General
SERAP Asks Buhari to Investigate Poverty Alleviation Programmes
By Adedapo Adesanya
Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari to investigate his administration’s poverty alleviation programmes following the disclosure that over 130 million Nigerians are multidimensionally poor.
In a letter dated November 19, 2022, and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation charged the president to “promptly set up a presidential panel of enquiry to thoroughly, impartially, effectively and transparently investigate spending on all social safety nets and poverty alleviation programmes and projects executed between 2015 and 2022.”
SERAP also urged him “to ensure the findings of any such investigation are widely published, and suspected perpetrators of corruption and mismanagement of public funds meant to take care of the poor should face prosecution as appropriate, if there is sufficient evidence, and any stolen public funds should be recovered.”
A recent report by the National Bureau of Statistics (NBS) showed damning revelations that some 133 million Nigerians are poor, despite the government reportedly spending N500 billion yearly on ‘social investment programmes.’ Half of all poor people in the country are children.
The organisation said, “The report suggests a grave violation of the public trust and the lack of political will to genuinely address poverty and uphold your government’s constitutional and international human rights obligations.”
SERAP said, “The report that 133 million Nigerians are poor suggests corruption and mismanagement in the spending of trillions of naira on social safety nets and poverty alleviation programmes, including the reported disbursement of over $700 million from the repatriated Abacha looted funds to these programmes.”
“Your government has legal obligations to effectively and progressively address and combat extreme poverty as a matter of human rights.”
“The failure to address extreme poverty has resulted in high levels of inequality, and serious violations of economic and social rights of Nigerians, particularly the socially and economically vulnerable sector of the population,” it added.
The letter, copied to Mr Olivier De Schutter, UN Special Rapporteur on extreme poverty and human rights, read in part: “These grim revelations by the NBS show the failure to fulfil your oft-repeated promise to lift 100 million Nigerians out of poverty, and that no one will be left behind.
“We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel your government to comply with our request in the public interest.
“The report also shows that the purported social safety nets and poverty alleviation programmes are clearly not working. It also shows a failure by your government to uphold the constitutionally and internationally guaranteed human rights of the Nigerian people.
“SERAP also urges you to prioritise investment in quality education and healthcare and to redirect some of the unnecessary spendings in the 2023 budget, such as spending by the presidency on feeding and travels, and money allocated to the National Assembly in the budget to address poverty as a human rights issue.
“A supplementary appropriation bill, which reflects the proposed redirected budget, should be urgently sent to the National Assembly for its approval.
“Your government has a sacred duty to ensure transparency and accountability in the spending of the country’s resources, including the spending of public funds on social safety nets and poverty alleviation programmes and projects.
“Section 14(2)(b) of the Nigerian Constitution of 1999 [as amended] provides that, ‘the security and welfare of the people shall be the primary purpose of government.’
“Under Section 16(1)(a)(b), your government has the obligations to ‘harness the resources of the nation and promote national prosperity and an efficient, a dynamic and self-reliant economy’, and to “secure the maximum welfare, freedom and happiness of every citizen.
“Nigeria has also ratified the African Charter on Human and Peoples’ Rights and the International Covenant on Economic, Social and Cultural Rights, which recognize legally enforceable economic and social rights, such as the rights to education, health, safe food and clean water, security, and shelter.
“Allegations of corruption in social safety nets and poverty alleviation programmes pose both direct and indirect threats to human rights and contribute to extreme poverty in the country.
“Nigerians have the right to be free from poverty. Extreme poverty is the greatest denial of the exercise of human rights, as it denies millions of Nigerians not only their economic and social rights but also civil and political rights such as the rights to life, human dignity, and political participation.
“Political freedom and participation are closely related to human development. Without economic and social rights, people cannot effectively enjoy their political freedom. Therefore, effectively and progressively addressing poverty would improve the ability of Nigerians to exercise their political freedom and to have choices in life.
“Successive governments have systematically neglected social and economic rights and failed to address severe poverty and inequality in the country.
“Part of the problem is the failure by your government to promote the legal recognition of economic and social rights in the Nigerian Constitution, which would allow people living in poverty to seek redress for violations of their human rights.
“The allegations of corruption and mismanagement in the spending of public funds on social safety nets and poverty alleviation programmes and projects would clearly amount to a fundamental breach of national anticorruption laws and the country’s international anticorruption obligations.
“Investigating and prosecuting the allegations and recovering any stolen public funds would serve the public interest.
“SERAP notes that the consequences of corruption are felt by citizens on a daily basis. Corruption exposes them to additional costs to pay for health, education and administrative services.
“Corruption undermines the economic development of the country, trapping the majority of Nigerians in poverty and depriving them of employment opportunities.
“The 2022 Multidimensional Poverty Index (MPI) Survey reveals that 65 per cent of the poor (86 million people) live in the North, while 35 per cent (nearly 47 million) live in the South. Poverty levels across States vary significantly, with the incidence of multidimensional poverty ranging from a low of 27 per cent in Ondo to a high of 91% in Sokoto.
“The NBS also shows that over half of the population of Nigeria are multidimensionally poor and cook with dung, wood or charcoal, rather than cleaner energy. High deprivations are also apparent nationally in sanitation, time to healthcare, food insecurity, and housing. Half of all poor people are children.”
By Adedapo Adesanya
The World Bank Group’s private-sector arm, the International Finance Corporation (IFC), and Standard Chartered on Wednesday announced a new risk-sharing facility aimed at strengthening supply chains and supporting business growth across Africa.
The programme will roll out across eight markets—Côte d’Ivoire, Egypt, Ghana, Kenya, Nigeria, South Africa, Tanzania and Zambia—targeting sectors including agriculture, healthcare and manufacturing, with a focus on improving access to working capital for suppliers.
This marks the IFC’s first project under its Global Supply Chain Finance Program and the Africa Trade and Supply Chain Recovery Initiative, supported by the International Development Association’s Private Sector Window Blended Finance Facility.
Global demand for supply chain finance continues to rise, reaching an estimated $2.7 trillion in 2025, an increase of 8 per cent year-on-year. However, access in emerging markets remains limited, as financial institutions tend to prioritise developed economies.
The facility will cover up to $300 million in supply chain and trade finance assets originated by Standard Chartered. It includes financing instruments such as payables finance, receivables discounting and pre-shipment finance programmes, which enable businesses to access funds earlier in the payment cycle.
The facility aims to address this imbalance by mitigating risk in short-term trade and supply chain finance portfolios, helping to unlock capital in underserved markets.
By accelerating payments to suppliers, the initiative aims to strengthen supply chain relationships, improve delivery reliability and support job creation across value chains.
IFC will provide guarantees of up to $150 million, with $100 million committed as an initial tranche. The facility will support transactions in both U.S. dollars and selected local currencies.
Over three years, the partnership is expected to enable approximately $1.9 billion in supply chain finance transactions, supporting more than 500 suppliers, including small and medium enterprises. The programme also has the potential to indirectly benefit over 1 million farmers.
Speaking on this development, Mr Mohamed Gouled, Vice President, Products & Clients at IFC, said, “Supply chain finance is among the fastest ways to narrow the growing finance gap that businesses, particularly small and medium enterprises, are facing in emerging economies. By partnering with Standard Chartered to support companies at the centre of strategic value chains, we can unlock much-needed working capital at scale for businesses across Africa, including smaller firms and farmers, making supply chains more competitive and boosting job creation.”
On his part, Mr Dalu Ajene, Chief Executive and Head of Coverage, Standard Chartered Africa, said, “This $300 million facility with IFC underscores our shared commitment to strengthening Africa’s supply chains and enabling sustainable business growth. As a super-connector bank with deep expertise across key trade corridors linking Africa to Europe, Asia, the Middle East and the Americas, we are uniquely positioned to channel capital and innovation into the real economy.”
“By expanding access to supply chain finance, we are helping African companies unlock liquidity, manage risk, and invest with confidence. Our collaboration unites Standard Chartered’s cross-border expertise with IFC’s development mandate to empower businesses – from major corporations to smaller local suppliers – to engage more actively in regional and global trade, fostering job creation and promoting inclusive growth,” he added.
By Adedapo Adesanya
The National Bureau of Statistics (NBS) has said that the average retail price of a litre of Premium Motor Spirit (PMS), otherwise known as petrol, rose by 22.55 per cent or N237.07 per litre to N1,288.54 in March 2026 from N1,051.47 in February.
In the Premium Motor Spirit (Petrol) Price Watch for March released on Tuesday, the NBS said on a year-on-year basis, the average retail price of fuel also increased by 2.13 per cent from N1,261.65 recorded in March 2025.
This surge in fuel prices could be linked to global disruptions brought on by the US-Israel war on Iran, which triggered the closure of the Strait of Hormuz and sent prices of crude oil above $100 per barrel.
While the country was not heavily hit by the impact, it felt the ripple effect of crude prices increasing, particularly as Dangote Refinery imported crude from other markets to cover for local feedstock shortfalls.
The data noted that by state, Anambra recorded the highest average retail price of N1,441.22 per litre, followed by Sokoto at N1,377.55 and Borno at N1,375.16.
However, the price was cheapest in Lagos at N1,162.71, followed by Ogun at N1,169.78 and Kaduna state at N1,193.40.
By zone, it was most expensive in the North East at N1,336.50 last month, while the South-West recorded the lowest at N1,232.46.
A look at the Diesel Price Watch Report for March showed that the average retail price paid by users rose by 16.05 per cent on a month-on-month basis to N1,648.08 per litre from N1,420.17 per litre a month earlier.
“On state profiles analysis, the highest average price of diesel in March was recorded in Ebonyi at N2,262.29 per litre, followed by Akwa Ibom at N1,895.72 and Osun at N1,872.15.
“On the other hand, the lowest price was recorded in Kogi at N1,383.40 per litre, followed by Katsina State at N1,438.25 and Enugu at N1,480.06,” parts of the report said.
By Modupe Gbadeyanka
The vice-presidential candidate of the Labour Party (LP) in the 2023 general elections, Mr Datti Baba-Ahmed, has left the party to join the Peoples Redemption Party (PRP).
Speaking on Channels Television’s Politics Today, the politician said he’s no longer interested in the way the Labour Party was being run.
He disclosed that there is no more peace in the political party he flew its flag in the last general elections because of greed.
He accused the ruling All Progressives Congress (APC) of destabilising opposition political parties to ensure President Bola Tinubu does not have a credible opponent in the 2027 presidential poll.
“What the Labour Party stood for is not the same now. We have a government of today which is interested in destroying other political parties,” he said.
“I am leaving the Labour Party tomorrow (today) by 12 midnight,” Mr Baba-Ahmed said when asked about his plans for next year.
I am leaving the Labour Party [at] midnight, and I am joining PRP. PRP is the new destination. PRP is the one with a history. It’s about 75 years old,” he further stated.
He further said, “When there was real peace in the Labour Party, someone was redeployed to the Labour Party and because of the antecedents of the person, [I don’t see things getting better].
PRP, a progressive Nigerian political party, was established in 1978 by Mallam Aminu Kano. It is rooted in social democratic principles and populist ideology, often focusing on the empowerment of the talakawa (common people).
Its current National Chairman, according to data obtained from the website of the Independent National Electoral Commission (INEC), is Mr Falalu Bello, while the National Secretary is Mr Babatunde F. Alli.
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