THE Maritime Arbitrators Association of Nigeria, MAAN, stated that the move by the Federal Government to pay 12 million poor households N8,000 per household monthly is a far cry from the economic realities adding, “It is an insult to Nigerians.”

Speaking to Vanguard on the decision, Vice President of the association, Ms Jean Anishere Chiazor, said that the President has been ill-advised as that amount of money cannot feed a child in one month, talk less a family.

He stated: “N8,000 for 12million households; who identified the poor households; what yardsticks; who is a poor family; what are the requirements to qualify as a poor family entitled to N8,000.

“How much is N8,000 in Pounds or Dollars; What will N8,000 buy in a day for feeding. Start with Garri for the poor, one Olodo is N3,500, that cannot feed a family for a week if they eat Eba every other day. One Olodo of rice, equivalent to a paint bucket is N4,800 if not more because the price is always going up. So that comes to almost N8,000.’’

What can N8,000 do for a family of 4 in a month? —Prof Uwaleke

Reacting to the FG’s palliative, President, Association of Capital Market Academics of Nigeria, ACMAN, Prof Uche Uwaleke, said: “This is rather a sub-optimal option. The government should look in the direction of non-cash palliatives.

“With the current galloping inflation rate (official figures are understated), what can N8,000 do for a family of four in a month? And this is meant for only 12 million families (about 48 million persons, that is, assuming they are adequately targeted and the National Social Register is clean and updated) in a country of over 200 million people.

“The President is equally seeking approval of 800 million US dollars soft loan from the World Bank as part of funds to cushion the impact of the fuel subsidy removal. If we add this N500 billion to the N600 billion (assuming I & E average rate of N750 applied to the World Bank’s facility), that should give N1.1 trillion.

“Consistent with the principle of maximum social benefit in public expenditure, one way, in my view, to ensure this money reaches the grassroots is to divide it by 774 local government areas (LGA) in Nigeria, which translates to about N1.4 billion per local government, and transfer this sum to each Local government.’’

It’s a ploy to settle party members – Adonri

Commenting, David Adonri, Executive Vice Chairman, HIGHCAP Securities Limited, said: “N8,000 monthly as palliative to 12 million out of 130 million very poor Nigerians is immaterial. The policy is economically unwise and I suspect it’s a ploy to settle party members at the grassroot.

“FGN is in financial deficit and needs money desperately to exit its debt trap. This cash transfer is a sign of financial irresponsibility and lack of seriousness.”

No data base to identify beneficiaries – Anchor Insurance boss

Reacting to the development, Deputy Managing Director, Technical of Anchor Insurance Plc, Mr. Adebisi Ikuomola inquired how government intends to go about distributing the money.

He said: “How will this money get to the poor Nigerians? Which data is used in fishing out these poor Nigerians?

“To be honest, the real poor Nigerians do not have bank accounts. That takes us back to the first question. Is this a way of adding funds to the elites? I strongly believe in investing that money in human and infrastructural development. I think that will make sure that the poor benefit from it.

“What database do we have of the poor? Who are the poor families identified? What can N8,000 do in battle against hardship presently experienced?”