Senator Ned Nwoko has emphasized that Nigeria has sufficient wealth, but it needs to be redistributed to address the country’s economic challenges.
Speaking on Arise TV, Nwoko stressed that the nation’s wealth should be shared more equitably among its citizens, rather than being concentrated in the hands of a few individuals.
He proposed a 5% contribution from the federation account and a similar percentage from workers’ income to create a sustainable social security fund.
This, he believes, would help alleviate poverty and promote economic growth.
Nwoko’s call for wealth redistribution comes as Nigeria continues to grapple with economic inequality and poverty, despite being Africa’s largest economy.
The senator’s proposal has sparked debate on the need for a more inclusive economic policy that benefits all Nigerians, not just the wealthy elite.
He highlighted that , “The duty to provide for the people must be taken seriously,” arguing that the current approach, characterised by selective distribution and corruption, is inadequate.
He proposed a redistribution of wealth, stating, “People think we don’t have money in Nigeria, but we do. There should be a redistribution of this money.”
He noted, “If the president agrees with me, he can introduce it through some policy statements or direct the leadership of the National Assembly to get it done as quickly as possible.”
In addition to social security, Nwoko is also exploring ways to provide basic accommodation for those in dire need, further reinforcing his belief that “the government has a duty to everybody, particularly the vulnerable.”
