Subsidy Should Be Converted to Social Security

The benefits that will accrue from the deregulation of the down stream sector cannot be wished away. We cannot allow our resource to filter into neighouring African countries. We should also stop subsiding consumption while creating employment for other countries other than Nigeria. We should focus on subsidizing the productive sector

My proposal
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1.Government should collate the demogrpahic information of Nigerians using bio-metric approach.
2. Convert the subsidy to Payment of allowance to the unemployment and aged. This will be in form of electronic cards that will be automatically loaded with funds every month
3.Create a private sector institution that will manage the process
4.This allowance should not be in cash but should be in forms of Tickets with which they can shop for goods and services made in Nigeria.

Benefits

1.This is a win-win situation in that it will immdeitely address the issue of smuggling and achieve all the deregulation purposes.

2.This will have a chain effect of creating employment and fostering the productive sector because it will increase the purchasing power of Nigerians. Aggregate consumption will increase.

3. The subsidy will reach those for whom it was mearnt unlike under the current scenario that benefits the rich and middle class.