos on Thursday.

Uju Ogubunka, former executive secretary of the Chartered Institute of Bankers of Nigeria (CIBN), described the initiative as commendable, especially amid the current cost-of-living challenges.

“The programme launch is commendable, particularly now that a lot of our people are grappling with economic hardship caused by the cost of living crisis. This policy should also be replicated by sub national governments to bring more benefits to the grassroots,” Mr Ogubunka said.

He urged the government to rely on accurate data and ensure support reaches the intended beneficiaries.

“Previous experiences have shown that without adequate data, government efforts do not really get to the targeted people who need such support for their livelihoods. That is not ideal for us as an emerging economy with a lot of budding entrepreneurs,” he said.

Muda Yusuf, the CEO of the Centre for the Promotion of Private Enterprise (CPPE), commended the initiative.

Mr Yusuf said the intervention would help citizens overcome poverty and establish businesses, especially amid high borrowing costs.

“We need to support our citizenry to get out of poverty and create businesses because bank interest rates are expensive and loan apps are too exorbitant. But this government intervention will go a long way, considering the role small businesses play in the general economy,” he said.

He urged the government to invest more in critical infrastructure to enable young Nigerians to venture into entrepreneurship.

“Government investment in regular electricity will encourage the youth to be more innovative and create wealth,” Mr Yusuf said.

The Tinubu government on Wednesday launched a $1 billion social protection programme designed to move vulnerable Nigerians from temporary relief to sustainable economic empowerment and self-reliance.

The Household Prosperity and Empowerment Social Protection Project (HOPE-SP) was launched at the State House Banquet Hall in Abuja.

The launch was held alongside four other programmes aimed at strengthening Nigeria’s humanitarian response and poverty reduction framework.

First lady Oluremi Tinubu said the initiatives marked an important step toward improving the lives of vulnerable individuals, families, and communities across the country.

(NAN)