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A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians - Politics - Nairaland

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FG To Replace N5,000 Monthly Stipend For Unemployed Youths —ngige / FG To Commence Registration Of Unemployed Nigerians Nationwide / Drama At Senate Over Buhari's #5000 Promise To Unemployed Nigerians (2) (3) (4)

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A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by greggles: 10:51am On Jun 16, 2015
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!

Share Your Opinion. Thanks

150 Likes 28 Shares

Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by Davivah: 10:57am On Jun 16, 2015
Nice

1 Like

Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by DaGC(m): 10:59am On Jun 16, 2015
Good opinion.

Truth be told, I really didn't know what they were thinking when they made that promise. So, people will just stay at home and receive N5000 monthly, even without working. That's rewarding laziness with wage.

To many Nigerians expect so much from their government, even when they don't pay tax.

So many of the so called 'poorest Nigerians' actually expect government to come and feed them. And you will be surprised at how many of these 'poorest Nigerians' have multiple wives and kids.

27 Likes 1 Share

Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by bigass(f): 11:00am On Jun 16, 2015
Nice but what will the 120000 people do to create this
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by greggles: 11:29am On Jun 16, 2015
bigass:
Nice but what will the 120000 people do to create this

Government would need to establish qualifications to benefit from this project, example submitting a business plan for review and approval by the government, this business plan will include a plan to employ at least 8 to 10 people within 6 months of startup. The programme would also include a mandatory training at a participating organization, example SMEDAN, after you are shortlisted to benefit from this programme. There would be other standards too.

Another option would be writing a qualification exam that tests some of your personal and cognitive abilities to select the best among many, then undergoing business training by selected beneficiaries.

2 Likes

Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by Kelklein(m): 11:49am On Jun 16, 2015
@op ur head is there joor!

11 Likes

Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by greggles: 11:51am On Jun 16, 2015
Kelklein:
@op ur head is there joor!

Funny photo
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by RHP(m): 11:53am On Jun 16, 2015
Good idea! But.....
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by greggles: 12:00pm On Jun 16, 2015
RHP:
Good idea! But.....

Let's know your opinion
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by aaamos(m): 2:15pm On Jun 16, 2015
tgrjuiojpkgjkl;gkjgmkjmgtkjgsojgodijsof

1 Like 1 Share

Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by elohorayodele: 2:16pm On Jun 16, 2015
OP no make people begin sear for you. people don de wait the 5k oh
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by ziky2010(m): 2:16pm On Jun 16, 2015
The Op is right.But the major issue is dat our dear president must fulfil his campaign promise.Though I am not suffering but I am expecting 5,000 monthly from the Government

7 Likes

Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by Edwardhead(m): 2:17pm On Jun 16, 2015
i hate people dat comment above me

1 Like

Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by kayo80(m): 2:17pm On Jun 16, 2015
20 million is a lot of people. What I believe they want to do is to pay only the elderly poor people. Maybe like 100,000 of them accross the nation. Some people say N5,000 is small, but I personally know some grandpas and grandmas that would greatly appreciate this as long as it is regular. And this would go a long way for this old citizens of our great country.


So, let's do the math...N5,000 to 100,000 elderly monthly equals 500 Million Naira monthly, and 6 billion Naira yearly. That is not even up to the wardrobe allowance of senators. I think this is achievable.

14 Likes 1 Share

Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by stag: 2:19pm On Jun 16, 2015
According to your calculation, N100b? Pumping such amount monthly is insane, the rate of inflation will be unprecedented as a ripple effect of such policy. Even the baba in Zimbabwe will be a learner.
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by AlfaSeltzer(m): 2:20pm On Jun 16, 2015
The dullard president won't understand what you are talking about.

Handing over Biafran money to his fellow illiterates is what he knows how to do.

8 Likes

Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by mankand(m): 2:20pm On Jun 16, 2015
Good analysis.
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by mikidoo1(m): 2:20pm On Jun 16, 2015
5000 or we bring back Fee dee fee angry grin

3 Likes

Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by Nobody: 2:20pm On Jun 16, 2015
Ok
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by godoluwa(m): 2:22pm On Jun 16, 2015
op idea is good but trust me, the project will be hijacked by politicians to enrich their allies. who are the beneficiaries of their empowerment programs? To me, that 5,000naira monthly stipend is a complete waste of resources

8 Likes 1 Share

Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by Inioluwa01(m): 2:22pm On Jun 16, 2015
Brb
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by oismail(m): 2:22pm On Jun 16, 2015
I will still be receiving the unemployment allowance even while I'm gainfully employed at least i will using that for fuel bills since light no dey #Futureplan

3 Likes

Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by misterchris(m): 2:24pm On Jun 16, 2015
What makes it better?
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by jamex93(m): 2:24pm On Jun 16, 2015
grin
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by Nobody: 2:24pm On Jun 16, 2015
The poorest means, the beggars on the street. The unemployed with skills will look for job.
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by angelo82: 2:24pm On Jun 16, 2015
Your idea will benefit few people.....But that peanuts will help a lot of poor families.......If APC can do it,I think the welfare idea is good...................Low interest loan serves different purpose and involves some risk.............

2 Likes

Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by tunex23: 2:24pm On Jun 16, 2015
angry
Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by illuminaty(m): 2:25pm On Jun 16, 2015
DaGC:
Good opinion.

Truth be told, I really didn't know what they were thinking when they made that promise. So, people will just stay at home and receive N5000 monthly, even without working. That's rewarding laziness with wage.

To many Nigerians expect so much from their government, even when they don't pay tax.

So many of the so called 'poorest Nigerians' actually expect government to come and feed them. And you will be surprised at how many of these 'poorest Nigerians' have multiple wives and kids.
rewarding laziness witt wages u say abi??wot of those senators who sit on dia seat n sponsor nt even a single bill n still make billions from tax payers moneylike d saying goes..."there are two sides to a coin"

6 Likes

Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by Youngzedd(m): 2:25pm On Jun 16, 2015
Give that man a cookie.

Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by Nobody: 2:26pm On Jun 16, 2015
You have never thought about what qualifies you for the benefit. Nigerians ehh

oismail:
I will still be receiving the unemployment allowance even while I'm gainfully employed at least i will using that for fuel bills since light no dey #Futureplan

1 Like

Re: A Better Alternative To N5,000 Monthly Allowance For Unemployed Nigerians by Nobody: 2:28pm On Jun 16, 2015
Full time and part time jobs is always in my mind.........

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