By Elizabeth Adegbesan, Cynthia Alo & Elizabeth Osayande

The President Chartered Institute of Taxation of Nigeria, CITN, Mr. Adesina Adedayo has commended the federal government on the plan to deploy the $800 million World Bank palliative grant on vulnerable individuals, while calling on the government to focus on economic development.

Adesina disclosed this at a media workshop for Tax/Finance reporters in Lagos.

Recall that the Minister of Finance, Budget, and National Planning, Zainab Ahmed, disclosed that Nigeria secured a World Bank facility worth $800 million, a first tranche of palliatives, to be disbursed through cash transfers to about 50 million Nigerians, who belong to the most vulnerable category in the society.

Adesina said: “Now If you are talking about distributing money let’s look at it this way. How long and how sustainable can maybe N5000 go in the country of today?

“I agree maybe in some very critical rural areas it may impact a little but at least it is the same thing as giving people fishes and teaching them how to fish.

“The most important thing we should be emphasising as a country is to talk about economic development.  

“As at that point in time when so many other areas; the manufacturing sector is being burdened with so many issues.