If the Federal Government intends paying the poorest unemployed
Nigerians N5,000 monthly, my personal estimate is that it will be
budgetting for about 20 million Nigerians, amounting to about N100
billion naira monthly.
I completely disagree with this policy. It is my belief that paying N5,000 monthly to millions of unemployed persons would amount to a waste of government resources in the short and long term.
N5,000 monthly makes absolutely no sense to our economy of today. It cannot even sustain a Nigerian youth who is even under the roof of someone else, for a month based on today's cost of living.
My Suggestion:
Government should rather invest this money into the economy in a way that will create a job for a youth and pay him up to 30,000 to N50,000 monthly. How?
Let's do some analysis here:
N100 billion naira can fund up to 10,000 businesses monthly with about N10 million naira each, who will employ about 10 people each, thereby creating up to 100,000 or 150,000 jobs monthly. This makes it possible for most Nigerian graduates to focus on starting their personal businesses and creating Full Time and Part Time jobs, instead of endlessly looking for jobs themselves. This also ensures that beneficiaries of this project get to pay tax to government, thereby increasing government's internally generated revenue. How much would you tax someone who earns N5,000 monthly when you can invest in a business that pays that person up to N50,000 monthly and then tax them?
Security For The money
In order for graduates to benefit from the business empowerment project, government needs some form of security, and they already have it, Yes, the Bank Verification Number (BVN). This ensures that your identity is known and you don't run to another bank and deposit the money to enjoy a personal life rather than use it for what it was meant for.
Just like the Social Security Number is used to track everything you do in the US, our Government, with time and policy implemenation, would be able to use our National Identity Number to quickly create a central identification system where your identity is tied to your Bank accounts and everything you do including renting a house, getting a job, doing business, contesting public office, obtaining an international passport, enrolling in college etc. Usually when you want to do any of the above mentioned, a background check is conducted with your ID Number to check your financial history as well as any violation or criminal history because all these records are usually domiciled with security agencies.
What Are The Benefits of This Project?
1. With this business empowerment programme, government will be able to stimulate and grow the economy through the private sector, this means, more employment generation through private sector businesses than directly by government
2. Government will be able to fulfill its promise to Nigerians to create millions of jobs annually
3. Government would be able to greatly boost its internally Generated Revenue through taxes both from businesses and employed persons
4. More businesses in Nigeria will survive because when more people have purchasing power, businesses can thrive and more will spring up
5. Boost Technology and Agriculture. When more businesses in Agric and Technology are empowered, then other sectors in Nigeria will grow because e-commerce will become a vital part of our development while agriculture will feed the nation and encourage export
6. Resourceful Education. When this policy is started, our Higher Institutions would be able to adjust their curricula to include practical ways of turning your course into a resourceful business venture, including how to develop a good business plan for your intending business
Organizations like SMEDAN who offer entrepreneurship courses will also follow suite and might offer certification courses which may be used as a requirement for benefitting from this project.
This Money Should Not Be A Grant
Yes, The money should be a Repayable Non-Interest Ioan. Only serious people who believe they can succeed should be given this money. We have people who are born entrepreneurs, they are not suited for the 9 to 5pm schedules, all they need is education and application of business principles to succeed and create employment for others. We also have confident entrepreneurs who believe they will succeed even with an interest loan from a bank, but unfortunately they do not have collateral, they are the very ones at the top list of who deserve this funding.
This to me would discourage emphasis on Higher Education Certificate for job hunting, and encourage Resourceful Education which is good for our economic development
God Bless us all.
#TeamGreggles, Say Yeah!
I completely disagree with this policy. It is my belief that paying N5,000 monthly to millions of unemployed persons would amount to a waste of government resources in the short and long term.
N5,000 monthly makes absolutely no sense to our economy of today. It cannot even sustain a Nigerian youth who is even under the roof of someone else, for a month based on today's cost of living.
My Suggestion:
Government should rather invest this money into the economy in a way that will create a job for a youth and pay him up to 30,000 to N50,000 monthly. How?
Let's do some analysis here:
N100 billion naira can fund up to 10,000 businesses monthly with about N10 million naira each, who will employ about 10 people each, thereby creating up to 100,000 or 150,000 jobs monthly. This makes it possible for most Nigerian graduates to focus on starting their personal businesses and creating Full Time and Part Time jobs, instead of endlessly looking for jobs themselves. This also ensures that beneficiaries of this project get to pay tax to government, thereby increasing government's internally generated revenue. How much would you tax someone who earns N5,000 monthly when you can invest in a business that pays that person up to N50,000 monthly and then tax them?
Security For The money
In order for graduates to benefit from the business empowerment project, government needs some form of security, and they already have it, Yes, the Bank Verification Number (BVN). This ensures that your identity is known and you don't run to another bank and deposit the money to enjoy a personal life rather than use it for what it was meant for.
Just like the Social Security Number is used to track everything you do in the US, our Government, with time and policy implemenation, would be able to use our National Identity Number to quickly create a central identification system where your identity is tied to your Bank accounts and everything you do including renting a house, getting a job, doing business, contesting public office, obtaining an international passport, enrolling in college etc. Usually when you want to do any of the above mentioned, a background check is conducted with your ID Number to check your financial history as well as any violation or criminal history because all these records are usually domiciled with security agencies.
What Are The Benefits of This Project?
1. With this business empowerment programme, government will be able to stimulate and grow the economy through the private sector, this means, more employment generation through private sector businesses than directly by government
2. Government will be able to fulfill its promise to Nigerians to create millions of jobs annually
3. Government would be able to greatly boost its internally Generated Revenue through taxes both from businesses and employed persons
4. More businesses in Nigeria will survive because when more people have purchasing power, businesses can thrive and more will spring up
5. Boost Technology and Agriculture. When more businesses in Agric and Technology are empowered, then other sectors in Nigeria will grow because e-commerce will become a vital part of our development while agriculture will feed the nation and encourage export
6. Resourceful Education. When this policy is started, our Higher Institutions would be able to adjust their curricula to include practical ways of turning your course into a resourceful business venture, including how to develop a good business plan for your intending business
Organizations like SMEDAN who offer entrepreneurship courses will also follow suite and might offer certification courses which may be used as a requirement for benefitting from this project.
This Money Should Not Be A Grant
Yes, The money should be a Repayable Non-Interest Ioan. Only serious people who believe they can succeed should be given this money. We have people who are born entrepreneurs, they are not suited for the 9 to 5pm schedules, all they need is education and application of business principles to succeed and create employment for others. We also have confident entrepreneurs who believe they will succeed even with an interest loan from a bank, but unfortunately they do not have collateral, they are the very ones at the top list of who deserve this funding.
This to me would discourage emphasis on Higher Education Certificate for job hunting, and encourage Resourceful Education which is good for our economic development
God Bless us all.
#TeamGreggles, Say Yeah!
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